The Global Home Appliance Recycling Market Growth Is Accelerated By Increased Environmental Concerns

In order to address such environmental concerns, recycling of home appliances has gained significant momentum in recent years. The global 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 key trends:
Stringent regulations regarding proper disposal of appliances is a key factor driving growth of the home appliance recycling market. Governments across various countries have implemented regulations mandating producers to set up national take-back systems for recycling discarded appliances. For instance, in the US, the Environmental Protection Agency (EPA) makes it compulsory for all manufacturers to take responsibility for recycling their appliances at the end of their lifecycle. Similarly, the European Union's Waste Electrical and Electronic Equipment Directive makes producers responsible for financing the collection, treatment, and recycling of redundant appliances. Failure to meet regulations can result in heavy penalties, forcing producers to focus on effective recycling solutions. This is positively impacting expansion of the home appliance recycling market.
Segment Analysis

The global home appliance recycling market is dominated by refrigerator and air conditioner segments. The refrigerator segment accounts for over 30% of the market share primarily due to high rates of obsolescence of refrigerators every 7-8 years. Moreover, the increasing need for energy efficient refrigerators has led to faster replacement of old units, thus driving the refrigerator segment growth. The air conditioner segment is another major segment owing to rising installation of window and split AC units across residential and commercial establishments in warm regions.

Key Takeaways

The global Home Appliance Recycling Market Demand is expected to witness high over the forecast period. Technological innovations in recycling processes along with stringent regulations regarding proper e-waste disposal are fueling the industry expansion.

Regional analysis

Europe accounts for the largest share of the global home appliance recycling market currently. The presence of favorable regulations such as WEEE directive makes e-waste recycling mandatory in the region. Moreover, initiatives by electrical goods manufacturers to set up individual take-back systems have improved recycling rates in countries such as Germany and UK. North America is another major market driven by high per capita disposable income as well as awareness regarding environment protection. Significant investments by governments in US and Canada to promote recycling are further strengthening the industry outlook.

Key players

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. ARCA Recycling is one of the prominent players known for sustainable recycling of various household appliances across North America.

Get more insights on this topic: https://www.newswirestats.com/home-appliance-recycling-market-size-and-share-analysis-growth-trends-and-forecasts-2023-2030/