pre-owned appliance market is expected to thrive at a CAGR of 6.5% over the
forecast period of 2021-2030.
appliances are appliances that have been used before and are brought back to
the marketplace for selling. These appliances are comparatively lower priced
than the newer version of the same appliances, sometimes 50.0% cheaper or even
more. Also, these products involve no sales tax. This enables people to get
productive and profitable deals at lower costs and save their money in the
appliance market has been positively impacted by the COVID-19 pandemic. With
the narrowing income levels of people across the globe, the inclination towards
cheaper and cost-effective pew-owned products has surged. Additionally,
increasing number of people across the developing economies around the world
were seen to be making use of the marketplaces for selling the appliances that
were not used by them anymore for making some additional income. This resulted
in the influx of both buyers and sellers into the pre-owned appliance market
and therefore aided in the expansion of the overall market size.
The surging need of
appliances among people and at households, the extensive demand for pre-owned
appliances due to the growing income levels of the lower and middle class
people, the surging presence of online and offline pre-owned goods stores and
the increasing focus of people on the reusability of goods are the primary
factors driving the growth of the global pre-owned appliance market.
awareness regarding the potential of pre-owned appliance market is rising
rapidly, especially across the developed nations around the world. People are
therefore, trying to make the most of it by selling their used items at reasonable
prices. This is aiding in maximizing their ROI and in turn, also adding to the
growth of the global pre-owned appliance market.
exist a huge number of stores that deal in pre-owned items including appliances.
Lately, these vendors have been focusing on opening new stores through
different channels including online stores and are also emphasizing on offering
a wider range of pre-owned products and services including technical support in
order to capture majority of the consumers, gain their trust and also expand
their geographical reach. This is
resulting in the overall growth of the pre-owned appliance market is expected
to create ample growth opportunities for the market during the forecast period.
increasing number of online stores and ecommerce platforms dealing in pre-owned
appliances and the growing demand for second hand appliances amongst youth in
the developing countries are expected to further augment the growth of the
market during the forecast period.
PRE-OWNED APPLIANCE MARKET SEGMENTATION
By Product Type
Built-in Fridge Freezers
Freestanding Fridge Freezers
Freestanding Automatic Washing
Built-in Automatic Washing
Middle East and Africa
Based on product type, the freestanding freezers segment accounted for
the largest market share of 15.0% in the global pre-owned appliance market in
2020. The segment is anticipated to further retain its dominance in the market
and expand at a growth rate of 6.0% over the forecast period. The freestanding
automatic washing machines segment held the second largest market share of
12.0% in the global pre-owned appliance market in 2020 and is expected to
further expand at a significant growth rate throughout the forecast period.
However, the built-in microwaves segment is projected to witness growth at the
highest CAGR in the global market during the forecast period.
Based on distribution channel, the offline stores segment led the
global pre-owned appliance market by acquiring a market share of 81.0% in the
market in 2020. The segment is predicted to further retain its hold in the
market over the forecast period. The online stores segment is however, expected
to grow at the highest CAGR of 9.2% in the market during the forecast period.
The growth of this segment can be attributed to the increasing inclination of
the market vendors towards the online distribution channel to sell their
products globally to a wider set of consumers.
The Asia Pacific region
accounted for the largest market share of 37.0% in the global pre-owned
appliance market in 2020. The region is anticipated to experience tremendous
growth at a CAGR of 7.5% in the market and further retain its top position in
the market during the forecast period i.e. 2021-2030. India and China are the
major contributors to the growth of the market in the region.
region held the second largest share in the global pre-owned appliance market
in 2020. The region is projected to further expand at a whooping CAGR of 6.8%
over the forecast period and maintain the trend over the forecast period of 2021-2030.
The North American
region also accounted for a prominent market share in the global pre-owned
appliance market in 2020 and is expected to register growth at a robust growth
rate over the forecast period. The growth of the market in the region can be
attributed to the burgeoning penetration of freestanding dishwashers in the
region. The U.S. is the major contributor to the growth of the market in the
KEY COMPANIES IN PRE-OWNED APPLIANCE MARKET
Budget Pre-owned Appliance LLC
Caesar Appliance Service