The automotive sector in the India has been growing swiftly since the past few years, attributed to the string economic growth and rapidly increasing disposable income of people. The lifestyle of people in the country has improved considerably, and owing a private vehicle has become a status symbol. This is why an increased number of people are now investing in automobiles. In addition to this, due to various government policies, the prices of electric vehicles have lowered considerably, thereby allowing a larger number of people to afford these vehicles.
It is not unusual then that the country has an abundance of recyclable and salvageable materials. The recycling and salvaging industry in India is still in a nascent stage, which is offering a number of opportunities to the companies operating in the Indian end-of-life vehicle and dismantling market. In 2018, about 6.8 million vehicles in India reached their end-of-life. While the industry in India is at an initial stage currently, it is expected to witness considerable growth in the years to come. ELVs are dismantled into numerous different parts, and each individual part has a different market.
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Among these, the ferrous category held the largest share of the Indian ELV and dismantling marketin 2019, as per report by P&S Intelligence. This is due to the fact that 70% of an automobile is made up of steel and iron. Furthermore, metallic components are easy to separate from vehicles. Other than this, the electronic and electrical equipment category is predicted to grow at the fastest pace during the forecast period, which is owing to the surging integration of autonomous features in vehicles.
In conclusion, the surging growth of the automobile industry and increasing government policies are driving the expansion of the market.