The Home Appliance Recycling Market is estimated to be valued at US$ 18.46 Bn 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.

Market Overview:
Home appliances include refrigerators, dishwashers, washing machines, dryers, stoves, air conditioners and other large mechanical devices. Home appliance recycling aims to effectively reuse these appliances, reducing waste and saving energy. Product recycling has become essential as growing urbanisation is generating more waste electrical and electronic equipment every year.

Market key trends:
Stringent environmental regulations related to proper waste disposal of electrical and electronic appliances are promoting home appliance recycling. For example, European Union's Waste Electrical and Electronic Equipment (WEEE) Directive makes producers responsible for recycling home appliances through approved recycling facilities when consumers discard them. This is boosting organised collection and processing of discarded appliances in an environment-friendly manner. Recycling helps recover materials like steel, copper and plastic from old appliances for reuse in new product manufacturing, minimizing the need for virgin raw materials. It is estimated that recycling one million refrigerators prevents the emission of 2.4 million tons of greenhouse gases into the atmosphere. As awareness about sustainability rises among consumers, demand for recycling services of home appliances is increasing steadily.

Porter’s Analysis
Threat of new entrants: Low capital requirements and lack of economies of scale make threat of new entrants low in the Home Appliance Recycling Market.

Bargaining power of buyers: Buyers have moderate bargaining power in the market as there are few companies providing appliance recycling services. However, buyers can put pressure on prices by comparing services across providers.
Bargaining power of suppliers: Suppliers of scrap metal and recycled materials have moderate bargaining power. Supply of materials depend on volume of appliances collected for recycling.
Threat of new substitutes: Threat of substitutes is low as there are no close substitutes for appliance recycling services. Landfilling and incineration are not viable long term options.
Competitive rivalry: High as it is a competitive and fragmented market with presence of global as well as regional players providing recycling services.

SWOT Analysis
Strength: Established infrastructure and processes for collecting, dismantling and recycling appliances across regions. Compliance with stringent regulations regarding safe disposal and recycling.
Weakness: High capital investment requirements to set up recycling facilities. Dependence on volume of scrapped appliances collected annually.
Opportunity: Growing awareness about environment protection and sustainability providing impetus to transition towards circular economy. Higher adoption of pay-as-you-throw policies boosting volumes.
Threats: Slow economic growth during downturn impacting new appliance purchases and scrap volumes. Shift to more durable appliances extending life reducing scrap arising.

Key Takeaways
The global Home Appliance Recycling market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing environmental regulations regarding safe disposal of appliances and transition towards circular economy models.

Regional analysis: North America dominates the global market currently due to stringent regulations. However, Asia Pacific is expected to witness highest growth due to rapid infrastructure development and industrialization. Growing economy and rising disposable income are boosting appliance penetration in the region generating significant volumes of scrap.

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.

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