According to Inkwood Research, the Global E-Waste Management Market is expected to register a CAGR of 12.37% in terms of revenue and 5.14% in terms of volume across the forecasting period of 2021-2028.
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E-waste management is characterized by the resale, recycle,
and reuse, or disposal of discarded electrical and electronic equipment. The
number of electronic and electrical industries is considerably rising, leading
to the increasing volume of e-waste globally. Moreover, the improved purchasing
powers of customers, in addition to the growing obsolescence rate of electronic
devices, continue to add tremendous volume to e-waste annually.
High Rate
of Obsolescence to Propel Market Growth
The decreased lifespan of electric devices is among the
leading causes of obsolescence, thereby surging e-waste volume year-on-year.
Moreover, rapid technological advancements, as well as the increased tech-savvy
crowd, further accelerates the adoption of electronic equipment. As a result,
this aspect increases the sale of smart devices, while the reduced lifespan of
products continues to supplement the growth of e-waste across numerous nations.
For instance, nearly 400 million consumer electronics units in the United
States are discarded every year. In addition, electronic products’ hardware
failures, cell phone upgrades, software updates, and battery replacements are
among the predominant instances, causing product obsolescence.
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Consumer
Electronics is the Leading Source in terms of Volume and Revenue
Technological advancements across entertainment devices,
such as music systems, television, as well as VCRs, essentially contribute to
the increased generation of e-waste. The sales of mobile phones also observe a
growing trend, owing to the continual developments in communication. Hence,
this factor plays a vital role in the surging generation of e-waste.
Technological improvements within the consumer electronic devices sector have
effectively driven consumers to buy new devices by discarding older equipment.
Besides, this is particularly applicable for older music systems and
televisions, discarded faster with new product launches. Hence, these factors
significantly contribute to the addition of e-waste at exponential rates.
North
America is the Fastest-Growing Region in terms of Revenue and Volume
Over the last twenty years, North America has witnessed a
significant increase in e-waste generation annually due to consistent
advancements across communication as well as information technology. However,
the region’s recycling rate is relatively low, owing to the absence of
stringent regulatory frameworks in the past. Nevertheless, this scenario is
radically changing through the development of numerous regulatory policies and
regulations in North America.
The loose regulatory outlines and reduced awareness among
consumers create adverse situations for the expansion of market players. Since
the majority of the market’s companies are concentrated in developed regions,
including North America and Europe, it creates a conducive environment for the
advent and expansion of new players, especially in emerging nations. Therefore,
these factors collectively lower the global market’s competitive rivalry.
Leading companies operating in the market are Aurubis AG, ERI, MBA Polymers
Inc, etc.
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