The latest report by IMARC Group, titled “Refurbished Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global refurbished retail market size reached US$ 110.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 214.1 Billion by 2028, exhibiting a growth rate (CAGR) of 11.87% during 2023-2028.
Refurbished retail, also known as “renewed” or “pre-owned” retail, is a segment of the retail industry that focuses on selling products that have been previously owned or used, but have undergone a comprehensive refurbishment process to restore them to a like-new condition. This practice is commonly associated with electronics, including smartphones, laptops, and gaming consoles, but it can extend to other consumer goods like home appliances and even certain types of clothing. In refurbished retail, the products are carefully inspected, any faulty or worn-out components are replaced, and the items are thoroughly cleaned and tested to ensure they meet the specifications and quality standards of the manufacturers. These products are then made available for sale at a lower price compared to their brand-new counterparts, making them an attractive option for budget-conscious consumers.
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Refurbished Retail Market Trends and Drivers:
One of the primary drivers is the cost-saving potential that refurbished products offer to consumers. Refurbished items are typically priced lower than their brand-new counterparts, making them an attractive option for budget-conscious shoppers. In a world where economic uncertainty prevails, this cost advantage is particularly appealing. Additionally, growing environmental consciousness is fueling interest in refurbished retail. By choosing refurbished products, consumers participate in the circular economy and help reduce electronic waste. The refurbishment process extends the lifespan of products, reducing the need for new manufacturing and decreasing the carbon footprint associated with production. Other than this, refurbished products are subjected to rigorous quality control processes. Retailers and manufacturers ensure that these products meet or exceed the original specifications. This assurance of quality gives consumers confidence in purchasing refurbished items, erasing concerns about performance or reliability. Besides this, numerous refurbished products come with warranties and customer support, similar to new products. This added assurance further encourages consumers to choose refurbished items, as they can enjoy peace of mind regarding potential repairs or replacements. In line with this, the rise of e-commerce platforms and online marketplaces has made it easier for consumers to access refurbished products. These platforms provide a wide range of options, making it convenient for shoppers to explore and purchase refurbished items from the comfort of their homes. Moreover, rapid technological advancements mean that consumers frequently seek the latest gadgets and devices. As a result, many gently used, high-quality products become available for refurbishment. This dynamic product pipeline fuels the refurbished growth of the market.
Report Segmentation:
The report has segmented the market into the following categories:
Type Insights:
- Certified product
- Mobile Phones
- Computers and Laptops
- Tablets
- Portable and Home Audio, TV Video
- Smart Watches and Fitness Tracker
- Vehicle Electronics (Audio, GPS Navigation and Trackers)
- Kitchen Appliances, Vacuum Cleaners, lawn Mowers and Accessories
- Networking and Gaming, VR, Video Game Console
- Outdoor Power Equipment and Tools
- Health and Beauty (Hair Care and Other Styling Products)
- Air Movement
- Smart Home
- Others
- Seller product
- Mobile Phones
- Mobile Accessories
- Computers and Laptops
- Tablets
- Smart Watches
- Outdoor Power Equipment and Tools
- Kitchen Appliances, vacuum Cleaner
- Networking and Gaming, VR, Video game Console
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global refurbished retail market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report.
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