Home Appliances

Refurbished Home Appliance Offers New Market Opportunity

According to the observations by Market Study Reporrt LLC, Home Appliances Recyling Market is set to grow rapidly during the 2019-2025 period.

The report encompasses a generic outline of the Home Appliance Recycling market with respect to the product types as well as applications. The product landscape, as claimed by the report, is classified into the type such as Disused televisions and other home appliances and Personal computers and other electronic devices. The report not only features extensive information with respect to the valuation held by every product but also elaborates on the price models and the production volume. Considering the application terrain, the report effectively categorizes the same into Environmental protection and Metal recycling use

With increasing consumerism across Asia and the world, especially in countries like India and China, the Recycling market brings a plethora of opportunities,  promoting the recycling industry will help generate jobs and reduce dependence on scrap imports,  Apart from all the environmental benefits, which is the primary purpose.

Waste from Home Appliances like Television, Refrigerator, personal computer and others normally contain base materials in the form of scrap, like ferrous metal, non-ferrous metals, plastics, and glass. In India, recycling rates are way below international benchmarks — for packaging paper, it is 27 percent; plastics, 60 percent; and metals, a mere 20-25 percent. In Scandinavian countries, the average recycling rates have reached 90 percent.

With the already existing market for second-hand consumer electronic goods such as mobile phones, laptops, etc. and easily accessible platform such as OLX and Quikr shows that there is ample scope for the market in reused and refurbished home appliances. Indian consumer with their priority on value for money and also almost no active competition in the sector currently makes it an attractive choice for new startups and budding entrepreneurs.

As our material consumption is expected to triple by 2025, recycling offers a viable and sustainable domestic option for meeting the country’s growing material demand. Thus, a transition is imminent, a paradigm shift, to raise the quality of economic growth from the depletive ‘produce-consume-dispose’ led linear economy to a ‘reduce-recover-reuse-recycle-redesign-remanufacture’ led circular economy which is more regenerative and restorative in nature. India is the third-largest importer of various types of scrap material and has much to gain by upgrading its recycling infrastructure which is still very nascent.

The hierarchy of Renew, Reuse and Recycle provides a healthy range of opportunities at every stage of it. With Consistent government push for a circular economy and environmental conservation, it is bound to help emerging entrants and prospective shareholders decide on the possibilities of penetrating the industry at the opportune time. Moreover, a  brief analysis of the prominent industry vendors, their growth profiles, strategies, and tactics, etc, would help investors in decision-making.

-Aditya Patil

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