LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global automotive waste management market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global automotive waste management market will grow at a CAGR of over 3% during the forecast period. The growing automotive fleets is a major factor driving the market’s growth.
The demand for automobiles and consumer electronics has increased across the world, due to the increase in consumer spending. This has resulted in the growth of the global economy and increased the number of ancillary industries. Economy growth has improved the confidence of consumers due to which they are purchasing more goods. High buyer confidence has augmented automobile production and sales, which has resulted in an upsurge in the volume of waste generated by the automobile industry. The demand for the raw materials required to manufacture automobiles has also amplified, owing to the growing demand for automobiles.
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In this report, Technavio highlights the transition in the automobile industry as one of the key emerging trends driving the global automotive waste management market:
Transition in the automobile industry
The transition of the automobile industry can be attributed to the manufacturers, as they are building vehicles that are cleaner, safer, and lighter to reduce carbon emissions. Governments in several developed and developing countries are focusing on environmental compatibility, preservation of natural resources, and safety. This is compelling the automobile manufacturers to build safer, cleaner, and zero-emission vehicles.
As the weight of a vehicle has a direct impact on fuel consumption, manufacturers are producing lightweight vehicles due to the increasing implementation of regulations related to emissions and the requirements of energy efficiency. The trend of using multiple types of materials to manufacture vehicles to reduce weight is being followed by most manufacturers in the industry. To increase the fuel economy and reduce the emissions of the vehicle, automotive manufacturers are using this strategy across their product line.
“As steel is one of the major components used in automobiles due to its durability and toughness, the shift to lightweight vehicles will have a significant impact on the recycling of vehicles. Steel is also one of the most recyclable components in vehicles. However, manufacturers prefer other components as steel is heavy. It is expected that conventional steel will form only one-fifth of the total materials used to manufacture vehicles. High-tensile steel and light metals such as aluminum and magnesium will be in demand for manufacturing of automobiles,” says a senior analyst at Technavio for research on water and waste management.
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Global automotive waste management market segmentation
This market research report segments the global automotive waste management market into the following products, including recyclable and non-recyclable and key regions, including the Americas, APAC, and EMEA.
The recyclable segment held the largest market share in 2017, accounting for nearly 88% of the market. The market share for this segment is expected to increase by 2022.
The Americas was the leading region for the global automotive waste management market in 2017, accounting for a market share of 36%. The Americas is expected to maintain its market dominance through 2022.
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