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Refurbished Laptop Market 2024: Global Insights, Trends, and Growth Forecast
Refurbished Laptop Market 2024
According to The Business Research Company's, The refurbished laptop market size has grown strongly in recent years. It will grow from $7.24 billion in 2023 to $7.73 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to rising prices of new devices, e-commerce growth, increased awareness of environmental sustainability, economic factors, efficient refurbishment processes, and growing acceptance and trust in refurbished products.
The refurbished laptop market size is expected to see strong growth in the next few years. It will grow to $10.15 billion in 2028 at a compound annual growth rate (CAGR) of 7%. The growth in the forecast period can be attributed to continued growth of e-waste, increasing demand for sustainable alternatives such as refurbished laptops, adoption of circular economy principles, expansion of online platforms and marketplaces, integration of refurbished laptop programs. Major trends in the forecast period include sustainability emphasis, rising demand for affordable computing, technological advancements in refurbishment, e-commerce growth, corporate sustainability initiatives, government regulations, consumer confidence, education and awareness campaigns, product innovation, and emerging markets.
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Market Drivers and Trends:
The increasing e-waste is expected to propel the refurbished laptop market in the forecast period. E-waste refers to discarded electronic devices and equipment, including computers, mobile phones, and household appliances, which pose environmental and health risks if not adequately managed or recycled. The use of refurbished laptops helps mitigate e-waste by extending the lifespan of electronic devices and reducing the volume of discarded electronics. For instance, in March 2024, according to a report published by the United Nations Institute for Training and Research (UNITAR), a Switzerland-based agency dedicated to providing training and research to support global sustainable development goals, global e-waste production reached a record high of 62 million metric tons in 2022 (Mt), marking an 82% increase from levels recorded in 2010, and it is projected to reach 82 million metric tons by 2030, reflecting a further 32% increase. Therefore, increasing e-waste will drive the growth of the refurbished laptop market.
Major companies operating in the refurbished laptop market are focusing on launching refurbished laptop programs to meet the growing demand for sustainable and cost-effective computing solutions. These programs often involve refurbishment companies or organizations that take in old laptops, repair and upgrade them if necessary, and then resell or donate them to individuals, businesses, or communities. For instance, in October 2023, HP Inc., a US-based information technology company, launched the refurbished laptops program to enable easy access to affordable laptops. It aims to provide affordable and reliable access to technology, particularly for low- and moderate-income learners, and to provide affordable laptops to students, micro and small businesses, and freelancers. The company will run this program through a certified partner, who will sell the refurbished HP PCs to retail customers and businesses.
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Major Key Players of the Market:
Walmart Inc, Amazon.com Inc, Microsoft Corporation, Dell Technologies Inc, Apple Inc, Hewlett-Packard Development Company, Lenovo Group Limited, Best Buy Co. Inc, Staples Inc, Office Depot Inc, eBay Inc, Micro Center Refurbished, Overstock Refurbished, Newegg Inc, Back Market, MacMall Refurbished, ecoATM Gazelle LLC, Mac of All Trades LLC, Tech for Less Inc, PCMag Shop Refurbished, Glyde Corporation, Acer Inc.
Refurbished Laptop Market 2024 Key Insights:
• The refurbished laptop market size is expected to see strong growth in the next few years. It will grow to $10.15 billion in 2028 at a compound annual growth rate (CAGR) of 7%.
• Mitigating E-Waste Through Refurbished Laptops
• Refurbished Laptops Program Expands Access To Affordable Technology
• North America was the largest region in the refurbished laptop market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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