New York, United States, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The Global Vehicle Scrapping Market Size is to Grow from USD 72.25 Billion in 2022 to USD 295.15 Billion By 2032, at a Compound Annual Growth Rate (CAGR) of 15.1% during the projected period.
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The process of dismantling and recycling old or unwanted vehicles is referred to as vehicle scrapping. It entails collecting old vehicles, draining their fluids, dismantling them carefully to salvage reusable parts, and shredding the remaining vehicle shell to separate materials for further recycling, such as steel, aluminum, rubber, plastics, and others. Before being melted, nonferrous metals are separated from other materials using separation technologies such as laser, infrared, eddy current, and flotation. The expansion of the vehicle scrapping market is being driven by rising environmental consciousness and the implementation of stringent emission regulations. Both governments and consumers are pushing for more environmentally friendly practices, which is increasing recycling and scrapping of old vehicles. Polluting vehicles are a major hindrance to a country's development. An effective car scrappage policy will reduce pollution while also providing other benefits such as a cleaner environment and new vehicle sales opportunities. Furthermore, government incentives and stringent global scrappage policy are the primary drivers of the scrappage market. However, ensure an adequate supply of end-of-life vehicle feedstock for recycling centers around the world is one of the challenges in the vehicle scrapping market. The vast majority of vehicle scrappers are unofficial and unorganized. As a result, because they lack intermediaries or channel partners for sourcing feedstock, these players find it difficult to outsource end-of-life vehicles.
COVID-19 Impact
The widespread COVID-19 outbreak has had a significant impact on a number of industries, including the vehicle scrapping industry. During the early stages of the pandemic, many countries-imposed lockdowns and restrictions, creating economic uncertainty and reducing consumer spending. This reduced demand for new vehicles, reducing the number of cars on the road.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Vehicle Scrapping Market Size, Share, and COVID-19 Impact Analysis, By Material (Steel, Aluminium, Copper, Others), By Vehicle Type (Passenger Vehicles, Commercial Vehicles), By Application (New Products Manufacture, Reusable Parts), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The steel segment accounted for the largest share of the global vehicle scrapping market during the forecast period.
Based on the material, the global vehicle scrapping market is classified into standard, multifunctional, induction, and others. Among these, the standard segment is expected to hold the largest share of the vehicle scrapping market during the forecast period. Steel is the most commonly recovered material from vehicle scrapping. The majority of a car's body and structure are made of steel, which is highly recyclable and in high demand for a variety of manufacturing processes. The increased awareness of environmental challenges, such as the need to reduce carbon emissions and protect finite resources, has increased the emphasis on implementing sustainability and circular economy principles.
The passenger segment is witnessing significant CAGR growth over the forecast period.
Based on vehicle type, the global vehicle scrapping market is segmented into passenger vehicles and commercial vehicles. Among these, the passenger segment is witnessing significant CAGR growth over the forecast period. Passenger vehicles surpass commercial vehicles in terms of ownership. As a result, the sheer number of passenger vehicles reaching the end of their lifecycle has increased, creating a larger pool of vehicles eligible for scrapping.
The new products manufacture segment is witnessing substantial CAGR growth over the forecast period.
Based on the application, the vehicle scrapping market is segmented into new products manufacture, and reusable parts. Among these, the new products manufacture segment is witnessing substantial CAGR growth over the forecast period. End-of-life vehicles (ELVs) are constantly scrapped to make new vehicles, components, and consumer products, driving the growth of the new product manufacture segment during the forecast period. Recycling companies with advanced tools and facilities, such as ArcelorMittal, SIMS, and Aurubis AG, among others, sort and shred scrap to produce high-quality finished and semi-finished goods.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific dominates the market share over the forecast period. This region, which includes China and India, has seen significant economic growth and rapid urbanization. Individuals' preference for vehicle ownership grows in direct proportion to their income level. The growing middle class and higher living standards in the area have resulted in a significant increase in the size of the vehicle fleet.
The North American market is expected to record the fastest CAGR growth during the forecast period. Rapid industrialization and urbanization in North America are key drivers of market growth. Another driver of growth is the widespread use of metal scrap, particularly steel scrap, in the production of more affordable, lightweight, and fuel-efficient vehicles.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global Vehicle Scrapping market include ASM Auto Recycling Ltd., Copart Inc., Eco-bat Technologies, INDRA, Keiaisha Co. Ltd, Hensel Recycling Group, LKQ Corporation, Schnitzer Steel Industries, Scholz Recycling GmbH, Sims Metal Management Ltd, and among others.
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Recent Developments
- In May 2022, Schnitzer Steel Industries, Inc. purchased Encore Recycling LLC's (Encore) operating assets in the Atlanta metropolitan area. This purchase includes full-service recycling facilities, metal shredding, and a recycled auto-parts center.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global vehicle scrapping market based on the below-mentioned segments:
Global Vehicle Scrapping Market, Material Analysis
- Steel
- Aluminium
- Copper
- Others
Global Vehicle Scrapping Market, Vehicle Type Analysis
- Passenger Vehicles
- Commercial Vehicles
Global Vehicle Scrapping Market, Application Analysis
- New Products Manufacture
- Reusable Parts
Global Vehicle Scrapping Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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