Global Refurbished Electronics Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Refurbished Electronics Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Refurbished electronic products refer to electronic products that consumers return to manufacturers or suppliers for various reasons after purchasing, and are resold after being repaired by manufacturers. Usually, when selling refurbished goods, retailers or manufacturers will check the function of each product before resale. It may also make minor adjustments or repairs, such as providing new packaging or new batteries for the equipment.

Market Overview:

The latest research study on the global Refurbished Electronics market finds that the global Refurbished Electronics market reached a value of USD 22935.5 million in 2022. It’s expected that the market will achieve USD 29913.17 million by 2028, exhibiting a CAGR of 4.53% during the forecast period.

Market Development Constraints

There is no long warranty period for the production of refurbished electronic products. Although manufacturers sell these items with warranty, the warranty period is usually short, especially for some products refurbished by third parties, which is usually about 90 days. This is the disadvantage of purchasing renovation technology. When buying new electronic products, it can be used for at least one or two years. But the situation of refurbished electronic products is different. Refurbished electronic products may be used for several years, but some failures may occur in a few months. The warranty period of large original manufacturing such as Apple and Samsung are usually one year, but the warranty period provided by some refurbishment companies is shorter. For example, Microsoft offers refurbished Xbox consoles for a low price. However, Microsoft only offers 90-days checking warranty on the consoles. So, if customer miss any glaring defects within these days, then customer is out of luck and stuck with probably a defective Xbox.

There are uncertainties in the whole parts and accessories of refurbished electronic products. The new electronic equipment makes customers satisfied because all its parts and accessories are brand new and original. Since the refurbished electronic equipment has been repaired and resold, the manufacturer may have replaced the original parts with replicas for better performance. Consumers are unable to inspect all parts of refurbished equipment and determine the quality of refurbished electronic products. The industry default rule that the official renovate machine does not renovate the shell also discourages many consumers. In addition, there are uncertainties in the renovation channels of refurbished electronic products. Some refurbished electronic products from unofficial channels may be purchased on platforms with lax product standards, and consumers may purchase low-quality refurbished products. Most customers in the refurbished product market are repeat customers. When consumers encounter quality problems, they may not buy refurbished products again.

Region Overview:

From 2023-2028, Asia Pacific is estimated to witness robust growth prospects.

Company Overview:

Apple is one of the major players operating in the Refurbished Electronics market, holding a share of 23.96% in 2021.

Apple, Inc. engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other variety of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. Its products and services include iPhone, Mac, iPad, AirPods, Apple TV, Apple Watch, Beats products, Apple Care, iCloud, digital content stores, streaming, and licensing services.

Samsung Electronics is a global leader in technology, opening new possibilities for people everywhere. Through relentless innovation and discovery, Samsung Electronics is transforming the worlds of TVs, smartphones, wearable devices, tablets, digital appliances, network systems, medical devices, semiconductors and LED solutions. Samsung is also leading in the Internet of Things space through, among others, Samsung Electronics Smart Home and Digital Health initiatives.

Segmentation Overview:

Among different product types, Mobiles segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Communications segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Refurbished Electronics market covered in Chapter 3:

Nintendo
Asus
Sony
Hewlett-Packard
Samsung Electronics Corporation.
Dell
Acer
Microsoft
Apple
Lenovo Group Limited

In Chapter 4 and Chapter 14.2, on the basis of types, the Refurbished Electronics market from 2018 to 2029 is primarily split into:

Mobiles
Laptops & Computers
Headphone
Game Consoles and Accessories
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Refurbished Electronics market from 2018 to 2029 covers:

Entertainment
Communications
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)