The Home Appliance Recycling Market is estimated to be valued at US$ 18.46 Bn 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 appliances include kitchen and laundry appliances like refrigerators, washing machines, dishwashers, ovens and clothes dryers. The rising sales and shorter lifespan of appliances has increased the amount of e-waste from discarded products. Proper recycling helps recover materials like steel, aluminum, copper and plastic from old appliances for reuse in new products.
Market Dynamics:
Growing e-waste: Rapid urbanization and rising disposable incomes have boosted sales of home appliances. However, the short useful lifespan of 2-7 years results in a large amount of e-waste from discarded products. According to estimates, around 50 million tons of e-waste is generated globally each year out of which only 20% is properly recycled.
Strict regulations: Many governments have enacted strict regulations to promote recycling and set targets for recycling rates of discarded products. For example, the European Union WEEE Directive makes producers responsible for financing the collection, treatment and recycling of e-waste. Such policies encourage greater participation in appliance recycling programs.
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