NEW YORK, Feb. 9, 2021
NEW YORK, Feb. 9, 2021 /PRNewswire/ -- The swift closure of unregulated scrap yards and strict government legislations, including those related to vehicle life, will propel the Indian end-of-life vehicle and dismantling market at a CAGR of 17.2% during 2020 and 2030. At this rate, the market is projected to witness an increase in its revenue from $3,474.0 million in 2019 to a significant amount by 2030. This growth is supplemented by the investments being made by automakers in advanced technologies that facilitate the dismantling of vehicles in an environment-friendly and cost-effective manner.
One of the key factors driving the growth of the Indian ELV and dismantling market is the implementation of favourable government policies. Several state governments, along with the Ministry of Heavy Industries & Public Enterprises, Ministry of Steel, and Ministry of Road Transport and Highways (MoRTH), have commenced the policy formulating process for establishing scrapyards. Additionally, they are committing to good manufacturing practices (GMPs) by adopting state-of-the-art, environment-friendly technologies. Moreover, governments are promoting metal scrapping centers and formulating guidelines for collecting, dismantling, and shredding vehicles in an organized and eco-friendly manner.
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The Indian ELV and dismantling market's component segment is categorized into ferrous metal, non-ferrous metal, electrical and electronic equipment, plastic, textile, tire, battery, and glass. Under this segment, the electrical and electronic equipment category is projected to display the fastest growth during the forecast period due to the rapid installation of autonomous features in automobiles. Moreover, the augmenting demand for shared mobility services, such as cab and taxi services, has increased the adoption of vehicles integrated with a large number of electrical and electronic components.
Browse detailed report on Indian ELV and Dismantling Market Research Report: By Fuel (Petrol, Diesel), Sector (Unorganized, Organized), Component (Ferrous Metal, Non-Ferrous Metal, Plastic, Electrical and Electronic Equipment, Textile, Tire, Battery, Glass), Vehicle (Two-Wheeler, Three-Wheeler, Four-Wheeler), Four-Wheeler (Passenger, Commercial) - Industry Analysis and Growth Forecast to 2030: https://www.psmarketresearch.com/market-analysis/indian-end-of-life-vehicle-and-dismantling-market
During the historical period (2014–2019), Maharashtra generated the highest revenue in the Indian ELV and dismantling market. This can be ascribed to the higher purchasing power of the people of Maharashtra in comparison to other states, since Maharashtra has the highest gross domestic product (GDP) in India. During the forecast period, the national capital territory (NCT) of Delhi will exhibit the fastest growth in the market, on account of the stringent laws regarding vehicle age. Being one of the most polluted areas in India, the NCT of Delhi has notably reduced the maximum age of vehicles to curtail harmful emissions.
Moreover, the growth trajectory for the Indian ELV and dismantling market is opposite that in developed nations. In developed countries, the growth of the vehicle scrapping sector has been in tandem with the automotive industry, whereas the Indian vehicle recycling and salvaging sector has been quite unyielding, despite the growing automobile sector. Due to this, India has a large number of ELVs that have the potential to provide lucrative growth opportunities to the market.
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To take advantage of this expanding opportunity, several companies, such as Mahindra and Mahindra Ltd., Suzuki Motor Corp., and Toyota Motor Corp., are setting up recycling facilities across India. For example, in November 2019, Mahindra Accelo, the steel processing subsidiary of Mahindra and Mahindra, established a scrapping unit, Cero, in Greater Noida, Uttar Pradesh. Cero is a joint venture between Metal Scrap Trade Corporation Limited (MSTC) and Mahindra Accelo. Besides, Mahindra aspires to construct 25 more recycling facilities across the country by 2022.
Thus, the setting up of organized scrap yards across India, due to the growing concerns for the environment, will boost the market in the coming years.
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