The e-waste market growth in India will surpass China's, a report has said.
The e-waste market in India will grow at a Compound Annual Growth Rate (CAGR) of 26.22 percent over the period 2014-19, surpassing China which is poised to grow at 19.41 percent CAGR during the period 2013-18, the research report said Tuesday.
According to the report from Dallas, US-based Reportsnreports.com, lack of effective e-waste disposal mechanisms is hindering market growth. The presence of various toxic substances in e-waste invites the frown of environmentalists, which could lead to filing of PILs. This could significantly affect market growth in the future.
"Newer methods of preventing biological hazards have emerged over the years. Growing need to reduce toxins discharged from unattended e-waste has triggered more investment in the market. High obsolescence rates of technologies have triggered increased demand for efficient e-waste management in India," the report said.
According to the research report, the need to prevent biological hazards is one of the major trends upcoming in this market.
"Average discard/replacement rates have increased with a corresponding increase in buying power, advances in technology, growth in the IT industry, and increased awareness among the country's younger populace," the report said.
E-waste or lectronic waste broadly describes loosely discarded, surplus, broken, obsolete, electrical and electronic devices. E-waste comprises whole range of electronic and electrical items.
