Refurbished Electronics Market: Introduction
- Refurbished electronics is the distribution of electronic products previously used, returned to the manufacturer, to buy a new product or for several other reasons. Refurbished electronic products are generally tested and after warranting proper functioning, are pushed back to the supply chain. The refurbishment process includes sourcing cores, sanitization, triage, data wipe, repairs, replacements, reassembly, testing, quality control, cosmetic repairs, packaging, and shipping. Furthermore, refurbished electronic products are better substitutes to promote reusability of the product and to reduce e-waste. The refurbished electronics market is developing at a significant rate as the end-user vertical of the market is growing rapidly. Electronics are being offered at inexpensive rates and the need to reduce e-waste being generated is anticipated to boost growth of the refurbished electronics market.
- The Covid-19 pandemic is expected to positively impact the refurbished electronics market. Increasing cases of COVID-19 across the globe is resulting in economic slowdown and millions of people are working from home for the first time. This remote personnel has augmented the demand for information technology hardware. Enterprises are reaching out to providers of refurbished electronics to cater to this demand, which in turn is expected to fuel the growth of the refurbished electronics market.
Global Refurbished Electronics Market: Dynamics
Global Refurbished Electronics Market: Key Drivers
- The rise in e-waste discarding and increasing demand for affordable electronics such as computers, laptops, micro vans, and speakers are the major factors driving the growth of the refurbished electronics market. Additionally, the growing number of electronics companies globally, executing different marketing strategies such as discounts and warranty on refurbished products are enticing consumers to use these low-cost refurbished products without compromising on standard working quality. Furthermore, the government in developing countries such as India is striving to attract foreign companies in the IT and electronics sector. Thus, price benefits and warranty on refurbished electronic products is fueling the growth of the refurbished electronics market.
Asia Pacific to Account for Major Share of the Global Refurbished Electronics Market
- In terms of region, the global refurbished electronics market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- APAC is anticipated to witness the highest market share in the refurbished electronics market owing to the extensive production capacity and availability of refurbished devices to provide the equipment in secondary markets, which is further boosting the growth of the refurbished electronics market in the respective region.
- North America is expected to witness the highest growth rate in terms of revenue in the refurbished electronics market, due to rise in government regulations on reducing e-waste. This in turn will help in reducing e-waste and further help companies to pursue business opportunities from old and used products.
Global Refurbished Electronics Market: Competitive Landscape
Key Players Operating in the Global Refurbished Electronics Market
Providers of refurbished electronics are implementing development strategies to enhance their presence and consolidate their share in the market. Refurbished electronic providers have adopted major growth strategies such as partnerships & acquisitions, and forming regional and global distribution networks in order to increase their presence in the market.
Key players operating in the global refurbished electronics market include:
- Apple, Inc.
- Acer, Inc.
- Black Market, Inc.
- Dell, Inc.
- Amazon, Inc.
- ASUSTek Computer Inc.
- Samsung Electronics Corporation
- Lenovo Group Limited
In May 2020, Back Market, Inc., an online marketplace for refurbished devices, announced a funding round of US$ 120 Mn from investors, including Eurazeo Growth, Aglae Ventures, and Goldman Sachs, generating more opportunities to sell refurbished electronic devices.
In June 2021, Associated Banc-Corp, a U.S. regional bank holding company, entered into a partnership with nonprofit organization Digital Bridge and assembled about 100 refurbished laptops and computers, and provided them to the United Way of Greater Milwaukee & Waukesha County.
Global Refurbished Electronics Market: Research Scope
Global Refurbished Electronics Market, by Product Type
- Wearable Devices
- Computing Devices
- Home Appliances
- Sound and Vision
- Gaming Consoles
Global Refurbished Electronics Market, by Distribution Channel
- Online Store
- Offline Store
Global Refurbished Electronics Market, by End-user
- Corporate Offices
- Schools and Colleges
- Government Offices
Global Refurbished Electronics Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of MEA
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.