July 12, 2024
REFURBISHED ELECTRONICS MARKET

Refurbished Electronics Market Is Estimated To Witness High Growth Owing To Rising Demand For Affordable Technology & Growing Awareness About Environmental Sustainability

The Refurbished Electronics Market is estimated to be valued at US$ 48.29 Billion in 2023 and is expected to exhibit a CAGR Of 10% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Refurbished Electronics Market refers to the resale of used electronic devices that have been restored to their original working condition. These devices undergo thorough inspection, testing, and necessary repairs before being resold at a lower price compared to brand new products. This market offers affordable technology options to budget-conscious consumers while contributing to environmental sustainability by extending the lifespan of electronic devices. The market includes various products such as smartphones, laptops, tablets, televisions, and gaming consoles.

Market Dynamics:

The Refurbished Electronics Market is being primarily driven by the rising demand for affordable technology, especially in developing economies. As refurbished products are available at a significantly lower price compared to brand new devices, they attract price-sensitive consumers. Additionally, the growing awareness about environmental sustainability and the need for reducing e-waste is also boosting the market growth. Refurbished electronics help in minimizing electronic waste by preventing devices from ending up in landfills. Moreover, the availability of certified refurbished products with warranties and reliable quality assurance is further propelling the market growth.

Segment Analysis:

The refurbished electronics market can be segmented based on product type, end-use industry, and distribution channel. Among these segments, the smartphones segment dominates the market. This can be attributed to the increasing demand for refurbished smartphones, as they offer cost savings compared to new devices. Additionally, the rapid technological advancements in the smartphone industry have led to shorter upgrade cycles, driving the demand for refurbished smartphones. This segment is expected to continue dominating the market due to factors such as increasing affordability, rising environmental consciousness, and the availability of certified refurbished smartphones from reputable brands.

PEST Analysis:

– Political: The political factors that can impact the refurbished electronics market include government regulations and trade policies. Governments may impose import restrictions or tariffs on refurbished electronic goods, affecting the availability and affordability of these products in certain markets.

– Economic: The economic factors influencing the market include disposable income levels, consumer spending patterns, and economic stability. Higher disposable incomes and increased consumer preference for budget-friendly options contribute to the growth of the refurbished electronics market.

– Social: The social factors that impact the market include changing consumer perceptions towards refurbished products, growing awareness about sustainable consumption, and the popularity of online platforms for purchasing refurbished electronics.

– Technological: Technological factors such as advancements in manufacturing processes, diagnostic tools, and quality control methods play a vital role in the growth of the refurbished electronics market. These advancements allow for better refurbishment standards and help build consumer trust in the reliability of refurbished products.

Key Takeaways:

The global Refurbished Electronics Market is projected to witness high growth, exhibiting a CAGR of 10% over the forecast period. This growth can be attributed to increasing consumer demand for affordable alternatives to new electronic devices. The smartphones segment is expected to dominate the market due to factors such as affordability, environmental consciousness, and the availability of certified refurbished smartphones.

Regionally, North America is the fastest-growing and dominating region in the refurbished electronics market. This can be attributed to factors such as high consumer purchasing power, a well-established e-commerce sector, and the presence of major market players. Additionally, the increasing adoption of technology and the rising demand for sustainable consumer electronics further contribute to the region’s market dominance.

Key players operating in the refurbished electronics market include Apple Inc., Amazon Renewed, Samsung Electronics, Best Buy Co., Inc., Gazelle (a subsidiary of ecoATM Gazelle LLC), Newegg Inc., Decluttr, Back Market, HP Inc., GameStop Corp., Swappa, BuyBackWorld, eBay Inc., Renewgoo, and Music Magpie. These key players contribute to the market’s growth through their wide product portfolio, strong distribution channels, and emphasis on quality assurance of refurbished products.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it