E-Waste Management Market Trends

Growth Drivers

• Increasing Demand for Household Electronics- The demand for electronic items such as refrigerators, smart refrigerators, washing machines, microwaves, and others are continuously rising owing to a rise in the annual per capita income, which is expected to create opportunities for market growth in the coming years. Each year, around 215 million refrigerators are sold worldwide, bringing in more than 125 billion dollars from sales.

• Upsurge in the Use of Mobile Phones - Global smartphone usage approximately reached 7 billion users in 2022, registering a growth of 5 percent annually. Additionally, the smartphone penetration rate is expected to reach about 85% by 2023.

• Rising Demand for Electronics and Smart Devices - The need for laptops and computers has been driven majorly by the corporate sector around the globe. This demand is further boosted by work from home situation imposed as a result of the COVID-19 pandemic. Around 300 million laptops were shipped in 2021, together with almost 160 million tablet computers.

• Higher Generation of Electronic Waste- Owing to the rising usage of electronic items, is boosting electronic waste generation. In 2020, around 55 million metric tons were generated 2019, moreover, about 75 million metric tons of e-waste is to be generated by 2030. 

Challenges

• Lack of Proper Framework for Collection of Recycling Wastes - Everything from televisions to flashlights, CD players, and VCRs are considered electronic garbage, commonly referred to as end-of-life (EOL) electronic gadgets. Cell phones, toys, large and small appliances, and electronics are all categorized as e-waste. Even though there are services available to recycle, refurbish, or responsibly discard these goods, a significant percentage of e-waste still ends up in a landfill. These are the few factors that are expected to impede the e-waste management market growth.
• Lack of Knowledge about the Proper Disposal of Discarded Electronics
• Higher Recycling Cost of Electronic Waste