May 21, 2024
Refurbished Electronics Market

Refurbished Electronics Market Are Preferred For Their Affordable Prices And Are Fueling The Circular Economy

The global Refurbished Electronics Market is estimated to be valued at US$ 48.29 Bn in 2024 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.

Refurbished Electronics refer to pre-owned electronic devices that have been inspected, repaired, and cleaned by manufacturers or third-party refurbished. Refurbished phones, laptops, tablets, and other electronic devices provide the consumers an affordable alternative to brand new devices. With advances in technology, electronic devices become obsolete within a few years of their launch. Refurbishing old devices extends their lifespan and provides the customers the choice to swap their old devices at significantly lower prices. The environmental benefits of refurbishing electronics are immense as it supports the circular economy by diverting e-waste from landfills.

The global Refurbished Electronics Market is driven by growing preferences of consumers towards affordable refurbished products. With rising inflation and economic uncertainties, customers are opting more for refurbished gadgets that offer a good value for money. Strong commitments from OEMs towards repairing and upgrading used devices backed by excellent warranty policies are fueling the sales of refurbished electronics. Growing e-commerce industry is enabling easy access for customers to a wide range of refurbished devices across all price points.

Market key Trends:

One of the key trends in the refurbished electronics market is manufacturers strengthening their refurbishment infrastructure. They are setting up new facilities for testing, repairing, and cleaning returned devices to offer the best quality refurbished products to the customers. Moreover, OEMs are collaborating with third party refurbished companies to expand their refurbished product portfolio and provide regionalized solutions to customers. Partnerships with retailers are helping manufacturers promote their high-quality refurbished device offerings through multiple sales channels.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as refurbished electronics market requires significant capital investment and established supply chain networks. However, specialized segments offer opportunities for new entrants.

Bargaining power of buyers: Buyers have high bargaining power due to availability of many manufacturers and substitutes. Buyers can negotiate on price and quality standards.

Bargaining power of suppliers: A few large suppliers exist for components supplying which gives them some bargaining power over manufacturers. However, presence of many component manufacturers balances out power.

Threat of new substitutes: Threat of substitutes is high due to availability of low-cost new electronics and second-hand alternatives. Innovation and upgrading may reduce threat over long term.

Competitive rivalry: Market is highly competitive with players competing on price, quality, durability and additional services. Market fragmentation and price sensitivity increases competitive pressure.

Key Takeaways

The global Refurbished Electronics Market Growth is expected to witness high growth. The growing demand to replace aging electronics at lower costs and reducing electronic waste will drive growth. The market is forecast to reach a value of US$ 48.29 Bn by 2024.

Regional analysis:

North America dominates currently due to large second-hand electronics supplier base and widespread consumer adoption. Asia Pacific is expected to grow at the fastest pace due to rising electronics demand from price-sensitive consumers and increasing disposable incomes. Growing electronics discard in China and India will push refurbished electronics sales.

Key players:

Key players operating in the refurbished electronics market are Siemens Healthcare GmbH, Novartis AG, Curium, GE Healthcare, Lantheus Medical Imaging, Inc., IAnternational Isotopes, Inc., Nordion, Eckert & Zieger, Acrotech Biopharma, Blue Earth Diagnostics, Zionexa, Bayer AG, Jubilant Pharma Limited, and Cardinal Health. Players compete on parameters like product range, service quality, and expansion to new regions

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