E-waste and Emergence of Recommerce Platforms to Drive Market Growth in Asia Pacific
Customers are adopting cost-efficient methods to buy computers and laptops. Increasing awareness about e-waste is also persuading customers to opt for refurbished computers and laptops at affordable prices. Companies in the refurbished computers and laptops market are enacting upon stringent laws pertaining to e-waste and are introducing refurbished devices at pocket-friendly prices.
Asia Pacific is expected to account for the second highest revenue in the refurbished computers and laptops market, with an estimated value of ~US$ 1.4 Bn by the end of 2027. Moreover, India, one of the leading economies in Asia Pacific, has presented lucrative opportunities for companies in the refurbished computers and laptops market. Recently, the Government of India approved the import of second-hand electronics. This is likely to propel the growth of the refurbished computers and laptops market in India.
Another factor that is catalyzing market growth is the emergence of recommerce platforms. For instance, Togofogo – a startup for refurbished and pre-owned devices, revealed that along with smartphones, the company is keen on expanding to new verticals, such as refurbished laptops, in India.
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Increased Focus on Expanding Product Portfolio with Adaptation to Changing Technology Standards
Companies in the refurbished computers and laptops market are adopting various strategies to gain credibility for second-hand devices. They are enhancing user experience by offering excellent reliability and versatility in devices. Individuals are increasingly opting for refurbished computers and laptops. As such, personal end user segment is anticipated to account for the second highest share of the refurbished computers and laptops market. The segment is projected to reach a value of ~US$ 1.3 Bn by the end of 2027.
Companies are increasing efficacy to offer a wide range of add-ons that elevate user experience. For instance, Evaris – an IT solutions specialist, supplies a range of security products and services, including privacy screens and locks to protect devices. Companies are expanding their product portfolio by providing a range of cybersecurity applications to individuals and organizations. They are shifting the processing capabilities of refurbished devices to cloud to meet storage demands of users.
Stringent Budgets in IT Sector Accelerate Demand for Refurbished Computers and Laptops
Budget constraints in the IT sector of developing economies, such as India, have catalyzed growth for the refurbished computers and laptops market. Hence, companies are targeting SMEs and large enterprises in the IT space. As such, enterprises account for the highest revenue amongst all end users in the refurbished computers and laptops market, with an estimated value of ~US$ 2.4 Bn by 2027.
Since information and communication technology departments of several businesses are challenged with significant budget cuts, there is a growing demand for refurbished equipment and computer peripherals. Growing concerns over data threats and security breach have compelled companies in the refurbished computers and laptops market to expand their product portfolio for cybersecurity products and services. IT companies looking to bolster their environment conscious credentials are increasingly adopting refurbished equipment to reduce e-waste.
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Companies Improve Processing Power of Computers to Offer Longer-life Devices to Customers
In order to provide the best educational facilities to students, stakeholders in the education domain are purchasing refurbished computers and laptops. As such, educational institutes is projected to be a high growth potential end user segment and the third-highest revenue generator in the refurbished computers and laptops market. The segment is likely to reach a value of ~US$ 700 Mn by 2027. Thus, efforts are being made to help economically backward students gain access to computers at home. For instance, students at the Colorado Springs High School were offered free laptops and encouraged to receive college credit with better grades.
Moreover, companies in the refurbished computers and laptops market are improving processing power of computers to boost sales. Although laptops type segment account for the highest share of the refurbished computers and laptops market, companies are improving the functionality of computers based on the constantly evolving technology. However, moving parts of refurbished computers and laptops, such as spinning hard drives are prone to risks of technical failures. Hence, companies are replacing conventional hard drives with new SSDs (Solid State Drives) to enhance the machine’s durability and performance.
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