The global market for second-hand electronic products is experiencing a surge in popularity, reaching a value of US$ 93.7 billion in 2023. This trend is projected to continue, with the industry expected to reach US$ 434.4 billion by 2034, representing a CAGR of 15.0% from 2024 to 2034.
This rising demand is fueled by a number of factors, including the increasing affordability of used electronics compared to brand-new models. Consumers, particularly those on a budget, are increasingly drawn to the cost-effective option of purchasing pre-owned devices. Additionally, environmental concerns are driving a shift towards a circular economy, where reusing and recycling are prioritized over discarding electronics. This sentiment is echoed by governments and organizations worldwide, further bolstering the second-hand electronics market.
Another major driver is the rapid technological advancements that lead to frequent upgrades and new product releases. As consumers upgrade to the latest models, they often sell their older devices, fueling the supply of used electronics. This dynamic is particularly evident in the Asia Pacific region, where the market for second-hand electronics is booming.
The market is further driven by the rise of online marketplaces and platforms that facilitate the easy buying and selling of used electronics. These platforms offer a convenient and accessible way for individuals to connect and trade devices, expanding the global reach of the second-hand electronics market.
Mobile devices, such as smartphones and tablets, currently dominate the market share, indicating a strong demand for used mobile devices. The rise of luxury and premium brands is also expected to boost the sales of second-hand electronic products as consumers seek to purchase high-quality devices at a lower cost.
The market is experiencing growth across various distribution channels, with both online and offline channels playing a significant role. Online platforms are providing a convenient and readily available option for consumers, while brick-and-mortar stores continue to be a popular choice for purchasing used electronics.
The future of the second-hand electronics market looks promising, with the increasing adoption of circular economy principles, the growing demand for affordability, and the continued expansion of online marketplaces. The industry is poised for continued growth, driven by consumers’ desire for value, sustainability, and access to the latest technology at more affordable prices.
