The Home Appliance Recycling Market deals with collection, dismantling, shredding and recycling of scrapped or end-of-life home appliances such as refrigerators, washing machines, dishwashers, air-conditioners and other electronic products in an environment friendly manner. This helps in recovering recyclable materials for reuse and reduces landfill waste. The global Home Appliance Recycling Market is estimated to be valued at US$ 18.46 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased focus on sustainability has become one of the key trends in the home appliance recycling market. Growing environmental awareness among consumers and regulatory push for circular economy has compelled home appliance manufacturers to focus on sustainable product design and end-of-life management of their products. Various initiatives promoting appliance recycling help recover valuable materials such as ferrous and non-ferrous metals, glass, and plastics which can then be reused, reducing the need for virgin material extraction. For instance, Energy Star, a U.S government backed program offers tax credits and points to consumers for recycling their old appliances which is driving more recycling.
SWOT Analysis
Strength: Recycling and reuse of home appliances reduces environmental pollution and saves natural resources. Proper appliance recycling recovers valuable materials.
Weakness: Many developing nations lack adequate waste management infrastructure for proper home appliance recycling. High costs involved in establishing recycling facilities.
Opportunity: Rising awareness about environmental protection provides opportunities for growth of appliance recycling market. Scope to organise awareness programs in developing regions.
Threats: Unorganized sectors recycle appliances inefficiently leading to environmental and health hazards. Lack of mandatory take-back programs in some countries pose threats.
Key Takeaways
The global Home Appliance Recycling Market Analysis is expected to witness high. Regional analysis related content comprises the North American region currently dominates the home appliance recycling market owing to strict regulations and awareness regarding environment protection. The presence of major recycling companies like ARCA, Energy Star, and GE Appliances further boosts the market in the region.
Key players operating in the Home Appliance Recycling Market are ARCA Recycling, Canadian Appliance Recycling Inc, A2Z Home Appliances, UK Appliance Recycling Ltd, Energy Star, Morningside Recycling, Jingdong, A1 Appliances, GE Appliances, Best Buy, IKEA, Johnson Controls, ARCA Advanced Processing, LG Electronics, Samsung Electronics, Arc Recycling, DART Appliance Recycling, Godwin Appliance Recycling, UNTHA Recycling Technology, Mitsubishi Materials Eco-Recycle. Major players are focusing on expanding their operations in developing countries through partnerships to tap the growth potential.
The global Home Appliance Recycling Market size was valued at US$ 18.46 Bn in 2023 and is projected to reach US$ 31.54 Bn by 2030, growing at a CAGR of 7.3% during the forecast period. Rising environmental concerns and adoption of sustainable production practices are projected to drive the demand. Strict regulations regarding proper disposal and recycling are also augmenting market revenue.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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