Growing Environmental Consciousness: A Key Driver Transforming the Vehicle Scrapping Market 2024
Vehicle Scrapping Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The global vehicle scrapping market is forecasted to rise from $70.21 billion in 2023 to $80.90 billion in 2024 at an impressive compound annual growth rate CAGR of 15.2%. Factors stimulating this growth include increasing urbanization, space constraints, the emergence of autonomous vehicles, and the growing popularity of shared mobility services.
What are the projected growth rates for the vehicle scrapping market?2
Looking further ahead, the global vehicle scrapping market size is set to witness rapid growth in the next few years, with projections estimating a value of $143.69 billion by 2028, reflecting a compound annual growth rate CAGR of 15.4%. This growth is largely attributed to a surge in consumer demand for sustainable and eco-friendly products, increased focus on the circular economy, and the anticipated expansion of recycling infrastructure.
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What is fueling the growth of the vehicle scrapping market?
Key drivers propelling the growth of the vehicle scrapping market include growing environmental consciousness globally. People are becoming more aware of the impacts of their actions on the environment and are opting for choices that minimize adverse effects. The vehicle scrapping industry complements this shift towards sustainability by recycling valuable materials, secure handling of hazardous substances, and reducing waste from end-of-life vehicles. As per theroundup.org, a US-based environmental awareness website, the percentage of people often seeking out environmentally sustainable products increased from 27% in 2021 to 62% in 2024.
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Who are the leading players in the vehicle scrapping market?
The report identifies significant market players including Tata Motors Ltd., Mahindra & Mahindra Ltd., LKQ Corporation, Sims Metal Management Ltd., Copart Inc., Schnitzer Steel Industries, ASM Auto Recycling Ltd., and Scholz Recycling GmbH. Others include American Iron & Metal Company Inc., Blue Water Recycling Inc., Pick-n-Pull, Hensel Recycling Group, J & J Recycling Inc., and Evergreen Recycling Inc.
What innovative trends are emerging in the vehicle scrapping market?3
These market players are focusing on launching innovative solutions to broaden their service offerings and enhance compliance with environmental regulations and the efficiency of the dismantling process. For example, in February 2023, India-based automotive company Tata Motors Limited launched Re.Wi.Re, their first Registered Vehicle Scrapping Facility RVFS. Designed to dismantle end-of-life vehicles in an environmentally friendly manner, Re.Wi.Re can process up to 15,000 vehicles annually.
How is the vehicle scrapping market segmented?
The market is segmented based on:
1 Vehicle Type: Passenger Vehicles, Commercial Vehicles
2 Material: Steel, Aluminum, Copper, Other Materials
3 Application: New Products Manufacture, Reusable Parts
What is the regional analysis of the vehicle scrapping market?
Asia-Pacific was the largest region in the vehicle scrapping market in 2023, while North America is expected to observe the fastest growth during the forecast period. Other regions covered in the report include Western Europe, Eastern Europe, South America, Middle East, and Africa.
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