Global E-Waste Management Market to Project Notable Growth Owing to High Obsolescence Rates

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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