The global refurbished printer market is expected to grow at 9.2% CAGR throughout the forecast period. Global demand to reduce carbon footprints has pushed leading electronic companies towards recycling and refurbishing of products, evaluates ESOMAR-certified consulting firm Future Market Insights (FMI) in this study. COVID-19 pandemic surged the demand for essential office devices due to promotion of work from home guidelines. Affordable pricing and extensive warranties provided by market players boosted the refurbished printer market growth.
According to report by United Nations (UN), nearly 50 million tons of electronic waste is dumped each year. To reduce such terrible figures, governments are promoting recycling and encouraging customers towards refurbished products. Initiatives undertaken to reduce e-waste have been creating an attractive scope for the expansion of the market. This trend will continue as more consumers showcase a higher degree of environmental consciousness.
“Growing efforts towards reducing electronic waste and promoting sustainable eco-friendly production practices will amplify refurbished printer market sales,” remarks the FMI analyst.
Key Takeaways
- Growing popularity of online stores in US and key player switching to direct to customer approach has boosted the sales of refurbished printers.
- Pandemic led to spike in demand of refurbished printers in UK due to growing work from home culture.
- Refurbished printers are gaining popularity among small business owners in India as to mode to reduce overhead and operating expenses.
- Refurbished printers are gaining traction among customers in Australia as the market players are offering better discounts and extended warranties.
- Brazil is forecast to provide lucrative opportunity for market growth owing to flourishing small scale business and reasonable pricing of refurbished printers.
Prominent Drivers
- Rising demand for sustainable alternative to electronic wastes will provide a lucrative opportunity for refurbished printer market growth.
- Adoption of rental business model and selling refurbished printer in discounted price will intensify the market sales.
- Growing influence of millennial population towards re-commerce and use of refurbished goods will drive the market growth.
Key Restraints
- Growing customer preference towards highly advanced technologies and additional features will restrict the refurbished printer market growth.
- Low utility of old refurbished printers and difficulty in repairing damaged products is restricting the market growth.
- Availability of wide range of new products equipped with modern features and competitive pricing is creating a very challenging environment for market growth.
Competitive Landscape
Leading players profiled by FMI operating in refurbished printer market include Xerox Corporation, HP Development Company, Erie Ink company, Metrofuser Company, Marathon Services, Athema Services Ltd, Seiko Epson Corporation, Brother Industries, Ltd, Print Smart Office Solutions, Refurbished Land, PTM printer Solutions, Advanced Print Scan Solutions among others. The key market players like Xerox Corporation are employing high transparency regarding its refurbished products and providing detailed information in order to maintain brand name. Other strategies employed by market players are aggressive marketing campaigns and promotional events to consolidate their market position.
More Insights on FMI’s Refurbished printer Market
The latest market study on global refurbished printer market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of type (Multifunctional Refurbished Printers, Colored Refurbished Printers, Black and White Refurbished Printers), application (paper printing, plastic pouch painting, product painting), sales channel (specialty stores, convenience store, direct sales online retailers), end use (household, commercial), price range (Below US$250, US$250-US$500, US$500-US$750, Above US$750), technology (Inkjet, Thermal, Dye Sublimation, Laser, Others) and across major regions (North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East & Africa).
