Vehicle Recycling Market By Vehicle Type (Passenger Car, LCV, HCV, 2W & 3W), By Propulsion Type (ICE, EV), By Component (Engine & Engine Parts, Tyre & Rubber Parts, Metal Body Parts, Windscreen & Glass Parts, Battery & Electric Parts, Dashboard & Plastic Parts), By Material Type (Aluminum, Copper, Glass, Plastic, Rubber, Steel), By Recycling Process (Metal, Plastic, Battery, Rubber/Tire, Glass Recycling Process), By End Use (Automobile OEM, Automobile After-sales), and by Region; Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Vehicle Recycling Market was valued at USD 86.8 billion in 2023-e and will surpass USD 159.5 billion by 2030; growing at a CAGR of 9.1% during 2024 - 2030.

The vehicle recycling market is experiencing significant growth, driven by increasing environmental concerns and the rising demand for sustainable practices within the automotive industry. As global awareness regarding the ecological impacts of waste disposal heightens, the focus on recycling vehicles has become paramount. This market involves the dismantling of end-of-life vehicles (ELVs) to recover valuable materials, reduce waste, and promote the circular economy.

Vehicle Recycling Market

Automotive Segment is Largest Owing to Increasing Demand for Raw Materials

The automotive segment is the largest within the vehicle recycling market, primarily due to the escalating demand for raw materials used in vehicle manufacturing. The recycling of end-of-life vehicles enables the recovery of valuable metals such as steel, aluminum, copper, and plastic, which can be reused in new vehicle production. This segment is bolstered by the growing automotive sector, where manufacturers are increasingly focusing on sustainability and resource efficiency. The ability to recycle over 90% of an end-of-life vehicle makes this segment not only economically viable but also crucial in reducing the environmental impact of vehicle production.

Moreover, the automotive industry is witnessing a shift towards electric and hybrid vehicles, which often require different materials and components. As a result, the need for recycling initiatives that can adapt to these changes is becoming imperative. The development of advanced recycling technologies, coupled with increasing regulations favoring sustainable practices, is expected to drive growth in the automotive segment. By 2030, this segment is projected to contribute significantly to the overall market revenue, reflecting the automotive industry's commitment to reducing its carbon footprint.

Commercial Vehicles Segment is Fastest Growing Owing to Rising Fleet Management Solutions

The commercial vehicles segment represents the fastest-growing sector within the vehicle recycling market, fueled by the increasing adoption of fleet management solutions. With businesses striving for operational efficiency, the demand for commercial vehicles continues to rise, resulting in a higher volume of end-of-life vehicles that require recycling. Fleet operators are recognizing the financial benefits of recycling parts and materials from aging vehicles, which not only reduces waste but also provides cost savings in terms of replacement parts and new vehicle purchases.

The growth in e-commerce and logistics has further accelerated the demand for commercial vehicles, leading to an influx of vehicles reaching their end-of-life stage. Consequently, there is a burgeoning need for effective recycling processes that can handle the complexities of commercial vehicles, which often comprise diverse materials and components. The increasing focus on sustainability in fleet operations, along with stringent regulations regarding waste management, is expected to enhance the growth prospects of the commercial vehicles segment significantly. By 2030, this segment is set to emerge as a key contributor to the vehicle recycling market.

Two-Wheeler Segment is Largest Owing to Growing Adoption of Motorcycles

The two-wheeler segment is the largest within the vehicle recycling market, driven by the increasing adoption of motorcycles and scooters, particularly in developing regions. Two-wheelers are often preferred for their affordability, fuel efficiency, and ease of maneuverability, leading to a significant increase in the number of vehicles reaching the end of their life cycle. The recycling of two-wheelers not only recovers valuable materials such as steel and aluminum but also mitigates the environmental impact associated with their disposal.

In addition, the rising popularity of electric scooters is expected to reshape the two-wheeler recycling landscape. As consumers transition towards greener alternatives, the need for recycling initiatives that can efficiently handle the specific components of electric two-wheelers, such as batteries, will become increasingly important. The two-wheeler segment is projected to continue its dominance in the vehicle recycling market, reflecting the growing emphasis on sustainable practices and resource recovery.

