Circular electronics biz models can create $ 20 bn market by 2035: Study

Circular electronics business model, comprising product design to recycling, can create a total addressable market of up to $20 billion by 2035

Circular electronics business model, comprising product design to recycling, can create a total addressable market of up to USD 20 billion by 2035, a joint report by industry body ICEA and Accenture said on Monday.

According to the report, fostering multi-brand repair services, defining refurbishment standards, and creating a product as-a-service framework can create 1.1 lakh high-quality formal sector green jobs and reduce greenhouse gas emissions by 1.6 million tonnes from smartphones and laptops by 2035.

"A total of six circular business models, including circular design, repair, and resell, etc., can unlock an untapped revenue potential of USD 7 billion by 2035. The projected market size for these circular models is valued at USD 13 billion by 2035. Yet, the total addressable market, achievable through the public and private partnerships, increases it to USD 20 billion," the report said.

 

The report was released by the Ministry of Electronics and IT Secretary Alkesh Sharma.

"The report resonates with the government's commitment to India-centric circular business models. It evaluates readiness, identifies opportunities, and proposes evidence-based policies, propelling us towards responsible resource management and the 4Rsreuse, repair, recover, re-manufacture," the report said.

The report said roughly 90 per cent of collection and 70 per cent of the recycling of electronic products are managed by a very competitive informal sector.

"Current recycling capacities are fragmented. About 60 per cent of recyclers have less than 1,000 tonnes per annum of capacity and represent approximately 15 per cent of the installed capacity," it said.

Through e-waste recycling, India can reduce dependency on imports that are used in making electronic products.

"Of 14 metals (including precious and rare earths) present in a device, India has a 100 per cent dependency on imports for 8 of those, thereby highlighting the need to support India's self-sufficiency for strategic raw materials," the report said.