by Refurbished electronics refer to pre-owned electronic devices that have been extensively repaired and tested by the manufacturer and resold at an affordable price. This includes smartphones, laptops, desktop computers, digital cameras, and consumer electronics such as televisions, headphones, among others. Refurbished electronics offer almost the same quality at significantly lower costs compared to new devices. This makes them an attractive choice for consumers looking for value for money purchases. Growing environmental concerns and demand for affordable options is driving the growth of the global refurbished electronics market.
The global refurbished electronics Market is estimated to be valued at US$ 48.29 Bn in 2023 and is expected to exhibit a CAGR of 45.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for growth of the refurbished electronics market is the growing demand for affordable electronics from cost-sensitive consumers. Refurbished electronics help fulfill this demand at much lower costs, sometimes up to 30-40% lower than new devices. This makes them an attractive option for consumers who want to save money without compromising much on quality and features. Growing concerns regarding e-waste and sustainability is another factor propelling the refurbished electronics marketforward. Refurbishing and reusing existing electronics helps reduce electronic waste and promotes a circular economy. This growing focus on sustainability and environmental protection is contributing to the sales of refurbished goods.
Segment Analysis
The refurbished electronics market is dominated by the smartphones segment. Being one of the most popular electronic devices globally, smartphones contribute to over 30% of the refurbished electronics market share. With exponential growth of smartphones and short product life-cycles, the demand for refurbished smartphones is constantly increasing. In addition, as refurbished smartphones are significantly cheaper than new ones, they are able to cater to the large price-sensitive customer base across regions.
PEST Analysis
Political: Many governments are imposing strict regulations regarding proper disposal and recycling of used electronics to promote sustainable e-waste management. This encourages the growth of refurbished electronics market.
Economic: Recession and inflation are prompting customers to opt for affordable refurbished electronics instead of new ones. This economic factor augurs well for the market growth.
Social: Increased awareness about limited natural resources and environmental protection is driving consumers towards refurbished electronics for reduced environmental footprint.
Technological: Advanced checking, repairing and upgrading techniques help refurbished electronics match performance standards of new products. This boosts customer confidence in refurbished electronics.
Key Takeaways
The global Refurbished Electronics Market Growth is expected to witness high growth over the forecast period of 2023 to 2030.
Regional Analysis: The Asia Pacific region dominates the market currently due to massive electronics manufacturing bases and the presence of key players in the region. Countries like China, India, and Japan contribute over 40% of the global market share.
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. Key players are focusing on expanding their refurbishment facilities and service centers regionally to strengthen their foothold.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
