INDIA VEHICLE SCRAPPING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

India Vehicle Scrapping Market is estimated to be valued at USD 8.9 Mn in 2024 and is expected to reach USD 38.4 Mn by 2031, growing at a compound annual growth rate (CAGR) of 23.2% from 2024 to 2031.

The automotive industry in India has shown impressive growth over the past decade. With rising incomes and purchase power, personal vehicle ownership in India is on the rise. However, India is also grappling with mounting vehicle scrappage. Old and obsolete commercial vehicles plying on roads contribute significantly to air pollution. Recognizing this challenge, in 2016 the Indian government put forth a policy for scrapping old vehicles. However, lack of infrastructure and unclear guidelines had hampered its implementation. In recent years, focus on strict emission norms and impetus on electric vehicles have renewed interest in developing a robust vehicle scrapping ecosystem in India. Several global leaders have also announced investments in setting up automotive dismantling and recycling facilities in India. It is expected that a well-regulated vehicle scrapping program can boost replacement demand for new vehicles and support India's transition to more environment-friendly mobility solutions.

Market Dynamics

The key drivers propelling the growth of India's vehicle scrapping market include stringent emission norms by the government to curb air pollution, rise in aging vehicles, availability of incentives under voluntary and mandatory vehicle scrapping policies, and economic viability of recycling automotive parts. However, factors like inadequacies in infrastructure for quality inspection and dismantling facilities, lack of organized sector participation, and uncertainties over resale value of discarded parts pose challenges. There is vast opportunity for Indian dismantling and recycling technology providers to set up operations and collaborate with insurance companies, lending institutions, and automakers. Developing a circular economy approach by reusing components can boost sustainable automotive manufacturing and maintenance in India.

Key features of the study:

- This report provides in-depth analysis of the India vehicle scrapping market, and provides market size (US$ Mn) 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 India 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 Maruti Suzuki Toyotsu India (MSTI), CERO Recycling, Tata Motors Re.Wi.Re, Kaiho Sangyo Co. Ltd, Mjunction Services Ltd, Go Green ELV Handlers, Goodvalue Auto Scrap Pvt Ltd, Goenka Motors Pvt Ltd, KD Ecosystem, Mahindra MSTC Recycling Pvt Ltd,  and SRI NEELAYUM PRECOATED STEEL.

- 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.

- India 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 India vehicle scrapping market.

Market Segmentation

•  Material Insights (Revenue, USD Mn, 2019 - 2031)
• • Steel
  • Aluminum
  • sCopper
  • Others
•  Vehicle Type Insights (Revenue, USD Mn, 2019 - 2031)
• • Passenger Vehicles
  • Commercial Vehicles
• Application Insights (Revenue, USD Mn, 2019 - 2031)
• • New Products
  • Reusable Parts
• Key Players Insights
  • Maruti Suzuki Toyotsu India (MSTI)
  • CERO Recycling
  • Tata Motors Re.Wi.Re
  • Kaiho Sangyo Co. Ltd
  • Mjunction Services Ltd
  • Go Green ELV Handlers
  • Goodvalue Auto Scrap Pvt Ltd
  • Goenka Motors Pvt Ltd
  • KD Ecosystem
  • Mahindra MSTC Recycling Pvt Ltd
  • SRI NEELAYUM PRECOATED STEEL