Heavy-Duty Vehicles Segment is Fastest Growing Owing to Infrastructure Development

The heavy-duty vehicles segment is the fastest-growing sector within the vehicle recycling market, largely attributable to the ongoing infrastructure development and construction activities globally. With increasing investments in infrastructure projects, there has been a surge in the demand for heavy-duty vehicles such as trucks and buses. As these vehicles reach the end of their operational life, the need for efficient recycling solutions is becoming critical.

Recycling heavy-duty vehicles presents unique challenges due to their size and complexity, but advancements in recycling technologies are making it more feasible. The recovery of metals and other materials from these vehicles not only contributes to the circular economy but also supports the growing demand for raw materials in the construction and manufacturing industries. By 2030, the heavy-duty vehicles segment is anticipated to witness remarkable growth, driven by the dual objectives of resource recovery and environmental sustainability.

Largest Region is North America Owing to Robust Automotive Industry

The North American region is the largest market for vehicle recycling, primarily due to its robust automotive industry and stringent environmental regulations. The United States and Canada have well-established frameworks that promote recycling initiatives, fostering a culture of sustainability among consumers and businesses alike. North America is home to several key players in the automotive sector, leading to a high volume of end-of-life vehicles that require recycling.

The region's commitment to reducing landfill waste and promoting resource recovery has resulted in a thriving vehicle recycling industry. Moreover, the increasing focus on electric vehicles in North America is driving innovations in recycling technologies, particularly for components such as batteries. This evolution is expected to enhance the region's recycling capabilities further, ensuring that North America remains a leader in the vehicle recycling market through 2030.

Competitive Landscape of Leading Companies in the Vehicle Recycling Market

The competitive landscape of the vehicle recycling market is characterized by the presence of several leading companies that are continuously innovating to capture market share. The top ten companies in this sector include:

  1. Schnitzer Steel Industries, Inc.
  2. L&L Automotive Recycling, LLC
  3. Nucor Corporation
  4. SA Recycling, LLC
  5. Harsco Corporation
  6. American Iron & Metal Company, Inc.
  7. Ferrous Processing and Trading Co.
  8. Commercial Metals Company
  9. K recyclingsysteme GmbH
  10. The Shredder Company, Inc.

These companies leverage advanced technologies and sustainable practices to enhance their recycling processes and improve efficiency. The competitive dynamics of the vehicle recycling market are influenced by factors such as technological advancements, regulatory changes, and consumer preferences. As companies invest in research and development to innovate recycling methodologies, the market is expected to evolve, offering significant growth opportunities for both established players and new entrants.

Report Objectives

The report will help you answer some of the most critical questions in the Vehicle Recycling Market. A few of them are as follows:

  1. What are the key drivers, restraints, opportunities, and challenges influencing the market growth?
  2. What are the prevailing technology trends in the Vehicle Recycling Market?
  3. What is the size of the Vehicle Recycling Market based on segments, sub-segments, and regions?
  4. What is the size of different market segments across key regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa?
  5. What are the market opportunities for stakeholders after analysing key market trends?
  6. Who are the leading market players and what are their market share and core competencies?
  7. What is the degree of competition in the market and what are the key growth strategies adopted by leading players?
  8. What is the competitive landscape of the market, including market share analysis, revenue analysis, and a ranking of key players?

Report Scope:

Report Features

Description

Market Size (2023-e)

USD 86.8 billion

Forecasted Value (2030)

USD 159.5 billion

CAGR (2024-2030)

9.1%

Base Year for Estimation

2023-e

Historic Year

2022

Forecast Period

2024-2030

Report Coverage

Market Forecast, Market Dynamics, Competitive Landscape, Recent Developments

Segments Covered

Vehicle Recycling Market By Vehicle Type (Passenger Car, LCV, HCV, and 2W & 3W), By Propulsion Type (ICE, EV), By Component (Engine & Engine Parts, Tyre & Rubber Parts, Metal Body Parts, Windscreen & Glass Parts, Battery & Electric Parts, Dashboard & Plastic Parts), By Material Type (Aluminum, Copper, Glass, Plastic, Rubber, Steel), By Recycling Process (Metal, Plastic, Battery, Rubber/Tire, Glass Recycling Process), By End Use (Automobile OEM, Automobile After-sales)

