February 25, 2024
Home Appliance Recycling Market

Emergence of Sustainable Recycling Practices to Drive Future Growth in Home Appliance Recycling Market

The 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 recycling involves the collection, dismantling, and processing of discarded home appliances through material recovery, reuse, and proper disposal. It helps reduce landfill waste and promotes circularity in material flows through sustainable end-of-life management. Common appliances collected include refrigerators, washers, dryers, stoves, and air conditioners.

Market Dynamics:

Increasing environmental awareness among consumers regarding sustainability and proper e-waste disposal is a key driver for the growth of home appliance recycling market. Growing adoption of recycling initiatives by major appliance manufacturers to meet regulatory compliance is also fueling the demand. For example, major players like Samsung, LG, Whirlpool etc. offer free pickup and recycling of their end-of-life appliances to encourage sustainable practices. Strict regulations regarding e-waste management and landfill disposal of appliances across regions like Europe and North America further supports the recycling infrastructure and services.

Market Key Trends:

The Home Appliance Recycling Market is witnessing high growth in reuse and refurbishment of appliances owing to rising focus on sustainability and circular economy. Many retailers and manufacturers are offering trade-in and buyback programs to reuse appliances which are increasing their resale value. Rising environmental concerns about electronic waste and proper disposal of appliances is also leading consumers to opt for recycling over dumping old appliances in landfills.

SWOT Analysis

Strengths: Regulations promoting recycling and regulations restricting electronics waste dumping are driving growth in this market.
Weaknesses: High costs associated with recycling complex appliances can be a challenge. Lack of standardization in processes also affects scale of operations.
Opportunities: Demand for recycled materials from refurbished appliances present new revenue streams. Growing electronics industry will increase waste volumes over time.
Threats: Illegal recycling and disposal remains an issue. Cheap imports and improved durability of new appliances are threats.

Key Takeaways

The global home appliance recycling market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing focus on sustainability and circular economy initiatives worldwide.

The market size for home appliance recycling was estimated at US$ 18.46 Billion In 2023. Growing environmental regulations restricting e-waste dumping in landfills especially in North America and Europe are major drivers behind formal recycling infrastructure.

Regional analysis indicates that Europe accounts for the largest share currently owing to stringent waste management laws and programs like WEEE. North America is another major regional market bolstered by initiatives like the National Strategy for Electronics Stewardship. The Asia Pacific market is expected to witness fastest growth over the forecast period led by China, India and adoption of regulations in other developing nations.

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

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it