Indian End-of-Life Vehicle and Dismantling Market Analysis by Manufacturers, Regions size and Forecast up to 2030

1. Indian End-of-Life Vehicle and Dismantling Market to Register 17.2% CAGR during 2020–2030 Effective waste management has become an important at the present time due to the surging environmental concerns. Since the automotive industry is among the most prominent industries across the world and holds a fairly high share when it comes to environmental degradation, the demand for efficient end-of-life vehicle (ELV) management and dismantling is growing rapidly. ELV management and dismantling offers advantages when it comes to circular economy, sustainable development, and environment conservation. Ascribed to these advantages, the demand for ELV dismantling is growing in India. Due to above-mentioned factors, the Indian ELV and dismantling market generated a revenue of $3,474.0 million in 2019 and is projected to progress at a 17.2% CAGR during the forecast period (2020– 2030). Since several passenger vehicles and almost all commercial vehicles, including heavy-duty variants, utilize diesel as fuel in the country, the EVL and dismantling process is predicted to be carried out more for diesel-based vehicles in the near future. Between organized and unorganized sectors, the unorganized sector dominated the domain in the past because of the lack of regulatory policies. In India, vehicle dismantling is primarily handled by a number of small local companies, owing to the fact that the market is still in its nascent stage. Request to get the Sample Report@ https://www.psmarketresearch.com/market-analysis/indian- end-of-life-vehicle-and-dismantling-market/report-sample Different vehicle components which come under the ELV and dismantling process are glass, ferrous metal, battery, non-ferrous metal, tire, plastic, textile, and electrical and electrical equipment. Out of all these, ferrous metal components were retrieved the most in the past, which is owing to the fact that 70% of the automobile is made up of steel and iron. In addition to this, metal components can be separated from vehicles much more easily than other components. Moreover, iron and steel parts have a high reusability rate, because of which, they are dismantled the most. This being said, the number of electronic and electric equipment that are retrieved after EVL and dismantling is also expected to increase substantially in the coming years. This is due to the swift integration of autonomous features in all kinds of vehicles. Furthermore, the surging demand for shared mobility services is also creating wide opportunities for the Indian ELV and dismantling market, as the vehicles deployed for these services are generally equipped with different electrical and electronic components. Among different vehicle types, including four-wheelers, three-wheelers, and two- wheelers, the demand for ELV and dismantling services is projected to increase significantly for four- wheelers in the near future. This is because of the growing adoption of these vehicles on account of increasing disposable income of people and rapid economic growth in the country. Moreover, the demand for four-wheelers in India is growing because of the surging popularity of ride-hailing services. Maharashtra has been the major consumer of ELV and dismantling services in the past, which can be attributed to the fact that the state has the highest gross domestic products, as a result of which more people are able to afford vehicles. Hence, the demand for ELV and dismantling is growing due to the surging environmental concerns.