Refurbished Electronics Market
Refurbished Electronics Market Trend, Opportunity, and Forecast Analysis, 2024-2032
Refurbished Electronics Market is segmented by Product, Consumer, Distribution Channel, End Use, Price Range, Technological Generation, Refurbishment Process, and by Region. KDMI analyst foresees market revenue to cross USD 114.6 Billion by 2032 by growing with a CAGR of % during 2024-2032.
Refurbished Electronics Market Highlights
The global refurbished electronics market is expected to cross a value of USD 114.6 billion by the end of 2032. The market was valued at USD 50.2 billion in 2023 and is expected to expand at a CAGR of 10.4% between 2024-2032.
- Over the mid-term, the growing demand for affordable electronic products is the primary factor anticipated to drive the global refurbished electronics market.
- The lack of availability of popular models is a major factor to challenge the market growth.
- The North America refurbished electronics market is projected to dominate the global market.
Refurbished Electronics Market: Report Scope |
|
|
Base Year |
2023 |
|
Base Year Market Size |
USD 50.2 Billion |
|
Forecast Year |
2024-2032 |
|
Forecast Year Market Size |
USD 114.6 Billion |
|
CAGR Value |
10.4% |
|
Refurbished Electronics Market Key Trends/Major Growth Drivers |
|
|
Restraint Factors |
|
|
Refurbished Electronics Market Segmentation |
|
|
Refurbished Electronics Market Key Players |
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., and others. |
Refurbished Electronics Market Outlook
Those electronic devices which has been owned previously or used, and have been returned to the manufacturer or retailer, and then restored to a like-new condition to make it eligible for resale is known as refurbished electronics.
According to our experts at KD Market Insights, one of the major factors anticipated to drive the growth of the global refurbished electronics market is the growing demand for affordable electronic products worldwide. Consumers around the globe are looking forward for cost saving options, and refurbished goods are one of the items that are sold at a lower price point. Hence, the unique selling proposition of refurbished goods, which is affordable price, that allows customers greater cost saving options, is expected to drive the market growth. Apple Inc., Amazon Renewed, and Samsung Electronics are some of the significant parties in the global market for refurbished electronics.
Get More Insights on This Report - Request Free Sample PDF
Refurbished Electronics Market Drivers – Analyst’s Observation
According to the analysts at KD Market Insights, some key growth drivers for the global refurbished electronics market are:
- Rise in Preference of Consumers for Environmental Sustainability: Individuals around the world are increasingly aware for the benefits associated with circular economy. Moreover, the manufacturers of consumer electronics are also raising awareness programs for environmental sustainability as a measure to lower their environmental footprint. By utilizing refurbished electronic products, the volume of e-wastes is massively reduced, which in turn, contributes in minimizing the environmental impact associated with it. Such a factor is therefore expected to drive the demand for refurbished electronic products globally.
- Increasing Availability of Online Marketplaces for Refurbished Electronics: Backed by the growing proliferation of the e-commerce industry globally and the availability of different types of online marketplaces, the availability of refurbished electronics in these platforms has also witnessed a steady growth. Online platforms allow consumers to compare the prices of different refurbished products and also gather information about the age of the product and other features associated with it. Hence, with the growing e-commerce sector, the availability of refurbished electronics is expected to increase, which in turn, would create several opportunities for market growth.
Which Probable Factors Could Hamper the Growing Refurbished Electronics Market Trend?
As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of refurbished electronics are:
- Lack of Availability of Popular Models: One of the major concerns associated with the market growth of refurbished electronic products is the non-availability of specific models that are widely popular. The high-demand models are usually sold out quickly and hence, consumers are left with fewer options or longer wait time.
- Concern for Availability of Counterfeit Products: The growing concern for the availability of counterfeit products, which also lowers the trust of consumers on the electronic brands, and create transparency issues, are also expected to limit the market growth.
How is the Global Refurbished Electronics Market Segmented?
Our experts at KD Market Insights have segmented the global refurbished electronics market as:
|
By Product |
|
|
By Consumer Type |
|
|
By Distribution Channel |
|
|
By Price Range |
|
|
By Technological Generation |
|
|
By Refurbishment Process |
|
|
By Region |
|
What are the Probable Factors Influencing the North America Refurbished Electronics Market Forecast?
The North America refurbished electronics market is majorly driven by the presence of a large GenZ population who have greater demand for refurbished electronic products, due to its cost affordability. Moreover, growing awareness for the benefits associated with refurbished electronic products, along with the advancement in refurbishment technologies and quality control processes, coupled with the growing partnerships observed between companies, retailers, OEMs, and trade-in programs are all expected to drive the growth of the market in the region in the coming years.
As per our analysts at KD Market Insights, the following five players lead the North America refurbished electronics market growth:
- Gazelle
- Back Market
- Decluttr
- Best Buy Renewed
- Amazon Renewed
|
Key Countries to Watch for in North America Refurbished Electronics Market |
Key Insights |
|
United States Refurbished Electronics Market to Register the Largest Regional Market Share |
USD 32.08 Billion |
|
Canada Refurbished Electronics Market to Grow with the Highest CAGR During 2024-2032 |
10.8% |
Which Key Players Top the Global Refurbished Electronics Market Share?
As per our analysts at KD Market Insights, the competitive landscape of global refurbished electronics market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with refurbished electronics market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global refurbished electronics market share:
- 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.
What are the Recent Developments Observed in the Refurbished Electronics Market?
Over the years, the experts at KD Market Insights have been observing the recent developments associated with global refurbished electronics market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.
For instance, Apple stated that it would expand its refurbished product offerings to include the iPhone 13 lineup.
Further, Samsung stated that it would launch its new line of refurbished smartphones for its Galaxy series smartphones.
Make This Report Your Own
Take Advantage of Intelligence Tailored to your Business Objective
Get a Customized Version
- Publication date: 10th April 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
- Quick Contact -
- ISO Certified Logo -
Frequently Asked Questions(FAQ)
Refurbished Electronics Market
-: Our Clients :-
