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 the promotion of work from home guidelines. Affordable pricing and extensive warranties provided by market players boosted the refurbished printer market growth.
According to a 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.
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Key Takeaways
- The growing popularity of online stores in the US and key player switching to a direct customer approach has boosted the sales of refurbished printers.
- Pandemic led to a spike in demand of refurbished printers in the 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 a lucrative opportunity for the market growth owing to flourishing small-scale businesses and reasonable pricing of refurbished printers.
Prominent Drivers
- Rising demand for a sustainable alternatives to electronic wastes will provide a lucrative opportunity for refurbished printer market growth.
- Adoption of rental business model and selling refurbished printers at a discounted prices will intensify the market sales.
- The growing influence of the millennial population towards re-commerce and the use of refurbished goods will drive 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.
- The availability of a 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 the brand name. Other strategies employed by market players are aggressive marketing campaigns and promotional events to consolidate their market position.
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Refurbished Printers Market by Category
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
- Commercial
- Manufacturing Sector
- Retailers
- Government/Defence
- Others
Price Range
- Below US$250
- US$250-US$500
- US$500-US$750
- Above US$750
Technology
- Inkjet
- Thermal
- Dye Sublimation
- Laser
- Others
Sales Channel
- Specialty Stores
- Convenience Stores
- Direct Sales
- Online Retailers
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
- Oceania
More Insights on FMI’s Refurbished printer Market
The latest market study on the 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 the Middle East & Africa).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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