The Home Appliance Recycling Market is estimated to be valued at US$ 18.46 Billion 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 Overview:
Home appliances include major electric/electronic equipment such as refrigerators, air conditioners, washing machines, dish washers, cooking appliances, computers, smartphones, televisions and other devices used for domestic purposes. Home appliance recycling involves dismantling and separating various components from end-of-life appliances. It helps in recovering metals and plastics for reuse or refurbishment, while safely disposing off hazardous components and materials. Home appliance recycling aids in reducing environmental pollution, conserving natural resources and supports sustainable development.
Market key trends:
Growing environmental concerns regarding improper waste disposal of e-waste is a major driver for the home appliance recycling market. Disposing end-of-life home appliances in landfills pollute the environment as they contain hazardous materials like mercury, cadmium, lead etc. Recycling recovered materials from recycled appliances helps reduce carbon footprint and dependence on virgin materials extraction. Stringent government regulations regarding electronic waste management and incentives for recycling are encouraging businesses and consumers to opt for environment-friendly recycling options. Expanding home appliance sector leading to higher volumes of outdated appliances further necessitates organized recycling infrastructure and management services.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements and established distribution networks of existing players make market entry difficult. Bargaining power of buyers: Large recycling firms enjoy bargaining power over individual recyclers due to economies of scale. Bargaining power of suppliers: Suppliers of raw materials like plastic, steel have moderate bargaining power due to availability of substitutes. Threat of new substitutes: Possibility of new technologies emerges as substitutes. Competitive rivalry: Intense competition exists among established players.
SWOT Analysis
Strengths: Established distribution and collection networks, technological expertise. Weaknesses: High initial investment needs, dependence on external factors for raw material availability. Opportunities: Growth in e-waste volumes, supportive government regulations. Threats: Fluctuating scrap metal prices, counterfeit appliance recycling.
Key Takeaways
The global Home Appliance Recycling Market Growth is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing environmental regulations regarding proper e-waste disposal. Regionally, North America dominates currently holding around 35% share owing to stringent regulations and awareness campaigns regarding recycling. Europe follows with a share of over 30% due to similar reasons.
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, and Mitsubishi Materials Eco-Recycle.
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https://www.insightprobing.com/home-appliance-recycling-market-trends-size-and-share-growth/