Dive Brief:
- A report released by Allied Market Research estimates that the global electronic waste management market will hit $49.4 billion by 2020, with a compound annual growth rate of 23.5% from 2014. It’s viewed as one of the fastest growing waste streams in both developed and emerging markets.
- The Asia Pacific area contributes the highest revenue share of the market, while the European regions come in second.
- The reason behind the heavy growth is the consumer mentality that the latest technology must be obtained, in addition to the inferior quality of electronics prompting consumers to discard products that are considered obsolete or no longer function.
Dive Insight:
The study found that worldwide, household appliances comprise the largest category of discarded electronic waste, contributing to a total of 46% of the e-waste stream. Electronic waste from IT and telecommunications products mark the second largest category.
Market trends in North America show that most e-waste is exported to developing countries, including China and Japan, instead of being recycled or re-used.
Issues arising from health concerns and environmental hazards caused by e-waste production are pushing the implementation of e-waste management programs throughout the world.
In February of 2014, an analysis conducted by the firm Transparency Market Research valued the worldwide e-waste market at $41.36 billion by 2019, with an estimated growth rate set at 23.6%, which aligns with current estimates.