SHERIDAN, WYOMING, UNITED STATES, November 21, 2021 /EINPresswire.com/ — According to the latest report by IMARC Group, titled “Vehicle Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global vehicle recycling market reached a value of US$ 20.6 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 5.1% during 2021-2026.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Vehicle recycling refers to the dismantling of automobiles for recycling and recovering fuel, spare parts, and scrap metals through the assistance of various processes, such as scraping, crushing, and shredding. It deploys separation technologies like eddy current, floatation, and laser infrared method to insulate non-ferrous metals from other substances. Vehicle recycling also significantly aids in reducing landfills and extracting reusable vehicle components.
The widespread adoption of metal scrap and steel for manufacturing fuel-efficient, affordable and lightweight automobiles represents one of the key factors primarily driving the global vehicle recycling market toward growth. Rapid industrialization and urbanization, especially in the developing economies, along with the several initiatives undertaken by the governments of various nations toward sustainable development, are creating a positive outlook for the market across the globe. The increasing utilization of recycled batteries in the manufacturing of consumer electronics is acting as another major growth-inducing factor for the vehicle recycling market.
Vehicle Recycling Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the vehicle recycling market has been studied in the report with the detailed profiles of the key players operating in the market.
Key Market Segmentation:
The report has segmented the vehicle recycling market on the basis of type, material, Application and region.
Breakup by Type:
Passenger Cars Recycling
Commercial Vehicles Recycling
Breakup by Material:
Breakup by Application:
Breakup by Region:
Middle East and Africa
Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/vehicle-recycling-market
Key highlights of the report:
Market Performance (2015-2020)
Market Outlook (2021-2026)
Market Drivers and Success Factors
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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Source: EIN Presswire