Regional Analysis

North America (US, Canada, Mexico), Europe (Germany, France, UK, Spain, Italy & Rest of Europe), Asia Pacific (China, Japan, South Korea, India, and rest of Asia Pacific), Latin America (Brazil, Argentina, & Rest of Latin America), Middle East & Africa (Saudi Arabia, South Africa, UAE, & Rest of MEA)

Customization Scope

Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements

­1.Introduction

1.1.Market Definition

1.2.Scope of the Study

1.3.Research Assumptions

1.4.Study Limitations

2.Research Methodology

2.1.Research Approach

2.1.1.Top-Down Method

2.1.2.Bottom-Up Method

2.1.3.Factor Impact Analysis

2.2.Insights & Data Collection Process

2.2.1.Secondary Research

2.2.2.Primary Research

2.3.Data Mining Process

2.3.1.Data Analysis

2.3.2.Data Validation and Revalidation

2.3.3.Data Triangulation

3.Executive Summary

3.1.Major Markets & Segments

3.2.Highest Growing Regions and Respective Countries

3.3.Impact of Growth Drivers & Inhibitors

3.4.Regulatory Overview by Country 

4.Vehicle Recycling Market, by Vehicle Type (Market Size & Forecast: USD Billion, 2024 – 2030)

4.1.Passenger Car

4.2.LCV

4.3.HCV

4.4.2W & 3W

5.Vehicle Recycling Market, by Propulsion Type (Market Size & Forecast: USD Billion, 2024 – 2030)

5.1.Internal Combustion Engine (ICE)

5.2.Electric Vehicle (EV)

5.3.Others

6.Vehicle Recycling Market, by Component (Market Size & Forecast: USD Billion, 2024 – 2030)

6.1.Engine & Engine Parts

6.2.Tyre & Rubber Parts

6.3.Metal Body Parts

6.4.Windscreen & Glass Parts

6.5.Battery & Electric Parts

6.6.Dashboard & Plastic Parts

6.7.Others Parts

7.Vehicle Recycling Market, by Material Type (Market Size & Forecast: USD Billion, 2024 – 2030)

7.1.Aluminum

7.2.Copper

7.3.Glass

7.4.Plastic

7.5.Rubber

7.6.Steel

7.7.Other

8.Vehicle Recycling Market, by Recycling Process (Market Size & Forecast: USD Billion, 2024 – 2030)

8.1.Metal

8.1.1.Scrap Metal Recycling

8.1.2.Automobile Shredder Residue (ASR)

8.2.Plastic

8.2.1. Mechanical

8.2.2. Molecular Recycling

8.3.Battery (Hydrometeorological & Smelting Processes)

8.4.Rubber/Tire (Pyrolysis & Devulcanization Techniques)

8.5.Glass recycling process

8.6.Others

9.Vehicle Recycling Market, by End Use (Market Size & Forecast: USD Billion, 2024 – 2030)

9.1.Automobile OEM

9.2.Automobile After-sales

10.Regional Analysis (Market Size & Forecast: USD Billion, 2024 – 2030)

