by The 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 Overview:
Home appliances include kitchen and laundry appliances such as refrigerators, freezers, air conditioners, water heaters, dishwashers, clothes washers and dryers, and cooking appliances. Home appliance recycling involves safely recovering and reusing materials and components from discarded home appliances. It helps conserve natural resources and reduces the amount of waste sent to landfills. Proper recycling and reuse of home appliances also prevents the release of toxic substances into the environment.
Market Dynamics:
The growing environmental concerns regarding proper disposal of obsolete appliances is a key driver for the home appliance recycling market. Discarded appliances contain ferrous and non-ferrous metals, plastics and other materials that can be recovered and reused. If sent to landfills, these appliances can release greenhouse gases and other toxins into the environment over long periods of time. Stringent regulations regarding waste management and e-waste recycling across regions are also promoting the recycling and reuse of discarded home appliances. In addition, elements such as copper, aluminum and steel recovered from recycled appliances are important industrial raw materials, driving material recovery. However, factors such as high costs associated with collection, transportation and recycling processes continue to hinder the overall market growth.
Segment Analysis
The home appliance recycling market is dominated by the refrigerator segment, accounting for nearly 30% share. Refrigerators have a long lifespan and hence require proper recycling at the end of life. Most refrigerators contain harmful materials like CFCs and HCFCs which require specialized recycling processes to extract and safely dispose of.
PEST Analysis
Political: Government regulations around e-waste management and recycling targets for manufacturers are driving growth. Many countries have enacted laws to curb illegal dumping and ensure proper recycling.
Economic: Rising disposable incomes are increasing sales of home appliances. However, shorter replacement cycles are also leading to higher volumes of e-waste that needs safe disposal.
Social: Growing environmental consciousness among consumers is raising demand for greener recycling options. Manufacturers also face social pressure to improve their end-of-life product policies.
Technological: Advancements in material recovery and separation technologies allow for higher recycling rates. Technologies like AI-powered sorting are boosting efficiency of recycling operations.
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 around proper e-waste disposal. The market size for 2023 is estimated at US$ 18.46 Bn.
Regional analysis indicates North America dominates currently due to stringent laws. Europe is poised to grow at a strong pace due to growing collection targets. Establishing effective take-back systems remains a challenge in Asia Pacific but volumes are rising rapidly with the growth of appliance sales.
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. Key players are focusing on expanding recycling infrastructure and partnerships with manufacturers to drive collection volumes. Advanced sorting technologies are also gaining priority to improve material recovery rates.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
