In today’s rapidly evolving digital age, the need for an affordable, yet superior computing device is surging worldwide. Technology has become a significant part of mundane life, and with the trend for remote and hybrid work culture, owning a computer or laptop has become inevitable.
As per Persistence Market Research, a prominent market research firm, the global refurbished laptops and computers market is anticipated to record a CAGR of 10.7% from 2023 to 2030. It will likely reach a value of around US$ 24.4 Bn in 2030. This growth is attributed to various factors, including ongoing digital transformation, high affordability, rising demand from students, and surging concerns of the environment.
Several leading brands are now offering previously owned, returned, or used laptops and computers after conducting rigorous quality checks so that they can function smoothly. These have recently gained impetus, especially in emerging economies, where people often face budget constraints while purchasing brand-new devices. Easy access to these laptops and computers through e-commerce platforms, third-party brick-and-mortar dealers, and official brand stores across the globe has made the purchase process efficient.
Factors Influencing Demand for Refurbished Computing Devices
- Environmental Sustainability Concerns: Rising concerns of millennials regarding environmental sustainability are creating new opportunities for refurbished laptop and computer vendors. With government bodies focusing on reducing electronic waste, modern consumers are seeking refurbished products to lower emissions and conserve resources by reusing.
- Affordability: This is one of the main factors positively affecting sales of refurbished laptops and computers. Even though refurbished products are pre-loved, they are frequently tested, repaired, and evaluated to work like new ones. They are mainly devices with cosmetic damage, overstock, or open-box returns. Even premium-quality models from various renowned brands can be purchased at a low cost when they are refurbished. This factor makes these laptops and computers highly affordable for those with a tight budget.
- Corporate Norms: Several multinational corporations across the globe have put forward strict norms regarding the use of laptops and computers. In some companies, it is mandatory to change computing devices by the end of their lease period, which is usually 3 years. As these have undergone multiple restoration, testing, and repair activities, third-party vendors often provide the devices at a relatively low cost. Hence, both large- and small-scale companies find these affordable for use.
- Technological Innovations: With ongoing technological innovations, leading brands are constantly upgrading their offerings of laptops and computers. The launch of state-of-the-art models with unique features is creating space for old models in the refurbished goods market. Vendors are mainly targeting youngsters, especially students, who demand cost-effective older models for daily tasks like media consumption, word processing, and internet browsing. Hardware specifications of various devices have become less stringent amid the surging need for cloud platforms. It has further encouraged students to incline toward secondhand laptops and computers.
- Warranty Period: Several customers prefer refurbished workstation laptops due to the availability of warranty. Various third-party sellers are now providing warranties to guarantee the reliability of the device and offer customers peace of mind. They are striving to cover specific components like the keyboard and CPU as well as the entire device for a limited period. This strategy enables them to attract a large consumer base who do not have to worry about potential malfunctions.
Top 5 Refurbished Laptop and Computer Vendors Worldwide
1. Dell Refurbished
Dell Inc., one of the largest providers of computers and related services, headquartered in Texas, offers refurbished products through its separate platform called Dell Refurbished. Customers can gain access to various models of laptops and computers from the brand on the website. Desktop prices start at US$ 99 whereas laptops are available from US$ 199. Apart from laptops and computers, it also provides accessories like monitors and docking stations.
2. Apple Certified Refurbished
Apple Certified Refurbished, a platform of Apple Inc., the California-based technology company, provides the brand’s products with a one-year warranty. It conducts full functional testing and offers savings of up to 15% on its refurbished products. Its focus is on manufacturing new products from superior-quality materials so that they can last throughout multiple uses. Apple Certified Refurbished devices are meant to reduce the environmental impact of e-waste.
3. Lenovo Certified Refurbished
Hong Kong-based Lenovo Group Limited provides refurbished devices under its platform, Lenovo Certified Refurbished. The company aims to create a circular economy by adopting the design-use-return approach. It focuses on extending the life of laptops and computers to help lower their impact on the environment. Lenovo refurbishes its bestselling server devices and PCs extends their lifespan, and certifies them. However, the company maintains high levels of performance, security, and quality.
4. HP Renew Program
HP Inc., a multinational technology company, headquartered in California, provides refurbished products under its HP Renew Program. Customers can select a computing device from a wide range of products. The company guarantees the same performance and quality that customers often expect from new devices. The original base warranty for HP Renew Program products is the same as that of new products.
5. Amazon Renewed
The multinational technology firm Amazon.com, Inc., based in Washington, offers refurbished electronic devices through Amazon Renewed. It is a novel platform providing refurbished and unboxed quality products that have been certified and tested to look like new and operate smoothly. The products are usually tested by third-party refurbishers or qualified technicians. Amazon’s refurbishment process includes the replacement of damaged components or parts, deep cleaning of the device, a full diagnostic test, and repackaging by the third-party seller. The three main types of product conditions available are premium, excellent, and good.
E-waste Concerns and Cost-effectiveness to Augment Demand in the Future
Dependability and warranty, sustainability concerns, technological innovations, and affordability are the main factors expected to contribute to the rising demand for refurbished laptops and computers in the digital era. As refurbished devices provide an ideal alternative to new products, these help brands connect with their customers with the sustainability card. In the next ten years, students will likely demand these devices as brands offer premium-quality used laptops and computers at affordable prices.
Rising concerns about electronic waste are further projected to create new growth opportunities. As per the United Nations Institute for Training and Research, in 2022, approximately 62 million tons of e-waste were produced globally, which was a surge of 82% since 2010. Also, in 2030, it is anticipated to reach nearly 82 million tons. The aforementioned numbers are compelling leading players to encourage customers to buy refurbished products.
