According to a study by Grand View Research, Inc., the global e-waste market is expected to reach 63.705 million metric tons by 2025. Rising disposable income levels in developing countries coupled with consumer’s inclination towards technologically advanced gadgets have resulted in the significant sales of electronic devices across the globe, thereby driving the e-waste management market.
Much of this growth can be attributed to the widespread use of electronic devices throughout the world. The more technology we introduce into our lives, the more electronic waste we will generate over the years. This has caused disposal of e-scrap to become a key concern for developing and developed economies due to health hazards associated with e-scrap landfill and incineration. Thus, there is a great need to manage and recycle this waste.
Additionally, a majority of nations across the globe have regulated electronic scrap generation and their treatment procedures. For example, the European Union (EU) has authorized all electronic goods manufacturers to undertake the responsibility for the treatment of end-of-life products as a means to begin a green initiative.
Furthermore, waste management initiatives and programs also help in job creation and imparting technological knowledge, thus aiding in poverty alleviation and enhanced health conditions.
However, high costs associated with e-waste recycling are expected to hinder the market growth. Moreover, the procurement of high-end machinery to effectively recycle the scrap coupled with instructing the workers about the meticulous execution of every step remain to be the major hurdles in the growth of the e-waste management market.
But, increasing the awareness about the hazardous effects of e-waste on human health along with strict regulations concerning the generation and treatment of e-waste in a majority of countries are expected to reduce the effect of these challenges over the forecast period.
Further key findings from the study suggest:
- The global e-waste management market stood at 44.69 million metric tons in 2016. Increasing government regulations regarding adequate e-scrap treatment along with increasing mid-income population in developing economies
- The metal segment accounted for the highest market share in 2016. Electronic components are mainly made up of metals that are used for various purposes such as tracks in PCBs and peripheral equipment, which, in turn, is anticipated to drive the segment growth over the forecast years.
- The consumer electronics segment held the highest market share in 2016. The rising disposable income coupled with falling prices of consumer electronics are key reasons that are positively affecting the consumer electronic market.
- The disposal segment held the highest market share in 2016. However, the recycling segment is anticipated to grow at a substantial CAGR of over 3.0% owing to programs undertaken by numerous governments and NGOs that focus on effective collection, treatment, and recycling of e-scrap.