Dublin, Oct. 02, 2024 (GLOBE NEWSWIRE) -- The "Refurbished Electronics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The Global Refurbished Electronics Market was valued at USD 86.53 Billion in 2023, and is expected to reach USD 168.76 Billion by 2029, rising at a CAGR of 11.61%
The global refurbished electronics market is a rapidly expanding sector that has gained significant momentum in recent years. This market encompasses various electronic devices, including laptops, smartphones, tablets, gaming consoles, and audio equipment, among others. Refurbished electronics are pre-owned devices that undergo thorough testing, quality assurance processes, and, if needed, repairs to ensure they meet or exceed industry standards. 
Shift to Online Refurbished Electronics Marketplaces
The online marketplace for refurbished electronics has witnessed substantial growth, driven by a combination of factors, including the convenience of online shopping, a wider selection of products, and competitive pricing. Consumers and businesses can easily compare prices and find the specific refurbished products they need, all from the comfort of their homes or offices.
Several online retailers and marketplaces specialize in refurbished electronics, offering an extensive range of devices, from smartphones and laptops to gaming consoles and wearables. E-commerce giants like Amazon and eBay have dedicated sections for refurbished products, and specialized platforms such as Gazelle and Back Market are exclusively focused on refurbished electronics.
This shift to online marketplaces is likely to continue as consumers seek an efficient and accessible way to purchase high-quality refurbished electronics.
Sustainable Consumer Electronics
One notable trend in the global refurbished electronics market is the increasing consumer focus on sustainability. As awareness of environmental issues grows, consumers are seeking eco-friendly alternatives to new electronic devices. Refurbished electronics have emerged as a sustainable choice, as they promote resource conservation by extending the lifespan of electronic products.
The refurbishing process typically involves reusing and restoring components, reducing electronic waste, and decreasing the need for new manufacturing. As a result, both individual consumers and businesses are turning to refurbished electronics, such as smartphones, laptops, and tablets, in a bid to reduce their carbon footprint. This trend aligns with the United Nations' Sustainable Development Goals and the broader shift toward environmentally responsible consumption.
Growing Acceptance of Refurbished Smartphones
Refurbished smartphones are experiencing significant growth in demand. As the market for new flagship smartphones reaches saturation and consumers look for more cost-effective alternatives, refurbished devices have gained acceptance. These devices offer nearly identical functionality to new ones but come at a fraction of the price.
Key drivers behind this trend include:
- Cost Savings: Refurbished smartphones typically cost significantly less than their brand-new counterparts, making them an attractive option for budget-conscious consumers.
- Reduced E-Waste: By opting for refurbished devices, consumers contribute to the reduction of electronic waste, which is a critical issue in the tech industry.
- Reliability: Refurbished devices often undergo stringent testing and quality assurance processes, ensuring their reliability and performance.
- As a result, the refurbished smartphone market is expected to continue its expansion, with both consumers and businesses recognizing the value in these devices.
Manufacturer Refurbishment Programs
- Many original equipment manufacturers (OEMs) have launched their own refurbishment programs to tap into the growing refurbished electronics market. Companies like Apple, Samsung, and HP have developed certified refurbishment processes to ensure the quality and reliability of their refurbished products.
- These programs have several benefits: Quality Assurance: Manufacturer-refurbished products come with the assurance of quality, often with warranties and thorough testing processes.
- Access to the Latest Technology: Consumers can acquire previous-generation flagship devices from well-known brands at more affordable prices.
- Sustainability: Manufacturer refurbishment programs contribute to the reduction of e-waste, aligning with corporate sustainability goals.
- This trend is likely to strengthen the trust consumers have in refurbished products, further propelling the growth of this market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $86.53 Billion |
| Forecasted Market Value (USD) by 2029 | $168.76 Billion |
| Compound Annual Growth Rate | 11.6% |
| Regions Covered | Global |
Report Scope:
Key Market Players
- Amazon.com, Inc.
- Back Market, Inc.
- eBay Inc.
- Entertainment Magpie, Inc. (Decluttr)
- Swappa, LLC
- Cordon Group
- ecoATM, LLC
- GameStop, Inc.
- Newegg Inc.
- Dell Technologies Inc.
Refurbished Electronics Market, By Product:
- Laptops
- Tablets
- Gaming Consoles
- Audio Equipment
Refurbished Electronics Market, By End User:
- Students
- Corporate Sector
- Educational Institutions
- Government Organizations
Refurbished Electronics Market, By Distribution Channel:
- Online Retailers & E-Commerce
- Physical Stores
- Authorized Refurbishment Centers
- Direct Sales
Refurbished Electronics Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- South America
- Brazil
- Argentina
- Colombia
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/669is4
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