Indian End-of-Life Vehicle and Dismantling Market Assess the Trends, Opportunities and Competition in the Market
India is one of the largest automobile markets in the world, with sales increasing every year. With this, even the number of vehicles to have reached their end of life is rising, which is leading to a wide volume of metallic, rubber, and plastic waste just strewn everywhere. Additionally, for want of money and lack of stringent regulations, many people continue to operate their vehicles beyond the recommended period, which leads to heavy emissions of greenhouse gases (GHGs) from an engine that has witnessed extensive wear and tear.
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P&S Intelligence says that all these factors will propel the Indian end-of-life vehicle (ELV) and dismantling market from $3,474.0 million in 2019 at a 17.2% CAGR between 2020 and 2030 (forecast period). However, the biggest hurdle in the industry growth presently is the alleged monopoly of unorganized garages and scrapyards. For instance, the automobile scrapyard in Mayapuri, Delhi, which is the largest in Asia (it has an annual turnover of around GBP 600 million, as per The Telegraph), has 4,000 small-scale units working day and night, throwing all safety caution to the wind.
Non-ferrous metal, ferrous metal, electrical and electronic equipment, plastic, tire, textile, glass, and battery are the various categories of the Indian end-of-life vehicle and dismantling market, on the basis of component. Among them, the ferrous metal category dominated the market in 2019, as a vehicle is almost 70% iron and steel, which are the easiest to separate from the post-dismantling waste, requiring a large magnet at the most. Further, to be reused, the metals merely need to be cleaned, melted, and then recast into the desired shape.
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Thus, as more unorganized scrapyards are shut down and more ELVs are available, established companies are expected to carry out dismantling and recycling activities in the country, following globally accepted safety standards.