New York, United States , Aug. 07, 2024 (GLOBE NEWSWIRE) -- The Global Refurbished Electronics Market Size is to Grow from USD 47.57 Billion in 2023 to USD 123.71 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 10.03% during the projected period.
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The refurbished electronics industry includes electronic equipment returned to the manufacturer or seller for various reasons, such as issues or customer dissatisfaction. These products are then repaired, examined, and returned to their original condition before being resold at a lower price than new products. Refurbished electronics are products that have been extensively repaired, tested, and restored to like-new condition before being sold at a lower cost. The reconditioned electronics company offers buyers intriguing proposition high-quality equipment at a cheaper price. The expansion of this industry is being pushed by environmentally conscious consumers who value sustainability, as well as those seeking reconditioned low-cost alternatives to brand-new equipment. According to a United Nations University examination conducted in 2020, India discarded nearly 3 million tons of e-waste, the majority of which could have been rehabilitated and resold, extending the usable life of the assets. Rising environmental concerns as a result of massive e-waste generation are also driving consumers to buy refurbished tablets and laptops. Furthermore, high-demand models are typically sold out quickly, leaving consumers with fewer selections and a more prolonged wait time.
Browse key industry insights spread across 219 pages with 119 Market data tables and figures & charts from the report on The Global Refurbished Electronics Market Size, Share, and COVID-19 Impact Analysis, By Product (Smartphones, Wearable Devices, Computing Devices, Home Appliances, Sound And Vision, Gaming Consoles, and Others), By Distribution Channel (Offline Stores and Online Stores), By End user (Corporate Offices, Schools and Colleges, Government Offices, Individuals, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033
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The smartphones segment accounted for the largest revenue share of the refurbished electronics market during the projected timeframe.
Based on the type, the refurbished electronics market is divided into smartphones, wearable devices, computing devices, home appliances, sound and vision, gaming consoles, and others. Among these, the smartphones segment accounted for the largest revenue share of the refurbished electronics market during the projected timeframe. Growing Internet penetration, increased marketing activity by smartphone makers, and rising social media subscriptions are among the key drivers of smartphone adoption. The widespread adoption of 5G networks, along with technological advancements including high-resolution displays, powerful processors, and longer battery life, are enhancing the mobile experience and increasing user demand.
The online stores segment is anticipated to grow at the highest CAGR of the refurbished electronics market during the projected timeframe.
Based on the cloud deployment, the refurbished electronics market is divided into offline stores and online stores. Among these, the online stores segment is anticipated to grow at the highest CAGR of the refurbished electronics market during the projected timeframe. Buying refurbished desktops and laptops online is often more convenient than visiting a physical store. Customers can browse an enormous variety of devices from the comfort of their residence or workplace, and make purchases with a few clicks. Online stores provide a wide range of options, detailed product information, customer feedback, and competitive pricing, making them the top choice for tech-savvy buyers looking for reconditioned electronics.
The corporate offices segment is projected to hold a significant market share of the refurbished electronics market during the projected timeframe.
Based on the application, the refurbished electronics market is divided into corporate offices, schools and colleges, government offices, individuals, and others. Among these, the corporate offices segment is projected to hold a significant market share of the refurbished electronics market during the projected timeframe. The benefits of investing in reconditioned electronics include a wider range of products, simple upgrades, and support for surrounding businesses, customizable solutions, and quicker lead times. The increased emphasis on refurbishing and recycling electronic gadgets to reduce e-waste is driving market demand in corporate offices.
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North America is expected to hold the largest share of the refurbished electronics market over the forecast period.
North America is expected to hold the largest share of the refurbished electronics market over the forecast period. North America has been an effective competitor in the refurbished electronics market due to its well-developed e-commerce infrastructure, consumer awareness of sustainability, and technologically savvy population. The market for refurbished smartphones, computers, and other electronics has grown in the United States and Canada, driven by cost-conscious consumers and a desire to reduce electronic waste. This region is linked to major technology companies and third-party refurbishes that offer certified and well-tested refurbished equipment. Regulatory efforts such as the Magnuson-Moss Warranty Act have helped to establish warranty standards and ensure transparency, thereby enhancing consumer confidence in reconditioned products.
Asia Pacific is predicted to grow at the fastest pace in the refurbished electronics market during the projected time period. Asia-Pacific has numerous e-commerce and online marketplaces for refurbished devices, as well as significant manufacturing capacity. It is one of the world's most populous regions, with the vast majority of people falling into the medium or lower-income brackets. This demographic is more inclined to pick remanufactured products because of their lower cost, sustainability, and dependability. People in India are increasingly buying refurbished and used mobile phones to replace their pricey cell phones and make the switch from feature phones to smartphones.
The European refurbished electronics business is expanding rapidly. Europe's reconditioned electronics business has also expanded as a result of stringent legislation promoting sustainable standards and customer safety. The European Union's Waste Electrical and Electronic Equipment (WEEE) Directive encourages safe electronic disposal and reuse, which benefits the refurbished electronics industry. Countries including the United Kingdom, Germany, and France have strong e-commerce ecosystems and environmentally conscious customers. The Circular Economy Action Plan emphasizes the importance of prolonging product lifecycles, which aligns with the ideals of the refurbished electronics industry.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the refurbished electronics market are Apple Inc., Amazon Renewed, Samsung Electronics, Lenovo Group Ltd., Reboot Systems India Private Limited., eBay Inc., Overcart, Dell, Inc., HP Inc., Acer Inc., Back Market, Best Buy Co. Inc., Gazelle, Newegg Inc., and others.
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Recent Developments
- In October 2023, HP Inc. announced a refurbished laptop venture in India, supplying old but affordable computers to both retail consumers and businesses through HP-certified partners who will provide after-sales support. According to a company statement made on Thursday, the concept that was launched for the Indian market will be spread to other markets in 2024.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the refurbished electronics market based on the below-mentioned segments:
Global Refurbished Electronics Market, By Product
- Smartphones
- Wearable Devices
- Computing Devices
- Home Appliances
- Sound and Vision
- Gaming Consoles
Global Refurbished Electronics Market, By Distribution Channel
- Offline Stores
- Online Stores
Global Refurbished Electronics Market, By End-user
- Corporate Offices
- Schools and Colleges
- Government Offices
- Individuals
Global Refurbished Electronics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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