by The global Refurbished Electronics Market is estimated to be valued at US$48.29 Billion in 2023 and is expected to exhibit a CAGR Of 10% over the forecast period from 2023 To 2030, according to a new report published by Coherent Market Insights.
Market Overview:
The refurbished electronics market refers to the process of restoring used or pre-owned electronic devices to a like-new condition, and selling them at a lower price point compared to brand new products. Refurbished electronics offer several advantages, including cost savings for consumers, reduced electronic waste, and access to high-quality products at a lower price. With increasing awareness about sustainability and cost-efficiency, the demand for refurbished electronics is expected to grow significantly.
Market Key Trends:
One key trend observed in the refurbished electronics market is the growing popularity of online platforms for buying and selling refurbished products. Platforms such as Amazon Renewed, eBay Inc., and Back Market have gained popularity among consumers due to their wide range of refurbished electronic options, competitive pricing, and reliable quality assurance. This trend is driven by the convenience and ease-of-use provided by online platforms, as well as the ability to compare prices and read reviews before making a purchase decision. As consumers become more comfortable with online shopping, the market for refurbished electronics is expected to see further growth through these online channels.
Porter’s Analysis
Threat of New Entrants: The threat of new entrants in the refurbished electronics market is moderate. While the market is growing at a significant rate, there are barriers to entry such as the need for substantial capital investment, strong distribution networks, and established customer relationships. However, the emergence of online marketplaces and the increasing ease of access to refurbished electronics may lower these barriers and attract new players.
Bargaining Power of Buyers: The bargaining power of buyers in the refurbished electronics market is high. Buyers have a wide range of options and can easily compare prices and features. Additionally, the availability of online platforms allows buyers to access a variety of sellers, increasing competition and putting pressure on prices. Buyers also have the ability to demand warranties and guarantees, giving them more power in negotiations.
Bargaining Power of Suppliers: The bargaining power of suppliers in the refurbished electronics market is moderate. Suppliers, such as original equipment manufacturers (OEMs) and distributors, have the advantage of controlling the supply of refurbished electronics. However, with the increasing number of refurbishers and the popularity of online marketplaces, suppliers may face competition and pressure to provide competitive pricing and terms.
Threat of New Substitutes: The threat of new substitutes in the refurbished electronics market is low. Refurbished electronics offer cost savings compared to new products, and they cater to price-sensitive consumers. The availability of affordable refurbished options reduces the need for consumers to consider alternative products, making the threat of substitutes minimal.
Competitive Rivalry: The competitive rivalry in the refurbished electronics market is high. The market is fragmented, with numerous players competing for market share. Key players such as Apple Inc., Amazon Renewed, and Samsung Electronics dominate the market, while smaller players strive to carve out their niche. Price competition, innovation, and marketing efforts all contribute to the intense rivalry within the market.
Key Takeaways
The global Refurbished Electronics Market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period from 2023 to 2030. This growth can be attributed to the increasing demand for affordable electronics, rising consumer awareness about sustainability, and technological advancements in the refurbishing process.
Regionally, North America is projected to be the fastest growing and dominating region in the refurbished electronics market. The region’s strong e-commerce infrastructure, higher consumer purchasing power, and growing environmental consciousness contribute to its market dominance. Additionally, the presence of major players like Apple Inc., Amazon Renewed, and Best Buy Co. Inc. further strengthens the market in North America.
Key players operating in the refurbished electronics market include Apple Inc., Amazon Renewed, Samsung Electronics, Best Buy Co. Inc., Gazelle (a subsidiary of ecoATM Gazelle LLC), Newegg Inc., Decluttr, Back Market, HP Inc., GameStop Corp., Swappa, BuyBackWorld, eBay Inc., Renewgoo, and Music Magpie. These players enjoy a significant market share and employ strategies such as product innovation, partnerships, and expanding distribution networks to stay competitive in the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
