According to the latest report by IMARC Group, titled “Vehicle Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global vehicle recycling market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 5.1% during 2021-2026.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Vehicle recycling refers to the process of dismantling and reducing automobiles to small pieces. It involves the removal of all reusable parts like tires, wheels, batteries, radiators, transmission systems, oil filters, and rubber hoses. After this, auto recyclers crush the vehicles using mobile auto crushing units. Earlier, the remaining shredded residue, made up of textile fibers, plastics, glass, and even rust, usually ended up in landfills. However, with the latest vehicle recycling technologies, it has become possible to sort shredded materials, thereby enabling a zero-landfill process.
Global Vehicle Recycling Market Trends:
The widespread adoption of metal scrap, particularly steel, in the manufacturing of affordable, lightweight, and fuel-efficient vehicles represents one of the major factors driving the vehicle recycling market worldwide. Besides this, governments of various nations are implementing several regulations to reduce the negative environmental impact associated with the end of life vehicles (ELVs) and the disposal of batteries, rubber, oils, and other materials. Moreover, nowadays, automotive recyclers are using sophisticated tools and methods to recover used vehicles for extracting polymers, fluids, and natural materials. They are also utilizing various innovative devices, such as optical sensors, to identify small pieces of metal in the scrap. However, the coronavirus disease (COVID-19) pandemic is anticipated to negatively impact the recycling industry, as most automakers and recyclers have shut their plants to comply with lockdown directives announced in several countries.
Vehicle Recycling Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the vehicle recycling market has been studied in the report with the detailed profiles of the key players operating in the market.
Key Market Segmentation:
The report has segmented the vehicle recycling market on the basis of type, material, application, and region.
Breakup by Type:
- Passenger Cars Recycling
- Commercial Vehicles Recycling
Breakup by Material:
- Iron
- Aluminum
- Steel
- Rubber
- Copper
- Glass
- Plastic
- Others
Breakup by Application:
- OEMs
- Aftermarket
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/vehicle-recycling-market
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Industry Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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