The term E-waste management refers to safe disposable of electronic waste with the help of advanced equipment and procedures. Significant rise in urbanization and industrialization in both developing as well as developed economies are the prominent factors behind the growth of the E-waste management market. This is mainly because, electronics items have gained momentum because of the industrialization and urbanization. Further, adoption of novel technologies such as Internet of Things (IoT) has increased the use of electronic devices.
Likewise, there are several other factors which are expected to fuel the E-waste management market. We have mentioned a few of below, have a look-
Harmful impact of inadequate discharge of electronic items is a prominent factor behind the increasing demand form the E-waste management market. Some of the diseases which occur due to toxic materials from electronic scrap are bronchitis, kidney damage, and Wilson’s disease.
In addition to this, presence of precious metals such as gold, gallium, silver, platinum makes electronic scrap recycling an attractive and feasible option for the players. These factors are poised to positively influence market growth.
Further, increasing affordability of middle-income population is helping them replace older versions of an electronic product with advanced version. This, in way resulting in increase in E-waste.
Furthermore, attractive practices followed by electric manufacturer such as buyback option and replacement is helping them manage electronic devices adequately. Such factors are anticipated to work in favour of the E-waste management market during the forecast period.
Moreover, favourable government polices across the globe in the form of numerous regulations and policies to effectively manage e-waste is a strong factor expected to favour E-waste management market. For instance, in India, the Ministry of Environment, Forests and Climate Change has regulated electronic device manufacturers to recycle and reduce e-waste in the country.