Refurbished electronics refers to electronic devices that have been returned to working condition by cleaning, testing, and repairing any defects. Refurbished electronics include smartphones, laptops, tablets, cameras, and gaming consoles. Refurbished smartphones are particularly in demand due to their lower price points compared to brand new devices while still retaining most of their functionality. This makes them an affordable option for consumers looking to upgrade their devices without spending a lot of money. 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 key trends:
The increasing popularity of refurbished smartphones can be attributed to one of the major key trends in the refurbished electronics market - cost savings. Refurbished smartphones are typically 30-50% cheaper than new models of the same specifications due to the declination in value post-use. With top brands frequently releasing new models every year, refurbished phones enable consumers to purchase slightly older but fully functional phones at heavily discounted prices. The availability of refurbished phones from top brands like Apple and Samsung at affordable prices is driving more consumers to opt for them instead of paying significantly higher prices for newer versions. This rising demand is expected to further accelerate growth in the global refurbished electronics market over the forecast period.
Segment Analysis
The refurbished electronics market is dominated by the smartphones segment. This segment accounts for over 30% share of the overall market due to rising adoption of pre-owned smartphones among millennials and generation Z consumers. The affordable price point of refurbished smartphones compared to new models is a key attraction for customers. Other major segments include tablets, laptops, and desktop PCs. Among these, refurbished laptops are gaining traction as work-from-home culture has increased demand for affordable laptops.
Key Takeaways
The global Refurbished Electronics Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 48.29 Bn by 2024.
Regional analysis: North America currently dominates the refurbished electronics market owing to stringent government regulations regarding e-waste disposal and recycling initiatives in the region. The US holds over 35% share backed by large refurbishing industry. However, Asia Pacific is emerging as the fastest growing regional market led by China, India and other developing nations. Rising electronics consumption paired with cost-conscious consumers is fueling demand for refurbished products in the region.
Key players: Key players operating in the Refurbished Electronics market include 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 new product launches, partnerships and expanding regional presence to strengthen their market share.
For more insights, read- https://www.newsanalyticspro.com/refurbished-electronics-market-trends-size-and-share-analysis/
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