Nowadays, the average lifespan of electronic gadgets has been obstinately reduced. The fast uselessness of electronic gadgets has been witnessed to be the major factor leading the production of electronic waste. Electronic waste is the electronic items that have reached their end-of-life.
In the past decade, urbanization and industrialization is growing rapidly. Especially in developing countries such as India, China, among others. Thus, the adoption of novel technologies is gaining momentum. Moreover, the addition of the Internet of Things (IoT) has increased the demand for electronic items drastically and led to the use of electronic devices in practically every human activity. Thus, in turn, increasing the production of electronic waste further propelling the market growth.
In 2020, the COVID-19 lockdown have disturbed the supply chain of the market. In the first half of 2020, people have stockpiled the products elevating the demand for the products. The market is majorly affected due to the lockdown of the production plants in China and India and in among other countries across the globe. This has disturbed the supply chain of the market-leading to the increased prices of the products. Additionally, the demand for electronic devices used in healthcare such as pulse meters, among others has increased drastically. Consequently, increasing the production of electronic waste, further propelling the market growth.
Asia Pacificholds the major share in the market owing to new product developments due to continuous innovations and constant decline in prices of electronic products. Additionally, the increase in per capita income across many countries of this region has led to frequent switching to upgraded versions of the products, further propelling the market growth over the forecast period.
Some of key players inE-Waste Management Marketinclude,Electronic Recyclers International, Inc. (ERI), Aurubis AG, Sims Metal Management Limited, Umicore, Boliden AB, Global Electric Electronic Processing Inc., TRIPLE M METAL LP, Tetronics (International) Limited, Enviro-Hub Holdings Ltd., and Stena Metall AB..