Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Automobile Parts Recycle Market Size is Expected to Grow from USD 35.41 Billion in 2023 to USD 65.24 Billion by 2033, Growing at a CAGR of 6.30% during the forecast period 2023-2033.
Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Automobile Parts Recycle Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Engine Parts, Transmission Parts, Electrical Parts, Body Parts, and Others), By Material (Metal, Plastic, Rubber, and Others), By End-User (OEMs, Aftermarket), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, And Africa), Analysis And Forecast 2023 - 2033
The global automobile parts recycle market refers to the industry that focuses on the maintenance of with a focus on recovering and reusing components from scrapped vehicles (ELVs) to minimize waste and encourage sustainability. Moreover, this automotive parts recycling market is a growing sector influenced by strict waste disposal regulations, rising raw material costs, and growing environmental concerns. Typically, this market encompasses repair and upkeep with rising requirements due to rising incidents related to automotive. The growth of e-commerce contributed to this market expansion. However, market acquisition faces several obstacles, like questions mark moves around the quality of merchandise and a lack of expert personnel for precise advice.
The engine parts segment held the greatest share of the global automobile parts recycle market in 2023 and is anticipated to grow at a notable CAGR over the forecast period.
On the basis of the product type, the global automobile parts recycle market is divided into engine parts, transmission parts, electrical parts, body parts, and others. Among these, the engine parts segment held the greatest share of the global automobile parts recycle market in 2023 and is anticipated to grow at a notable CAGR over the forecast period. This is because these are a vital part of the automobile and their rising requirement accessibility. Moreover, the focus on sustainable development these parts are addressed by many enterprises along with technological assessments.
The metal segment accounted for the largest share of the global automobile parts recycle market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
On the basis of material, the global automobile parts recycle market is categorized into metal, plastic, rubber, and others. Among these, the metal segment accounted for the largest share of the global automobile parts recycle market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This is due to vital parts of the automotive body framework. Further, the metal scrap undergoes processes such as refining and melting which showcases their bulk requirement.
The aftermarket segment held a significant share of the global automobile parts recycle market in 2023 and is projected to grow at a rapid pace over the forecast period.
On the basis of the end-user, the global automobile parts recycle market is segmented into OEM and aftermarket. Among these, the aftermarket segment held a significant share of the global automobile parts recycle market in 2023 and is projected to grow at a rapid pace over the forecast period. This segment growth contributed to the market expansion because of consumers seeking out affordable substitutes and rising incidents of automobile tragedy incidents. Moreover, this market encompasses various subsegments such as independent retailers, and repair shops which creates wide opportunities for segment expansion.
Asia Pacific is anticipated to hold the largest share of the global automobile parts recycle market over the forecast period.
Asia Pacific is expected to hold the greatest share of the global automobile parts recycle market over the forecast period. The regional market growth is increasing due to the increasing acceptance of vehicle ownership, and rising concerns for environmental sustainability. Beyond that, the strong government support and robust operational functionality of the recycling management with sophisticated technical support boost the regional market. Countries like India, Japan, and China are at the forefront of regional market dominance.
Europe is projected to grow at the fastest CAGR growth of the global automobile parts recycle market over the forecast period. The market expansion across the region is further accelerated due to the sophisticated technology integrated with the robust automotive industry. Moreover, the market expansion in Europe is further supported by the federal authorities committed environmental sustainability setting across the region.
Company Profiling
Major vendors in the global automobile parts recycle market are LKQ Corporation, Schnitzer Steel Industries, Inc., Toyota Motor Corporation, Ford Motor Company, General Motors Company, Denso Corporation, Robert Bosch GmbH, Valeo S.A., Magna International Inc., Mitsubishi Motors Corporation, Nissan Motor Co., Ltd., Hyundai Mobis, ZF Friedrichshafen AG, Lear Corporation, Aisin Seiki Co., Ltd., Continental AG, BorgWarner Inc., Delphi Technologies, Faurecia S.A., Sumitomo Electric Industries, Ltd., and others.
Key Target Audience
Recent Development
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global automobile parts recycle market based on the below-mentioned segments:
Global Automobile Parts Recycle Market, By Product Type
Global Automobile Parts Recycle Market, By Material
Global Automobile Parts Recycle Market, By End-User
Global Automobile Parts Recycle Market, By Regional
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