People with Economic Barriers Opt for Desired Computing Machine with Warranty
Technology has evolved to proving useful in every aspect of life and work. It has become necessary for most people to use computers and laptops at home and the workplace to keep up with several personal and professional factors. However, the cost of brand new devices might not be affordable to many. Thus, many consumers look for resale products if not a low-cost alternative. Various businesses and some key leading players are offering refurbished computers and laptops at decreased prices that have undergone a severe process restoring them to the same performance and quality measures as brand-new products. Various product dealers and manufacturers suggest that refurbished computers can be just as secure and reliable as new computers, but buyers must do their due diligence and buy from a source they trust. The growing people’s dependence on machines and technology is anticipated to boost the global refurbished computer and laptop market during the forecast period.
Refurbished can be referred to as an umbrella term for recertified or repaired products for resale. The products can vary as per the industry; however, in the computer industry, refurbished products vary from desktops to laptops. The refurbished laptops are available at a reduced or discounted price from the brand-new model. However, some refurbished models can lack some of the important processing features such as decreased RAM, less disk space, and generation, as the refurbishing process takes them off the fast-moving electronics market for a few months. However, people with financial concerns to buy the desired laptop are increasingly adopting refurbished PCs to fulfill their requirements. Moreover, brands provide a return feature for the products, so in case consumer finds difficulty dealing with an old laptop, it can be replaced easily. Thus, the refurbished computer and laptop market is expected to grow in the near future.
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Shutdown of IT, Technical Operations Fuels Demand for Cheap Computers to Work from Home
Every stage of the COVID-19 pandemic saw varying consumer interest for different kinds of products. While the coronavirus crisis is most likely to affect consumer behavior, most consumers are expected to choose products that deliver better value. With the cost-saving benefits at the time of the pandemic, refurbished products witnessed a surge in the demand mostly in the electronics segment. Every stage of the pandemic changed rules to operate for businesses. Moreover, consumer studies witnessed a surge in interest for different kinds of products with a variety of individuals opting for used devices to save costs. The market amidst pandemic observed the increasing demand for refurbished computer and laptop market as many employees from IT, ITES, KPO, BPOs, and other non-technical businesses were asked to work from home to protect themselves from the virus. The rise in the demand for these products opened up new market doors for the post-COVID-19 times. As pandemic continues to affect business operations in several developing countries, the refurbished computer and laptop market is expected to grow during the forecast period.
Various changes are being made by local governments to restore the markets to normal due to fall in coronavirus cases. Major computers and laptop manufacturers have added refurbish products for sale on their websites and stores. Thus, various exciting offers can be expected by consumers, as businesses need to promote refurbished computers and laptops market. There is likely to be a heavy surge in demand for refurbished electronics as the market gains its momentum back. However, challenges faced in the lockdown will hamper the growth as many people lost their jobs and businesses with limited financial backup. Nevertheless, with the global electronics industry expecting to gain rapid demand after the pandemic, it is most likely to influence the global refurbished computer and laptop market during the forecast period.
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Negative Influencing Individuals, Businesses Hampers Market Growth
Businesses and major retailers in the refurbished computer and laptop market are inclined toward planning different strategies to enhance the consumer assurance to buy second-hand devices. Key leading players are focusing on enhancing user convenience and experience by increasing reliability and versatility in devices. Businesses are enhancing their efficiency to improve the damaged or used computing devices and make it easier to operate as a brand new device. Key players such as Dell Inc. also offer a range of refurbished laptop and desktop products and services. Moreover, in June 2020, Microsoft offered to license refurbishers under the ‘Microsoft Authorized Refurbisher’ (MAR) licensing program. The growing involvement of brand new computer and laptop manufacturers in the refurbished computer and laptop market is increasing the quality standards of other businesses, which are expected to result in enhanced user experience.
The market has observed various individuals and companies spreading fear and perceptions against refurbished laptops and computers as a result of inexperience and lack of information on these products. However, buyers are recommended to understand the distinction between having the latest configuration and utilizing all the features of that configuration. As many refurbished devices may not have updated specifications and configurations, various consumers might feel the need to buy the latest versions of whatever they are buying. Nevertheless, a majority of individuals use personal computers only for normal tasks including checking mail, developing documents in MS Word and Excel and of course, web browsing. Thus, people are suggested to focus on having devices that match their work requirements, rather than looking for more computing power. Thus, refurbished devices can provide the required computing power at lesser capital expenditure. The personal end user segment is anticipated to account for the second highest share of the refurbished computer and laptop market.
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Growing IT Sector Worldwide Rises Demand for Cheap Computer Alternatives
Presently, ITES and IT service companies are increasingly demanding affordable and quality refurbished computers and laptops to flatten the pending productivity curve cost-effectively. In addition, various new startups have emerged in the BPO and KPO sectors that are less likely to afford new computers for the business. Thus, these corporations are most likely to prefer refurbished devices to save the excess costs. Moreover, the IT industry is rapidly growing in the Asia Pacific and Europe, which presents valuable opportunities for the refurbished computers and laptops market. The global refurbished computer and laptop market is projected to reach the value of US$ 8 Bn by 2031, expanding at a CAGR of ~11% during the forecast period.
Refurbished Computer and Laptop Market: Overview
- The latest research report published by Transparency Market Research pertains to the global refurbished computer and laptop market for the historical period 2018 & 2019 and the forecast period 2021–2031
- Refurbished computers and laptops refer to the distribution of computers and laptops that are previously used and returned to the manufacturer or the refurbisher. These used computers and laptops are generally tested for defects and functionality before selling them to customers.
- The refurbished computer and laptop market is expanding at a significant pace, as the end user verticals of the market are expanding at a rapid pace. Laptops and computers being offered at cheaper rates and the need to reduce e-waste being generated are expected to drive the market. Refurbished devices fulfill the system requirements of customers, which is expected to boost the refurbished computer and laptop market.
- In terms of revenue, the global refurbished computer and laptop market is projected to reach the value of US$ 8 Bn by 2031, expanding at a CAGR of ~11% during the forecast period
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