Refurbished Electronics Market : Global Share, Size, Growth, Trends & Outlook ( 2022 – 2032 )
Refurbished Electronics Market Size and Overview
The Refurbished Electronics Market is forecasted to grow at 9.7% CAGR to reach notable market value by the end of 2032. The refurbished electronics is a process of reusability of the products which are returned by the customers due to the technical issues, cracking or missing parts of the products and other reasons, which then repaired by manufacturers to be sold as refurbished products. These electronics products have been tested and after ensuring proper functioning, these refurbished electronics products are being pushed back to the supply chain. Electronics refurbished products are the better alternative to reduce e-waste and to promote reusability of the product.
The refurbished electronics market has experienced significant growth in recent years as more consumers and businesses look for cost-effective alternatives to new products. Refurbished electronics refer to devices that have been returned to the manufacturer or retailer due to various reasons, such as cosmetic defects, minor malfunctions, or simply being unwanted by the original buyer. These products are then repaired, tested, and restored to their original working condition before being resold at a lower price compared to new items.
Refurbished Electronics Market Growth Drivers & Restraints
The increase in e-waste dumping and growing demand for affordable laptop, computers, speakers, microvan and other electronic devices are a major factor driving the growth of refurbished electronics market. In addition, the increasing number of electronics companies across the globe are implementing different marketing strategy such as warranty and discount on refurbished products which are attracting consumers to use these low-cost furbished products without compromising on standard working quality. Moreover, the government across developing countries such as India is striving to bring foreign companies in the Electronics and IT sector. These warranty and price benefits on refurbished electronics products are propelling the growth of refurbished electronic products market.
Further, the refurbished goods have undergone strict testing than the fresh devices by the electronics production line is also expected to fuel the growth of the refurbished electronic market. Besides this, based on the product the refurbished electronic market is segmented into laptops, computers, smartphones, speakers, home electronic appliances, and other electronic devices. Among them, the smartphone product drives the demand for refurbished electronics market as a mobile carrier have been making a push to encourage consumers to trade-in their older generation phones with the offering on newer models. In terms of region, North America led the refurbished electronics market as government regulation on reducing e-waste and availability of resources for contributing business opportunities from old and used products to the end-users in this region is high as compare to other countries.
However, less consumer awareness about refurbished electronics and limited supply chain of the required products are few key factors restraining the growth of the refurbished electronics market.
Refurbished Electronics Market Segmentation
The research offers a comprehensive analysis of refurbished electronics market with respect to following sub-markets:
- Corporate Offices
- Schools and Colleges
- Government Offices
By Product Type
- Laptops & Computers
- Home & Kitchens Appliances
- Sports & Accessories
- Personnel Care
By Distribution Channel
- Online Store
- Offline Store
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
Refurbished Electronics Market Regional Synopsis
North America has a well-established refurbished electronics market. The United States and Canada are key contributors to the region's market growth. Factors such as cost savings, sustainability concerns, and the presence of reputable refurbishers have driven the market.
Europe also has a significant refurbished electronics market, with countries like the United Kingdom, Germany, France, and Spain leading the way. The European market is influenced by factors such as price sensitivity, environmental awareness, and stringent regulations promoting recycling and e-waste management.
The Asia Pacific region has witnessed rapid growth in the refurbished electronics market, driven by countries like China, India, Japan, and South Korea. The market's growth is attributed to a large consumer base, increasing awareness of refurbished products, and the presence of both local and global refurbishers.
The refurbished electronics market in Latin America is expanding, driven by countries such as Brazil, Mexico, and Argentina. Economic factors, including price sensitivity and the desire for affordable technology, contribute to market growth.
The report profiles various major market players such as,
- Apple Incorporation.
- Acer Incorporation.
- Amazon Incorporation.
- ASUSTeK Computer Incorporation.
- Samsung Electronics Corporation.
- Lenovo Group Limited
- Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as technology information, revenue breakup by segment and by geography, SWOT Analysis, risk analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development expansion and other market activities.
The study also provides company’s positioning and market share in refurbished products market.
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