10.1.Regional Overview

10.2.North America

10.2.1.Regional Trends & Growth Drivers

10.2.2.Barriers & Challenges

10.2.3.Opportunities

10.2.4.Factor Impact Analysis

10.2.5.Technology Trends

10.2.6.North America Vehicle Recycling Market, by Vehicle Type

10.2.7.North America Vehicle Recycling Market, by Propulsion Type

10.2.8.North America Vehicle Recycling Market, by Component

10.2.9.North America Vehicle Recycling Market, by Material Type

10.2.10.North America Vehicle Recycling Market, by Recycling Process

10.2.11.North America Vehicle Recycling Market, by End Use

               *Similar Segmentation will be provided at each regional level

10.3.By Country

10.3.1.US

10.3.1.1.US Vehicle Recycling Market, by Vehicle Type

10.3.1.2.US Vehicle Recycling Market, by Propulsion Type

10.3.1.3.US Vehicle Recycling Market, by Component

10.3.1.4.US Vehicle Recycling Market, by Material Type

10.3.1.5.US Vehicle Recycling Market, by Recycling Process

10.3.1.6.US Vehicle Recycling Market, by End Use

10.3.2.Canada

10.3.1.Mexico

                        *Similar Segmentation will be provided at each country level

10.4.Europe

10.5.APAC

10.6.Latin America

10.7.Middle East & Africa

11.   Competitive Landscape

11.1.Overview of the Key Players

11.2.Competitive Ecosystem

11.2.1.Platform Manufacturers

11.2.2.Subsystem Manufacturers

11.2.3.Service Providers

11.3.Company Share Analysis

11.4.Company Benchmarking Matrix

11.4.1.Strategic Overview

11.4.2.Product Innovations

11.5.Start-up Ecosystem

11.6.Strategic Competitive Insights/ Customer Imperatives

11.7.ESG Matrix/ Sustainability Matrix

11.8.Manufacturing Network

11.11.1.Locations

11.11.2.Supply Chain and Logistics

11.11.3.Product Flexibility/Customization

11.11.4.Digital Transformation and Connectivity

11.11.5.Environmental and Regulatory Compliance

11.9.Technology Readiness Level Matrix

11.10.Technology Maturity Curve

11.11.Buying Criteria

12.Company Profiles

12.1.ASM Auto Recycling

12.1.1.Company Overview

12.1.2.Company Financials

12.1.3.Product/Service Portfolio

12.1.4.Recent Developments

12.1.5.IMR Analysis

*Similar information will be provided for other companies 

12.2.Copart Inc.

12.3.Eco-bat Technologies

12.4.Hensel Recycling Group

12.5.INDRA AUTOMOBILE RECYCLING

12.6.Keiaisha Co.

12.7.LKQ Corporation

12.8.Schnitzer Steel Industries

12.9.Scholz Recycling 

12.10.Sims Metal Management

13.Appendix

A comprehensive market research approach was employed to gather and analyse data on the Vehicle Recycling Market. In the process, the analysis was also done to estimate the parent market and relevant adjacencies to major the impact of them on the Vehicle Recycling Market. The research methodology encompassed both secondary and primary research techniques, ensuring the accuracy and credibility of the findings.

Research Approach

Secondary Research

Secondary research involved a thorough review of pertinent industry reports, journals, articles, and publications. Additionally, annual reports, press releases, and investor presentations of industry players were scrutinized to gain insights into their market positioning and strategies.

Primary Research

Primary research involved conducting in-depth interviews with industry experts, stakeholders, and market participants across the vehicle recycling ecosystem. The primary research objectives included:

  • Validating findings and assumptions derived from secondary research
  • Gathering qualitative and quantitative data on market trends, drivers, and challenges
  • Understanding the demand-side dynamics, encompassing end-users, component manufacturers, facility providers, and service providers
  • Assessing the supply-side landscape, including technological advancements and recent developments

Market Size Estimation

A combination of top-down and bottom-up approaches was utilized to estimate the overall size of the Vehicle Recycling Market. These methods were also employed to estimate the size of various subsegments within the market. The market size estimation methodology encompassed the following steps:

  1. Identification of key industry players and relevant revenues through extensive secondary research
  2. Determination of the industry's supply chain and market size, in terms of value, through primary and secondary research processes
  3. Calculation of percentage shares, splits, and breakdowns using secondary sources and verification through primary sources

Bottom Up and Top Down

Data Triangulation

To ensure the accuracy and reliability of the market size estimates, data triangulation was implemented. This involved cross-referencing data from various sources, including demand and supply side factors, market trends, and expert opinions. Additionally, top-down and bottom-up approaches were employed to validate the market size estimates.

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