May 27, 2024
Refurbished Electronics Market

Refurbished Electronics Market Drive Sustainable Electronics Usage and Reduce E-Waste

Refurbished electronics have emerged as a practical and eco-friendly alternative to purchasing new devices due to their significantly lower prices while still providing reliable performance. Refurbished products undergo rigorous quality checks and include any necessary repairs or replacements of dysfunctional parts to work like new. This certification process and certification prioritizes sustainability by extending the usable lifespan of devices that would otherwise contribute to ever-growing electronic waste. Various refurbished products available include smartphones, laptops, tablets, and other consumer electronics available at wholesale discounts of 30-50% off the retail price for equivalent new devices.

The Global Refurbished Electronics Market Size is estimated to be valued at US$ 55.64 billion in 2024 and is expected to exhibit a CAGR of 45% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Increasing environmental regulations regarding proper electronic waste disposal and rising adoption of refurbished devices in corporate and government sectors are fueling massive growth.

Market key trends:

Regulations promoting sustainable electronics and reducing e-waste have increased demand for refurbished devices that can fulfill needs while minimizing environmental impact. Large enterprises and government agencies have embraced refurbishment programs that offer significant savings compared to continual new purchases. Many original equipment manufacturers now offer official refurbishment services or partnerships to expand product lifecycles through verified second use.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as establishing presence in the refurbished electronics market requires significant investment in infrastructure and testing facilities. However, low entry barriers allow niche players to enter.

Bargaining power of buyers: The bargaining power of buyers is high given the availability of refurbished products from various brands. Buyers can negotiate on price and demand value-added services.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the presence of many component suppliers. However, scale of major OEMs allow negotiating better prices from suppliers.

Threat of new substitutes: Threat from alternatives is moderate as pre-owned products continue to gain acceptability. However, refurbished electronics offer better quality control and warranty.

Competitive rivalry: The market is highly competitive with presence of various global and regional players. Market consolidation is observed through mergers and acquisitions.

Key Takeaways

The global refurbished electronics market is expected to witness high growth. The market is projected to reach US$ 322.1 Bn by 2031 from US$ 55.64 Bn in 2024, expanding at a CAGR of 45%.

North America dominates the market owing to strong presence of refurbishers, availability of various brands and strong secondary market for electronics. The region accounts for over 30% share of the global market. Asia Pacific exhibits fastest growth led by growing acceptance of refurbished products in countries like India and China.

Key players operating in the refurbished electronics market are Siemens Healthcare GmbH, Novartis AG, Curium, GE Healthcare, Lantheus Medical Imaging, Inc., International Isotopes, Inc., Nordion, Eckert & Zieger, Acrotech Biopharma, Blue Earth Diagnostics, Zionexa, Bayer AG, Jubilant Pharma Limited, and Cardinal Health. Major players are focusing on strengthening refurbishment infrastructures and expanding global footprints through partnerships.

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