Global E-Waste Market Revenue Poised to Surpass $11 Billion in Next Five Years
Landfilled e-waste causes serious environmental dangers.
SEATTLE (Scrap Monster): The latest research report published by Zion Market Research predicts over 20% CAGR growth to global e-waste management market over the next five-year period. The e-waste market revenues are forecast to touch $11 billion by end of 2024. It must be noted that the market was valued only at nearly $3 billion in 2017.
According to the report, the boom in sales of electronics devices and gadgets, especially computers, mobile phones and televisions, is expected to drive the tremendous growth in e-waste management market over the forecast period. The rapidly changing technologies and speedy innovations have resulted in people opting for latest devices, thereby resulting in abandoning of old devices, a few of them may still be in perfect working condition. The notable rise in consumer spending is partly on account of shift in consumer preference to replace old devices with technologically advanced new products.
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The report foresees growing demand for proper e-waste management. As per estimates, approximately 20-50 million tonnes of electronic waste is disposed of every year across the globe. The lack of proper management protocols result in prolonged storage of electronics junk at households, offices etc.,. Landfilled e-waste causes serious environmental dangers.
On the basis of material recovery, the e-waste management market is segmented into PCBs, plastic, ceramics, metals, glass, wood, and others. The metals segment is expected to hold major share of revenue. The report segments the market into household appliances, entertainment and consumer electronics, IT & telecommunications, and others, based on source type.
Europe’s e-waste stream is anticipated to exceed over 12 million tons by 2020. The e-waste management market in Asia-Pacific region is likely to report highest growth over the forecast period. The rapid lifestyle changes and increased investment in recycling sector may drive growth of e-waste management market in Latin American region, the report says.