Refurbished Electronics Market to Witness an Outstanding Growth by 2031

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.

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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.

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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.

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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.
Overcart
Dell, Inc.
Hewlett-Packard
Amazon, Inc.
ASUSTek Computer Inc.
Samsung Electronics Corporation
Lenovo Group Limited
ReBoot

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