VEHICLE SCRAPPING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
Global Vehicle Scrapping Market is estimated to be valued at USD 74.91 Bn in 2024 and is expected to reach USD 139.31 Bn by 2031, growing at a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031.
The global vehicle scrapping market has been witnessing significant growth in the recent years. With rising environmental regulations regarding carbon emissions and fuel efficiency standards across countries, scrapping of old and polluting vehicles has emerged as an important way to promote sustainability. Governments around the world are enacting policies to phase out conventional internal combustion engines and transition towards electric vehicles. This makes scrapping of old vehicles crucial to manage the large number of pre-owned vehicles plying on roads. Additionally, recycled materials from scrapped vehicles can potentially lower costs and reduce dependence on raw materials for original equipment manufacturers (OEMs) in the automotive industry. With growing environmental consciousness and policy support, the vehicle scrapping market is expected to expand steadily over the coming years.
Market Dynamics
The global vehicle scrapping market is driven by stringent emission norms implemented by regulatory bodies around the world. Growing awareness about the environmental impact of air pollution and depletion of natural resources is also propelling the demand for vehicle scrapping. Various government incentives and subsidies encourage responsible disposal of end-of-life vehicles that further boosts the market growth. However, lack of organized infrastructure for collection, dismantling and recycling processes is a major challenge. Moreover, availability of used vehicles at cheaper prices in the secondary market restricts the sales of new vehicles to some extent, thereby hindering the vehicle scrapping market. On the other hand, emerging opportunities lie in utilizing scrap materials for production of new automobile components to lower manufacturing costs. OEMs are also focusing on establishing authorized wrecker networks for ensuring compliance.
Key features of the study:
- This report provides in-depth analysis of the global vehicle scrapping market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
- It profiles key players in the global vehicle scrapping market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
- Key companies covered as a part of this study include LKQ Corporation, Schnitzer Steel Industries, Copart Inc., Eco-bat Technologies, ASM Auto Recycling Ltd., Scholz Recycling GmbH, Sims Metal Management Ltd., Keiaisha Co. Ltd., Hensel Recycling Group, INDRA.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
- The global vehicle scrapping market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global vehicle scrapping market.
Market Segmentation
Table of Contents
*Browse 32 market data tables and 28 figures on 'Global Vehicle Scrapping Market' - Global forecast to 2031
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