by Market Overview:
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.
Home appliances are electrical or mechanical machines which are used for household or domestic purposes, such as washing, cooking, purifying, and refrigerating food. Home appliance recycling refers to the process of collecting and repairing or breaking down old, end-of-life appliances into raw materials for new products. This helps in conservation of energy and natural resources by reducing mining activities and landfill waste. Recycled materials from appliances include metals such as iron, copper, aluminum; plastics such as polyethylene terephthalate and polyvinyl chloride; and glass. Recycling of appliances helps in reducing greenhouse gas emissions and pollution.
Market Key Trends:
One of the key trends in the home appliance recycling market is the increasing popularity of pay-as-you-throw programs. In pay-as-you-throw programs, households pay a fee for every bag of garbage disposed of instead of a fixed amount regardless of waste produced. This encourages households to recycle more and throw less. As of 2020, over 10,000 communities in the U.S. have implemented pay-as-you-throw programs resulting in higher recycling rates of appliances.
Another major trend is the development of advanced automated sorting systems. Traditional appliance recycling required manual dismantling and sorting of components which was labor intensive and slow. New automated sorting systems use technologies like robotics, conveyor belts, sensors and optical scanners for faster and more efficient sorting of appliances into steel, plastics and other component streams with a high level of purity for downstream recycling. This is increasing the recycling productivity and reducing processing costs.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as substantial initial investments are required to setup home appliance recycling facilities along with certifications and licenses required.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are a few domestic and international players offering home appliance recycling services.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are a large number of suppliers providing old and discarded home appliances.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes available for recycling services of home appliances.
Competitive rivalry: High due to presence of several global and regional players operating in the Home Appliance Recycling Market.
Key Takeaways
The global Home Appliance Recycling market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period 2023-2030, due to increasing environmental concerns and regulations regarding proper e-waste disposal.
Regional analysis: North America dominated the market in 2023 with share of over 35%, followed by Europe. Asia Pacific is expected to witness fastest growth during the forecast period owing to presence of large appliance manufacturing bases and growing e-waste in countries such as China, 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, 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
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
