Refurbished electronics include pre-owned electronic devices that have been checked, repaired if necessary and certified for resale or donated. Refurbished electronic products such as smartphones, computers, laptops and tablets provide an affordable alternative to purchasing new devices with their lower costs. The demand for refurbished products is increasing due to the rising prices of newer models and growing adoption of sustainable consumption.

The Global Refurbished Electronics Market Size is estimated to be valued at US$ 55.64 Bn in 2024 and is expected to exhibit a CAGR of 45% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The growing environmental concerns amongst consumers regarding e-waste generated from non-reusable electronic products is a major market opportunity for refurbished electronics. Refurbishing and reuse of used electronics helps reduce e-waste and improves resource efficiency. According to estimates, replacing new purchases with refurbished electronics can reduce carbon, water and waste footprints significantly. The lower costs coupled with environment friendly nature of refurbished electronics are expected to drive higher demand over the forecast period.

Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as there are high fixed costs and equipment associated with setting up production of refurbished electronics. However, the established brands have strong brand recognition and distribution channels.

Bargaining power of buyers: The bargaining power of buyers is high given the availability of many options at lower prices. Buyers can easily switch to other alternatives if prices are not competitive.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many parts and component suppliers for the refurbished electronics market.

Threat of new substitutes: The threat of new substitutes is high due to availability of low-cost new products and innovations such as embedded tablets and smartphones.

Competitive rivalry: The competitive rivalry is high among key players such as Siemens Healthcare GmbH, Novartis AG, Curium, GE Healthcare owing to aggressive pricing and new product launches.

SWOT Analysis
Strengths: Growing consumer preference for affordable electronics. Established supply chains for refurbished products.

Weaknesses: Perceived lower quality than new products. Lack of standardisation in refurbishing processes.

Opportunities: Untapped markets in developing regions. Refurbishing of premium electronics brands. Growing adoption of Internet of Things (IoT) devices.

Threats: Stringent regulations regarding e-waste disposal. Decline in prices of new electronics.

Key Takeaways
The global refurbished electronics market is expected to witness high growth during the forecast period of 2024 to 2031. The market size for 2024 is estimated to be US$ 55.64 Bn.

Regional analysis: The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The large population, rising per capita incomes and increasing smartphone and electronics adoption are driving the market. Countries like India, China, Indonesia, Vietnam offer lucrative growth opportunities. North America and Europe are also prominent markets due to strong refurbished programs by electronics brands.

Key players: 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. Siemens Healthcare GmbH leads the medical imaging segment while Apple and Samsung are dominant in the mobile phone category globally.

Get More Insights on This Topic: https://www.pressreleasebulletin.com/refurbished-electronics-market-size-share-and-growth-forecast-2023-2030/

Explore More Information, Please Visit: https://captionssky.com/adhesive-tapes-evolution-and-applications/