The Scrap Vehicle Recycling Market in China 2018-2022 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jul 31, 2018--The “Research Report on China’s Scrap Vehicle Recycling Industry - 2018-2022” report has been added to ResearchAndMarkets.com’s offering.
In 2022, the scrap vehicle recycling volume will exceed 5 million and the market size will exceed CNY 50 billion, representing a CAGR of 28.1% from 2018 to 2022.
Vehicle consumption becomes increasingly popular in China with the development of economy and increase of income. On the assumption that the service life of passenger vehicles is between 8 to 10 years, the number of scrap vehicles had exceeded 6 million by 2017 and will grow at an annual rate over 10%. However, only 1.47 million scrap vehicles were recycled in 2017. Many scrap vehicles are still being used or were illegally disposed. For example, some of them were reassembled or refurbished to be sold as second-hand vehicles.
Owing to the poor industry regulation, legal scrap vehicle disposal has been affected by the illegal one. To promote the development of the industry, the Chinese government is improving relevant policies. It is expected that the new version of Regulations on Vehicle Recycling Management will cancel the quota on the number of scrap vehicle recyclers, and allow the circulation of scrap vehicles’ engine, steering gear, transmission, front and rear axles and frame to qualified manufacturers for remanufacturing. This policy change will greatly expand the market of scrap vehicle recycling.
The combination with “internet+” will help legal recyclers to deal with the penetration of illegal recyclers. Moreover, e-commerce platforms will facilitate the recycler’s communication with vehicle owners and downstream parts remanufacturers to increase the industry’s profitability. The broad market prospect and favorable policy environment will attract a great deal of capital to the industry.
Topics include:Development environment of China’s scrap vehicle recycling industry Volume and market size of scrap vehicle recycling in China Competition in China’s scrap vehicle recycling industry Major scrap vehicle recycling enterprises in China Factors influencing the development of china’s scrap vehicle recycling industry Forecast of market size of China’s scrap vehicle recycling industry, 2018-2022
Companies FeaturedTianjin Xinneng Renewable Resources Co. Ltd. Shanghai Motor Vehicle Recycle Service Center Tianjin Guolian Scrap Motor Vehicle Recycling and Dismantling Co. Ltd. Beijing Dashihe Scrap Vehicle Recycling Factory Shenzhen Scrap Vehicle Recycling Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/research/z8gtlp/the_scrap_vehicle?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20180731005637/en/
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Related Topics:Recycling and Recycled Materials
KEYWORD: ASIA PACIFIC CHINA
INDUSTRY KEYWORD: AUTOMOTIVE GENERAL AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 07/31/2018 10:25 AM/DISC: 07/31/2018 10:25 AM