by Home appliances such as refrigerators, washing machines and air conditioners have become an integral part of daily lives. However, after years of usage, these appliances need to be disposed of responsibly in order to prevent environmental pollution and conserve natural resources. Through recycling schemes, valuable materials in old appliances can be recovered and reused, while toxic components are disposed of safely.
The global Home Appliance Recycling Market is estimated to be valued at US$ 21.27 Mn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased awareness about environmental protection and resource conservation has fueled the growth of home appliance recycling market. Growing consciousness regarding reuse of resources and reducing carbon footprint has prompted consumers to opt for recycling of household appliances at the end of their usage cycle. Collection and recycling programs run by manufacturers and local authorities encourage consumers to participate in recycling schemes by providing easy discard options. This has significantly boosted the volume of appliances being channeled for recycling every year. Effective recycling recovers over 90% of materials used in appliances, including ferrous and non-ferrous metals, plastics and glass that can then be reintroduced in the manufacturing supply chain.
SWOT Analysis
Strength: Home appliance recycling reduces greenhouse gas emissions and conserves natural resources by diverting old appliances from landfills. It also provides an opportunity for manufacturers to reuse components and materials.
Weakness: The recycling process of home appliances needs significant investments in segregation, dismantling and transportation infrastructure which increases overall costs. Improper handling of hazardous materials like refrigerants during recycling can harm the environment.
Opportunity: Stringent government regulations around recycling targets and landfill bans are driving higher volumes for home appliance recycling businesses. Growing electronics waste worldwide offers new opportunities to scale up collection and recycling networks.
Threats: Unorganized sectors may compromise on safety and environmental standards while handling end-of-life appliances. Volatility in commodity prices impact the margins for recyclers who rely on resale of secondary raw materials.
Key Takeaways
The Global Home Appliance Recycling Market Size is expected to witness high growth over the forecast period of 2024 to 2031. Growing environmental consciousness among consumers and producers regarding sustainable waste management is a key driver. Manufacturers are exploring new business models around product refurbishment and parts remanufacturing to adhere to evolving recycling norms. The global Home Appliance Recycling Market is estimated to be valued at US$ 21.27 Mn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2024 to 2031.
Regional analysis: Western Europe dominates the current demand landscape for home appliance recycling on the back of well established regulatory frameworks like WEEE directive. Countries like Germany and UK have taken a lead in setting up efficient collection infrastructure across municipalities. Asia Pacific is identified as the fastest growing regional market with China and India at the forefront of the transition.
Key players operating in the home appliance recycling market are Club Car, LLC, Yamaha Golf-Car Company., E-Z-GO, EverGreen Electrical Vehicles, Columbia ParCar Corp, Hitachi Chemical Co., Ltd. These companies are investing in advanced sorting technologies and partnerships with OEMs to strengthen their position. New entrants are focused on niche areas likesmall domestic appliances and power tools to complement large scale MRF facilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
