Home appliances such as refrigerators, washing machines and air conditioners are essential household products that improves lifestyle. However, improper disposal of outdated appliances causes harm to the environment. Recycling of home appliances prevents pollution and conserves natural resources by recovering materials such as plastic, glass and metals. It allows restoration of components and makes them available for reuse.
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:
Awareness about environmental protection among consumers has been steadily increasing over the years. People are more conscious about sustainable waste management practices and the benefits of recycling. This has had a positive influence on the sales and growth of home appliance recycling market. Specifically, appliance recycling helps reduce greenhouse gas emissions associated with manufacturing new products from raw materials. It is a eco-friendly option that alleviate pressures on landfills and lowers carbon footprint. With growing environmental concerns, more consumers are opting to recycle their old appliances at the end of product life, instead of disposing them as trash. This rising trend of sustainable consumption is a major factor propelling the expansion of home appliance recycling market.
Segment Analysis:
Home appliance Recycling Market can be segmented based on the appliance type collected for recycling which includes refrigerators, washing machines, dishwashers, ovens and ranges, air conditioners and others. Refrigerators dominate the market currently contributing to over 30% of the total share owing to high volume and mass of the appliance collected along with presence of harmful refrigerants like CFCs, HCFCs which needs to be properly disposed for environmental regulations.
Key Takeaways:
The Global Home Appliance Recycling Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. 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 comprises North America holds the largest share in the home appliance recycling market currently. Factors contributing to its dominance includes stringent regulations regarding e-waste and appliances disposal, presence of major players and initiatives taken by state governments to promote recycling. Municipalities in the US and Canada have implemented home appliance recycling programs through drop-off locations which have increased collection volumes. Europe is the second largest market for home appliance recycling driven by regulations like WEEE Directive mandating producers to set up take back systems.
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. Club Car is one of the leading players focused on expandingits recycling business for batteries from golf cars and industrial equipment. Yamaha Golf-Car Company has a strong distribution and collection network for used batteries which are recycled at its processing facilities.
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