by Refurbished electronic devices offer similar functionalities and specifications as new devices but are more affordable alternatives for consumers. Refurbished devices are tested, cleaned, and repaired by the manufacturer or a third party to bring them back to a ‘like new’ condition so that they can be reused. Refurbished smartphones, laptops, tablets and other consumer electronics are gaining popularity as they provide significant savings to consumers without compromising heavily on quality or performance. The Global Refurbished Electronics Market Size is estimated to be valued at US$ 55.64 Billion in 2023 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.
Market key trends:
Increased adoption of affordable pre-owned smart devices is a major trend driving the growth of the refurbished electronics market. Refurbished smartphones offer a cost-effective alternative to expensive new smartphones and are becoming popular among budget-conscious consumers, especially in developing regions. Growing environmental concerns about electronic waste is also pushing consumers to consider refurbished electronic options which help reduce e-waste. Manufacturers are ensuring quality checks and renewing devices to near-new condition standards to gain consumer confidence in refurbished electronics.
SWOT Analysis
Strength: Refurbished electronics are more affordable and environment friendly compared to new electronics. This makes them attractive for price conscious customers.
Weakness: Perception of lower quality and shorter product life compared to new electronics. There are also occasional concerns about data privacy and security for refurbished computers and smartphones.
Opportunity: Strong growth in acceptance of refurbished electronics driven by increasing electronics waste and cost benefits. Growing Secondary electronics markets in developing nations also provide new opportunities.
Threats: Increased regulations around repair and refurbishment of certain types of electronics like medical equipment pose new challenges. Strict rules around data erasure for some used devices is also a threat.
Key Takeaways
The global refurbished electronics market is expected to witness high growth over the forecast period of 2024 to 2031. Reprocessing and remarketing of used electronics devices helps address the rising e-waste volumes globally in an environment friendly manner.
Regional analysis: North America and Europe currently dominate the refurbished electronics market due to high secondary market acceptance. However, the Asia Pacific region is expected to show fastest growth through 2031 driven by strong demand from price conscious consumers and developing secondary markets in countries like India and Indonesia.
Key players analysis: 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. The players focus on strengthening refurbishment and repair infrastructure as well as brand image to drive further adoption.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
