The Global refurbished printers market is expected to grow at a healthy CAGR of over 9.2% during the study forecast period 2021-2031, despite a period of less growth in 2020, according to a latest study by ESOMAR-certified market research firm, Future Market Insights (FMI). The research study tracks refurbished printers sales in 20+ countries, offering an in-depth analysis on how growth trend will unfold.
In recent years, there has been a shift towards the adoption of more environmentally sustainable ways of working. Large-scale electronic giants have now become more conscious regarding the environment and their goals to achieve maximum sustainability. With the growing need to achieve sustainability in daily, routine operations and focus on reducing the carbon footprint, many electronic giants have now switched to recycling and refurbishment of electronic products. Such efforts by players are also aimed at reducing the global e-waste generation.
Besides this, many industries are undertaking numerous efforts to reduce their carbon footprints. They are actively switching towards the adoption of sustainable office solutions like refurbished printers. According to the report, the commercial sector will account for over 63% of refurbished printers sales in 2021.
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The rapidly growing e-waste concerns have further strengthened the concept of circular economy which is further expected to facilitate growth in the sales of refurbished printers. As per the statistics of United Nations, approximately 50 million tons of electronic waste is thrown each year. Such haunting statistics has encouraged a switch towards refurbished products in the market
Key Takeaways from the Refurbished Printers Market Study
- The refurbished printers sales are set to rise at a CAGR of 9.2% between 2021 and 2031
- The presence of several leading players will seal United States’ dominance in North America. It is expected to account for over 80% sales in the North America market
- The U.K. will register 2.2% y-o-y growth in 2021, after a period of subdued sales
- Germany and France will emerge as lucrative market for sales of refurbished printers in Europe
- Increasing number of small scale businesses will enable double-digit growth in China
“Direct-to-Consumer sales channel is reshaping consumer trend in the market. The market is also witnessing the emergence of special online retailers who are solely engaged in selling branded refurbished products. Besides this, to woo consumers, the players are offering extensive guarantees and warrantees says an FMI analyst.
Impact of COVID-19 on the Market:
The outbreak of novel coronavirus has impacted positively as well as negatively. In case of negative effects the players in the market has faced numerous disruptions in the supply chains. However, the outbreak of pandemic has encouraged work from home culture which is why the need for essential office devices while working remotely has surged in the past few months. In such cases, refurbished products are looked over as best solutions that help fulfill needs at reasonable prices.
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Who is Winning?
Some of the key players present in the refurbished printers Seiko Epson Corporation, Xerox Corporation, Brother Industries Ltd., HP Development Company, Print Smart Office Solutions, Erie Ink Company, Refurbished Land, Metrofuser Company, Marathon Services, Athema Services Ltd., PTM Printer Solutions, Advanced Print Scan Solutions and among others.
Get Valuable Insights into Refurbished Printers Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global refurbished printers market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.
The study divulges compelling insights on the refurbished printers market based on the product type (multifunctional refurbished printers, colored refurbished printers, black and white refurbished printers), application (paper printing, plastic pouch printing, product printing), end-use (household/individual and commercial), price range (below US$250, US$250-US$500, US$500-US$750, and above US$750), technology (inkjet, thermal, dye sublimation, laser and others) and sales channel (specialty stores, convenience stores, direct sales, online retailers, and others), across seven major regions.
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