Second-hand Electronic Products Market Size & Share to Surpass USD 434.4 billion by 2034, Exhibiting a CAGR of 15% | States Transparency Market Research, Inc.
Wilmington, Delaware, United States, Transparency Market Research, Inc. , Sept. 24, 2024 (GLOBE NEWSWIRE) -- The global second-hand electronic products industry (중고전자제품산업) was worth US$ 93.7 billion in 2023. By 2034, the industry is expected to reach US$ 434.4 billion with a CAGR of 15.0% from 2024 to 2034.
Purchasing secondhand electronics can be an affordable method to experiment with hardware and software modifications, learn about new technologies, and obtain practical experience without having to take on the financial risk of buying brand-new products. Technology can be experimented with and learned without spending a lot of money on new gadgets.
The WEEE Regulations in certain areas, including the European Union, impose obligations on distributors, manufacturers, and consumers of electrical and electronic equipment. Distributors that sell electrical and electronic equipment to end users are required to abide by these rules.
The advent of product-as-a-service and subscription-based services could alter how customers use electronic devices. Customers may choose to lease or subscribe to devices rather than purchase them outright, which increases the quantity of used equipment available in the secondary market.
Unlock Growth Potential in Your Industry! Download PDF Brochure: https://www.transparencymarketresearch.com/second-hand-electronic-products-market.html
Key Findings of the Market Report
- Mobile devices accounted for the largest share of revenue in 2023.
- In 2023, the Asia Pacific accounted for 37% of the global market share.
- Market sales of second-hand electronic products are likely to be boosted by luxury/premium brands.
- Demand for used electronic products in the market is driven primarily by individual end-users.
- The market for second-hand electronic products will experience high growth via offline distribution channels.
Global Second-hand Electronic Products Market: Growth Drivers
- The rapid technological developments result in regular upgrades and new releases, which force consumers to sell out-of-date devices to purchase newer models. Compared to new electronics, used electronics are frequently much cheaper, making them a desirable alternative for customers on a tight budget.
- Environmentalists prefer used devices as a way to reduce electrical waste and recycle. Circular economies, which promote recycling, reusing, and repairing goods instead of throwing them away after one use, are supported by many governments and organizations. This encourages the second-hand market to expand.
- The growth of online markets and platforms facilitates the buying and selling of used electronics by individuals, hence broadening the global reach of the secondary market. The lifespan of most electronic gadgets outlives the owners' needs or use periods.
- The resale of products that are still functional is encouraged by their durability. Replaceability or upgradeability increases the likelihood of replacing a broken or outdated product.
Global Second-hand Electronic Products Market: Regional Landscape
- Asia Pacific nations have a reputation for quickly adapting to new technologies. A booming secondary market is created as users upgrade to the latest models, feeding a steady supply of used electronics. Brand-new electronics can be prohibitively expensive for large sections of the population in several Asian countries. As a result, consumers who want to buy electronics can find them cheaper on the used market.
- Increasing urbanization and population density in cities around the Asia Pacific create a significant number of potential buyers and sellers in close proximity, supporting both the expansion of online and offline second-hand markets.
- The quick development of online marketplaces in the area offers a practical and reachable way to purchase and sell used electronics. Shopee, Lazada, and Carousell are popular online markets for this kind of purchase.
- Purchasing, selling, or donating secondhand electronics is one way that people and organizations are embracing the circular economy to reduce the amount of electronic waste in the environment. A significant portion of the youth population in many Asia Pacific nations is tech-savvy and quick to accept new innovations.
- As part of its activities, this group often buys and sells used electronic equipment. The expansion of the market for used electronics is indirectly aided by the laws and programs that certain governments in the area have put in place to encourage the recycling and refurbishing of electronic trash.
Global Second-hand Electronic Products Market: Competitive Landscape
Most companies in the second-hand electronic products business are heavily investing in expansion, primarily in prominent areas around the world. Companies in the market rely heavily on product launches as their primary marketing strategy.
Key Players Profiled
- Amazon
- Best Buy
- Mercari
- Craiglist
- Gazelle
- Poshmark
- Target
- eBay
- OLX
- Kaiyo
- Other Key Players
Key Developments
- In September 2023, eBay launched eBay Lokal, an online shopping and selling platform in Germany. Online shoppers can purchase from commercial sellers via eBay Lokal and gain greater visibility for their products.
- In November 2023, Amazon's Second Chance store will allow customers to purchase reconditioned goods in person. The business, which is situated in London's Brunswick Centre, offers discounts on a variety of returned goods in areas like games, books, and appliances for the home.
Buy this Premium Research Report: https://www.transparencymarketresearch.com/checkout.php?rep_id=85996<ype=S
Global Second-hand Electronic Products Market: Segmentation
By Product Type
- Mobile Devices
- Tablets
- Smart Phones
- TVs
- Computers & Laptops
- Cameras & Lenses
- Games & Entertainment
- Printers & Monitors
- Computer Accessories
- Washing Machines
- Refrigerators
- Others (Hard Disks, Kitchen Appliances, etc.)
By Brand Type
- Luxury/Premium
- Non-luxury
By End User
- Individual
- Commercial
By Distribution Channel
- Online
- Offline
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
More Trending Reports by Transparency Market Research –
- Sheet Face Mask Market - The global sheet face mask market (시트 마스크 시장) is anticipated to register a CAGR of 7.1% during the forecast period from 2022 to 2031.
- Toilet Market - The toilet market (화장실 시장) is estimated to register a CAGR of 7.6% between 2022 and 2031. The toilet market was valued at US$ 8.3 Bn in 2021 and is projected to reach US$ 17.3 Bn by 2031.
- Indoor Space Heater Market – The global indoor space heater market (실내 난방기 시장) is estimated to grow at a CAGR of 4.7% from 2024 to 2034.
- Household Vacuum Cleaner Market – The global household vacuum cleaner market (가정용 진공청소기 시장) is estimated to grow at a CAGR of 7.5% from 2024 to 2034.
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Email: sales@transparencymarketresearch.com
Follow Us: LinkedIn| Twitter| Blog | YouTube
© Copyright Globe Newswire, Inc. All rights reserved. The information contained in this news report may not be published, broadcast or otherwise distributed without the prior written authority of Globe Newswire, Inc.
