Refurbished electronics products refer to electronic devices that have been used, and then restored to meet manufacturer specifications before being resold. Refurbished electronics products undergo rigorous quality assurance processes including testing, refurbishment, security scans, cleaning and repairs before being made available for sale. Refurbished products provide a cost effective solution for consumers looking for popular electronic devices without spending money on a new product. The global refurbished electronics market also plays a significant role in e-waste management and sustainability efforts through repair and reuse of existing electronic products.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 Opportunity:
The opportunity in recycling contributes significantly to the high growth of the refurbished electronics market. As electronic waste is increasing at an alarming rate due to short life cycles of many electronics products, proper recycling and repair of existing devices is the need of the hour. Refurbished electronics help divert e-waste from landfills by repairing and reselling devices that would otherwise be discarded. It is estimated that recycling one million laptops save enough energy to power over 3,500 homes in the US for a year. The market opportunity in e-waste recycling through refurbished electronics is driving many OEMs, electronics retailers as well as third party refurbished companies to offer repair, reuse and resale of older electronics products, thereby boosting the refurbished electronics market growth.
Porter’s Analysis
The threat of new entrants in the refurbished electronics market is moderate. While barriers to entry are relatively low due to low capital requirements, established companies have strong brand recognition and customer loyalty. The bargaining power of buyers is high as buyers have a variety of options to choose from in the market. The bargaining power of suppliers is moderate as major suppliers in the electronics industry have invested in technology and infrastructure. However, suppliers also depend on OEMs for their business. The threat of substitutes is moderate as alternative options like new electronics are available but higher priced. Refurbished electronics offer an affordable option. Competitive rivalry in the market is high due to the presence of several regional and global players.
SWOT Analysis
Strengths: Refurbished electronics are more affordable than new electronics. There is growing customer acceptance of refurbished goods due increased awareness about environmental benefits.
Weaknesses: Customers may perceive refurbished electronics to be of lower quality. Limited product warranty coverage compared to new items.
Opportunities: Growing environmental concerns are driving demand for sustainable products. Significant growth potential in developing regions.
Threats: Intense competition from new and used electronics sellers. Customers may switch to substitute products if quality issues arise.
Key Takeaways
The global Refurbished Electronics Market Growth is expected to witness high growth over the forecast period of 2023 to 2030, growing at a CAGR of 45%.
Regional analysis: Asia Pacific currently holds the largest share of the refurbished electronics market and is expected to maintain its dominance through 2030. China accounts for the bulk of the regional market due to presence of large consumer electronics manufacturing base and rising awareness about electronic recycling. Other major Asian markets include India, Japan, and South Korea.
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. Major players are focusing on expanding their servicing and testing capabilities as well as offering warranties and buy-back guarantees to boost customer trust in refurbished products.
For more insights, read- https://www.ukwebwire.com/refurbished-electronics-market-trends-size-and-share-analysis/
https://www.yourcull.com/ElectronicsYourcull.com- online shopping india- buy home decor items, essential oil diffusers, kitchen accessories, refurbished laptops more.
Over the past few years, it has been noticed that there is a huge rising trend of refurbished products in the market places.https://www.linkedin.com/pulse/why-refurbished-mobiles-cheap-vikas-singh/?published=t
