India Automotive Recycling Market Size Booming at Significant CAGR of More Than 9.1% to Reach USD 13.17 Billion by 2030

Published | 31 May 2024

India Automotive Recycling Market is flourishing due to the rising scrap metal demand, the government’s supportive regulations to address growing environmental concerns.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Automotive Recycling Market size at USD 8.24 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Automotive Recycling Market size to expand at a CAGR of 9.11% reaching a value of USD 13.17 billion by 2030. The Automotive Recycling Market in India is propelled by the increased awareness and sustainability initiatives, as well as rising fuel and raw material prices. Automotive recyclers employ advanced tools and techniques to extract environmentally friendly materials, such as polymers, fluids, and natural substances from used vehicles. Notably, the rapid industrialization and urbanization in developing countries, along with growing consumer awareness, are also propelling the automotive recycling market. Also, other key factors driving automotive recycling include the widespread use of metal scrap, particularly steel, to manufacture more affordable, lightweight, and fuel-efficient vehicles are expected to boost the expansion of the India Automotive Recycling Market during the period in analysis.

Impact of Escalating Geopolitical Tensions on India Automotive Recycling Market

Geopolitical tensions can have a multifaceted impact on the India Automotive Recycling Market. Trade disruptions and fluctuating international relations result in supply chain uncertainties and increased costs for importing advanced recycling technologies and raw materials. Additionally, these tensions can lead to volatile commodity prices, affecting the profitability and operational stability of recycling businesses. Heightened geopolitical risks may also divert governmental focus and resources away from developing robust recycling infrastructure and policies. Consequently, these challenges hinder the market's growth and its ability to meet sustainability goals effectively, while also affecting investor confidence in the sector.

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India Automotive Recycling Market

Segmental Information

India Automotive Recycling Market – By Vehicle Type

Based on vehicle type, the India Automotive Recycling Market is bifurcated into Passenger Vehicles and Commercial Vehicles segments. The passenger vehicles segment holds a higher share in the India Automotive Recycling Market by vehicle type. It can be attributed to the sheer volume of passenger vehicles on the road compared to commercial vehicles. As the number of passenger cars increases, so does the supply of end-of-life vehicles available for recycling. Additionally, passenger vehicles contain a significant amount of recyclable materials such as steel, aluminum, plastics, and rubber, making them valuable sources for material recovery. The high turnover rate and shorter lifecycle of passenger vehicles, driven by consumer demand for newer models, also contribute to the dominance of this segment in the market.

Competitive Landscape

The India Automotive Recycling Market is fragmented, with numerous players serving the market. The key players dominating the India Automotive Recycling Market include Mahindra MSTC Recycling Pvt Ltd, Toyota Motor Corporation, Volkswagen Group, Renault Group, BMW AG, Vardhman Auto Recycling LLP, MG Motor India Private Limited, Maruti Suzuki India Limited, RecycleKaro, and Tata Motors Limited. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the India Automotive Recycling Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Automotive Recycling Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Automotive Recycling Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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