The refurbished electronics market comprises refurbished smartphones, laptops, and tablets that offer comparable performance to new devices at significantly lower prices. Refurbished devices undergo rigorous quality control and receive any necessary repairs, allowing consumers to save up to 30-50% on the original retail price. With rising living costs and inflation pressures, more consumers are turning to refurbished options to fulfill their technology needs in a cost-effective manner. The Global Refurbished Electronics Market Size is estimated to be valued at US$ 55.64 Bn in 2023 and is expected to exhibit a 45% CAGR over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of refurbished smartphones and laptops is one of the key drivers accelerating growth of the refurbished electronics market. Refurbished smartphones offer high performance comparable to new flagship devices at nearly half the price, making them an attractive choice for budget-conscious consumers. Similarly, refurbished corporate laptops available at deep discounts are gaining popularity among small businesses and individuals. Leading online retailers are ensuring refurbished devices meet strict quality standards through repair, parts replacement, and testing before resale, boosting consumer confidence. Expanding e-commerce channels coupled with effective marketing campaigns highlighting the cost and environmental benefits of refurbished electronics are leading to higher sales volumes.
Segment Analysis
The global refurbished electronics market can be segmented into smartphones, tablets, laptops & PCs, and others. The smartphones segment dominated the market in 2024 and is expected to remain the leading segment during the forecast period. High penetration of smartphones and declining prices of refurbished smartphones compared to new ones are the key factors driving the growth of this segment.
Key Takeaways
The global refurbished electronics market is expected to witness high growth during 2024-2031. The market size is projected to increase from US$ 55.64 billion in 2024 to US$ xx billion in 2031, registering a CAGR of 45%.
Regional Analysis: The Asia Pacific region is currently the fastest growing and dominating region in the global refurbished electronics market. High population, increasing disposable income, and low prices of refurbished devices compared to new ones are driving the growth of the market in the region. China and India are the leading country markets in Asia Pacific.
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 and Jubilant Pharma Limited. Siemens Healthcare GmbH offers refurbished medical equipment such as ultrasounds, CT scanners, MRI machines etc. Novartis AG provides refurbished pharma equipment for manufacturing drugs.
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