Burlingame, Sept. 20, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global refurbished electronics market is estimated to be valued at US$ 48.29 billion in 2023 and is expected to exhibit a CAGR of 10% during the forecast period (2023-2030). Refurbished electronics are device that are previously owned and have undergone an inspection, repair, and testing procedure. It ensures their manufacturer standards and efficiency. These devices may have consisted cosmetic imperfections or minor defects, which are corrected in the refurbishing process. These products are sold at lower costs compared to brand-new items, which makes them a cost-effective choice for consumers, while it still offers reliable performance and a restricted warranty.
Key Trends and Analysis of the Global Refurbished Electronics Market:
Increasing certified refurbishment programs is a major trend in the global refurbished electronics market. The demand for quality assurance and trust is leading to rise in number of certified refurbishment programs. Original equipment manufacturers (OEMs) and authorized refurbishers are offering these programs to ensure the devices undergo heavy testing, repairing, and quality checks before reselling them. This trend is anticipated to continue in the market over the forecast period.
Market Drivers:
Low cost and premium features to boost market growth
Refurbished electronics allow consumer to own premium devices with advanced features at highly accessible prices. This is specifically appealing in the markets having brand-new premium products that could be highly expensive for major population. With refurbished options, people can experience the latest technologies at convenient prices. This is driving the demand for refurbished electronics, which in turn is expected to support the market growth.
Trustworthy quality of refurbished electronics to fuel market growth
Reputable refurbishment processes comprise testing, repairing, and quality assurance of devices in order to cater consumer expectations. This further offers products that are restored into a like-new condition. It ensures that consumers can rely on the performance and quality of refurbished electronics. Trusted refurbishers offer warranties to boost confidence of consumer in the reliability of refurbished products.
Read full market research report, "Refurbished Electronics Market, By Product Category, By Consumer Type, By Condition, By Distribution Channel, By End Use, By Price Range, By Technological Generation, By Warranty and Support, By Refurbishment Process, By Usage Intent, By Sustainability Focus, And By Region, Market Size & Share Analysis - Growth Trends & Forecasts, 2023-2030", published by Coherent Market Insights.
Market Restrain:
Low awareness and education to impede market growth
Several consumers are yet to be completely aware of the advantages and value offered by refurbished electronics. Due to the lack of awareness as well as educations regarding the process of refurbishment, its positive environmental impact, and quality assurance, the consumer adoption is adversely impacted. This factor is further limiting growth of the global refurbished electronics market.
Market Opportunities:
Increasing innovations in refurbishment approaches are likely to bring business opportunities in the global market. The growing development of advanced techniques of refurbishment and related technologies are enhancing the quality of refurbished products. Innovations in diagnostics, cosmetic improvements, and repair processes are resulting in products that closely resemble the new counterparts. Incorporation of AI-driven diagnostics and precision repair techniques could lead to elevated quality of refurbished electronics.
Refurbished Electronics Market Report Coverage
| Report Attribute | Details |
| Forecast Period: | 2023 to 2030 |
| Market Size in 2023: | US$ 48.29 Billion |
| 2030 Value Projection: | US$ 94.10 Bn |
| Growth rate | CAGR of 10% from 2023 to 2030 |
| Base year for estimation | 2022 |
| Historical data | 2017 - 2021 |
Market Key Developments:
In January 2023, Apple announced to expand its refurbished product offerings to include the iPhone 13 lineup. The refurbished phones will be available in online store of the company and authorized resellers.
In January 2023, Back Market, a leading refurbished electronics marketplace in Europe completed acquisition of Back Market USA, a leading US marketplace for refurbished electronics. With this acquisition, the company will expand its presence in the U.S. market.
Key Market Takeaways:
Global refurbished electronics market is expected to exhibit a CAGR of 10% during the forecast period. The refurbished electronics market is growing rapidly in response to the growing number of e-commerce platforms and online marketplaces.
On the basis of Product Category, Smartphones Segment is expected to dominate the market during the forecast period and this is attributed to the higher demand and adoption of smartphones across world.
On the basis of Consumer Type, Individual Consumers Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for consumer electronics, driving the demand for refurbished electronics among individual consumers due to favorable prices.
On the basis Condition, Grade A (Like New) Segment is expected to dominate the market during the forecast period and this is attributed to the high demand due to their features and advantages that are same as like-new models.
On the basis End Use, Personal Use Segment is expected to dominate the market over the forecast period and this is attributed to the increase adoption among individual consumers for personal usage.
On the basis Price Range, Budget Segment is expected to dominate the market during the forecast period and this is attributed to the availability of refurbished electronics in different price range allowing users to choose from their budget.
On the basis of Technological Generation, Current Generation (Latest Models) Segment is expected to dominate the market during the forecast period and this is attributed to the increased demand, as current generation refurbished electronics allow consumer to get same features as new models in lower price.
On the basis of Warranty and Support, Standard Warranty Segment is expected to dominate the market during the forecast period and this is attributed to the growing adoption due to its various benefits.
On the basis Refurbishment Process, Manufacturer-Certified Refurbishment Segment is expected to dominate the market during the forecast period as they ensure reliable quality and performance of the electronics.
On the basis Usage Intent, Secondary Device Segment is expected to dominate the market over the forecast period and this is attributed to higher adoption of refurbished electronics as secondary devices, as they offer premium features at low cost.
On the basis Sustainability Focus, Consumers Prioritizing Environmental Impact Segment is expected to dominate the market during the forecast period and this is attributed to the increasing awareness regarding positive environmental impact of using refurbished electronics.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period, due to rise in presence of well-established e-commerce infrastructure in the region along with tech-savvy population, and consumer awareness of sustainability driving the demand for refurbished electronics.
Key players operating in the global refurbished electronics market include Music Magpie, Apple Inc., Renewgoo, Amazon Renewed, eBay Inc., Samsung Electronics, BuyBackWorld, Best Buy Co., Inc., Swappa, Gazelle (a subsidiary of ecoATM Gazelle LLC), GameStop Corp., Newegg Inc., HP Inc., Decluttr, and Back Market
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