What are the latest figures on the vehicle scrapping market’s size and projected CAGR?
The vehicle scrapping market size has grown rapidly in recent years. It will grow from $80.9 $ billion in 2024 to $93.61 $ billion in 2025 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to growing urbanization and space constraints, increased use of autonomous vehicles, the growing popularity of shared mobility services, the globalization of vehicle recycling standards, and an increasing focus on second-life applications.
The vehicle scrapping market size is expected to see rapid growth in the next few years. It will grow to $165.54 $ billion in 2029 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to growing consumer demand for sustainable and eco-friendly products, individuals’ preference for vehicle ownership, increased focus on the circular economy, an increase in electric vehicle (EV) scrapping, and the expansion of recycling infrastructure. Major trends in the forecast period include advancements in electric vehicles (EVs), technological innovations in recycling, advancements in battery recycling, recycling of lightweight materials, and technological integration.
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Which Market drivers have played a significant role in driving the vehicle scrapping market?
The growing environmental consciousness is expected to propel the growth of the vehicle scrapping market going forward. Environmental consciousness refers to an awareness and understanding of the impact of human actions on the environment and a commitment to making choices that minimize adverse effects. The growing environmental consciousness is due to climate change awareness, scientific research, ecological disasters, and sustainability movements. Vehicle scrapping supports environmental consciousness by recycling valuable materials, safely managing hazardous substances, and reducing waste and pollution from end-of-life vehicles. For instance, in April 2024, according to theroundup.org, a US-based website dedicated to promoting environmental awareness, the percentage of people who always or often look for environmentally sustainable products increased from 27% in 2021 to 62% in 2024. Therefore, growing environmental consciousness is driving the growth of the vehicle scrapping market.
What are the key segments within the vehicle scrapping market?
The vehicle scrappingmarket covered in this report is segmented –
1) By Vehicle Type: Passenger Vehicles, Commercial Vehicles
2) By Material: Steel, Aluminum, Copper, Other Materials
3) By Application: New Products Manufacture, Reusable Parts
Subsegments:
1) Passenger Vehicles: Sedans, SUVs
2) Commercial Vehicles: Light Commercial Vehicles, Heavy Commercial Vehicles
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Which key players are shaping the vehicle scrapping market?
Major companies operating in the vehicle scrapping market are Tata Motors Ltd., Mahindra& Mahindra Ltd., LKQ Corporation, Sims Metal Management Ltd., Copart Inc., Schnitzer Steel Industries, ASM Auto Recycling Ltd., Scholz Recycling GmbH, American Iron & Metal Company Inc., Blue Water Recycling Inc., Pick-n-Pull, Hensel Recycling Group, J & J Recycling Inc., Evergreen Recycling Inc., Keiaisha Co. Ltd., Green Metals Inc., City Scrap Metal Ltd., Auto Recycling Solutions Inc., Certified Auto Recyclers Inc., Premier Recycling Ltd., Eco Recycling Ltd
Which transformative trends will shape the vehicle scrapping market landscape?
Major companies operating in the vehicle scrapping market are focusing on broadening their service offerings by launching innovative solutions, such as registered vehicle scrapping facilities, to enhance compliance with environmental regulations and improve the efficiency of the dismantling process. Registered vehicle scrapping facilities refer to authorized and certified locations that comply with regulatory standards for properly dismantling, recycling, and disposing of end-of-life vehicles, ensuring safe handling of hazardous materials, and environmental protection. For instance, in February 2023, Tata Motors Limited, an India-based automotive company, launched Re.Wi.Re, first registered vehicle scrapping facility (RVSF), designed to dismantle end-of-life vehicles in an environmentally friendly manner and process up to 15,000 vehicles annually. Utilizing advanced eco-friendly techniques and fully digitalized operations, re.wi.re aims to promote sustainable mobility and aligns with the national vehicle scrappage policy by encouraging the retirement of older, polluting vehicles. This initiative reflects Tata Motors’ commitment to sustainability and is part of a plan to establish more RVFSs across India.
How do regional factors impact the vehicle scrapping market, and which region is the largest contributor?
Asia-Pacific was the largest region in the vehicle scrapping market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the vehicle scrapping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Vehicle Scrapping Market Report 2025 Offer?
The vehicle scrapping market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Vehicle scrapping refers to the process of dismantling and disposing of an end-of-life vehicle in an environmentally responsible manner. This process involves removing and recycling usable parts, safely disposing of hazardous materials, and crushing the remaining vehicle frame to recover metal and other materials. The vehicle scrapping process ensures that vehicles that are no longer operational or are deemed unfit for the road are handled in a way that minimizes environmental impact.
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