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Waste & Recycling March 19, 2018 09:30:45 AM

Global Automotive Waste Management Market to Grow at a CAGR of 3% During 2018-‘22

Waste Advantage
ScrapMonster Author
The demand for automobiles and consumer electronics has increased across the world, due to the increase in consumer spending.

Global Automotive Waste Management Market to Grow at a CAGR of 3% During 2018-‘22

SEATTLE (Waste Advantage): 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 fleet 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.

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.

Courtesy: https://wasteadvantage.com

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