Home Appliance Recycling Market is Estimated To Witness High Growth Owing To Circular Economy

Home Appliance Recycling Market

The global Home Appliance Recycling Market is estimated to be valued at US$ 18.46 Billion In 2022 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Home appliance products such as refrigerators, washing machines, dishwashers, and air conditioners provide convenience to consumers and cater to their daily household needs. Refurbishing of these appliances helps reduce wastage and promotes eco-friendly reuse and recycling.

Market key trends:
One of the key trends in the home appliance recycling market is the transition towards a circular economy model. There is a rising focus on preserving resources through reuse and refurbishment of products at end-of-life. Home appliance manufacturers are recycling over 90% of the materials from old appliances through diverse collection, dismantling and material recovery programs. This is helping reduce landfill waste and promote environmental sustainability. Refurbished appliances are also offered at significant discounts compared to new products, making them pocket-friendly for consumers.

The global Home Appliance Recycling Market is estimated to be valued at US$ 18.46 Billion In 2022 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Disposal of electronic waste (e-waste) from end-of-life home appliances such as refrigerators, TVs and air conditioners poses risks to the environment due to toxic materials. E-waste recycling helps recover valuable materials while ensuring proper treatment of hazardous components to protect the environment and public health.

Market key trends:
One of the key trends in the Home Appliance Recycling Market is the implementation of extended producer responsibility (EPR) regulations. Many countries and regions have imposed legal obligations on appliance manufacturers to set up e-waste collection and refurbishment/recycling programs. This is driving investments in e-waste recycling infrastructure and formalization of the recycling industry. Robust EPR norms are expected to boost recycling rates and ensure safe processing of e-waste over the forecast period.
Segment Analysis
The home appliance recycling market is segmented based on product type and end-use. Based on product type, the washing machine segment dominates the market and accounts for around 30% share owing to its high sales volumes and earlier obsolescence compared to other appliances. Refrigerator is the second largest segment due to shorter lifespan and higher demand for energy efficient models.

Key Takeaways
The global home appliance recycling market is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period, due to increasing consumer awareness about environmental protection and sustainable waste management.

The regional analysis indicates that North America dominates the market with a share of over 35% in 2023 due to stringent regulations regarding e-waste disposal and recycling initiatives by manufacturers. Europe holds the second largest market share on account of rising recycling targets set by governments in countries like Germany and UK. Asia Pacific is expected to witness the fastest growth owing to growing penetration of appliances and increasing disposable incomes in emerging economies of China and India.

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. Major players are focusing on expanding their collection and recycling networks to strengthen their positions.

Read More : https://www.rapidwebwire.com/home-appliance-recycling-market-forecast-opportunities-demand-share/

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