As per the current market research conducted by the CMI Team, the global Refurbished Smartwatches Market size is expected to record a CAGR of 8.2% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 12.4 billion. By 2032, the valuation is anticipated to reach USD 26.7 billion.
Refurbished Smart Watches Market: Growth Factors and Dynamics
- Cost-Effective Alternative: The refurbished smartwatches market is thriving due to the cost-effectiveness they offer. Consumers seeking premium smartwatches at lower prices are attracted to these refurbished devices, contributing to market expansion.
- Environmental Consciousness: Increasing awareness about electronic waste and sustainability has led to a rise in demand for refurbished products. Refurbished smart watches appeal to eco-conscious consumers looking to reduce their environmental impact.
- Technological Innovation: The introduction of new smartwatch models prompts consumers to upgrade, creating a stream of used devices. The refurbishment market seizes this opportunity, updating and improving these devices to offer them at lower prices.
- Quality Assurance: Reputable refurbishment companies ensure that devices undergo thorough testing, repairs, and quality checks before resale. This assurance of quality attracts consumers who want the benefits of smartwatches without the price tag of new devices.
- Access to Premium Features: Refurbished smartwatches provide access to advanced features like fitness tracking, notifications, and health monitoring, making these technologies accessible to a wider audience.
- E-Commerce Platforms: The growth of online marketplaces has facilitated the sale of refurbished smartwatches. Consumers can easily compare prices, features, and reviews, boosting the visibility and accessibility of these products.
- Brand Reputation and Trust: Established brands offering refurbished smart watches leverage their reputation and customer trust to attract buyers. Consumers feel more confident purchasing refurbished devices from reputable brands, enhancing the market’s growth.
- Rapid Technological Advancements: The rapid pace of technological advancements in the smartwatch industry leads to frequent upgrades. As a result, a steady supply of relatively recent models becomes available for refurbishment, catering to consumers seeking up-to-date features without paying full price.
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Refurbished Smartwatches Market: Partnership and Acquisitions
- Google completes Fitbit acquisition: In 2021, Google completes Fitbit acquisition. Fitbit’s latest and most advanced health and fitness smartwatch, Fitbit Sense, features stress management tools and new ways to manage your heart health, including an ECG app to assess heart rhythm for signs of atrial fibrillation (AFib).
- Garmin acquires Firstbeat Analytics: In 2020, acquired Firstbeat Analytics Oy, a privately held provider of physiological analytics and metrics for consumer devices in the health, wellness, fitness and performance markets. Firstbeat Analytics is the consumer licensing business formerly a part of Firstbeat Technologies. Garmin’s acquisition of Firstbeat Analytics bolstered its health and fitness tracking capabilities, allowing it to offer more advanced physiological measurements in its devices.
Refurbished Smartwatches Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Refurbished Smart Watches Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The pandemic disrupted global supply chains, impacting the availability of components and refurbishment operations. Reduced manufacturing and logistical challenges hindered the flow of refurbished smartwatches.
- Consumer Spending Shifts: Economic uncertainties caused by COVID-19 led to altered consumer spending patterns. Non-essential purchases, including smartwatches, were affected as consumers prioritized essential items, affecting market demand.
- E-Commerce Expansion: The pandemic accelerated the shift to online shopping. Refurbished smart watch sellers adapted by expanding their online presence, reaching a wider audience and meeting changing consumer preferences.
- Cost-Consciousness: Economic uncertainties increased the appeal of cost-effective options. Refurbished smartwatches, offering premium features at lower prices, became more attractive to budget-conscious consumers.
- Sustainability Emphasis: As environmental concerns persisted, the refurbished market’s sustainability aspect gained prominence. Environmentally conscious consumers sought alternatives to new devices, driving interest in refurbished options.
List of the prominent players in the Refurbished Smartwatches Market:
- Apple Inc.
- Samsung Electronics Co. Ltd.
- Garmin Ltd.
- Fitbit Inc.
- Fossil Group Inc.
- Huawei Technologies Co. Ltd.
- Xiaomi Corporation
- TicWatch (Mobvoi)
- Amazfit (Huami)
- Pebble Technology (acquired by Fitbit)
- Others
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