SEATTLE (Recycling Monster): According to latest research report released by Fact.MR, the global electronics recycling market is projected to touch $120 billion by 2033, growing at a CAGR of 13.1% during the forecast period. It must be noted that the market was worth nearly $35 billion by 2023.
The report says that customers are more likely to purchase new electronic products as replacing it is often cheaper than repairing them. The higher rate of obsolescence tends to generate higher volumes of electronic waste.
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Among regions, Asia-Pacific, which dominated the market in 20234, will continue to lead the global electronics recycling market during the period until 2033. The market in the region is forecast to grow at a CAGR of 8.5% from 2023 to 2033. The market development in the region is mainly driven by Japan and South Korea. In terms of economic growth, Asia Pacific is followed by Europe and North America, with the UK and Germany contributing to the European market growth.
The research report presents market insights based on type of material and type of equipment across five major world regions- North America, Europe, Asia Pacific, Latin America and Middle East & Africa.