Second Hand Small Domestic Appliances Market

Second Hand Small Domestic Appliances Market Analysis by Product {Kitchen Appliances (Grills & Roasters, Coffee Makers, Sandwich Makers, and Others), Floor Care Appliances (Vacuum Cleaners, Carpet Cleaners, and Others), Garment Care Appliances (Irons, and Garment Steamer), and Other Appliances)}; and by Distribution Channel {Online (E-Commerce, and Company Websites), and Offline (Retail Stores, Specialty Stores, and Others)} – Global Supply & Demand Analysis & Opportunity Outlook 2021-2031

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Report ID: 4668 | Published On: Jan 30, 2023

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


In The News

  • Best Buy, the biggest retail collector of e-waste in the US, is making it simpler than ever to get rid of outdated technology while preserving the environment by picking it up at customers' homes. All products are then collected up and safely and ethically recycled.

  • One of the biggest and busiest online markets, eBay Inc., announced that it had hold a Crash Sale on July 15th of 2019. Shoppers discovered fantastic discounts on the products they genuinely wanted for three whole weeks, including the newest clothing, sporting goods, and technology, as well as home goods and other essentials.


Global Second Hand Small Domestic Appliances Market Definition

Small domestic appliances are commonly utilized in households since they enable users to carry out indoor tasks including cooking, cleaning, and personal grooming more efficiently. Various appliances such as toasters, grills, air fryers, shavers, and irons, among others, are some of the instances of small domestic appliances. These appliances are known for making tasks easier by saving time and physical effort.

People's preference for used home appliances, on the other hand, is rapidly growing. One of the prominent factors for the growing preference could be cost savings. Also, it further allows consumers to bargain for a better price in most cases. Additionally, it promotes reuse, which is beneficial to the environment. In other words, when consumers shop secondhand products, it benefits both the consumer and the environment.

One could obtain a used appliance in a number of ways, including from used appliance stores, local retail shops, or from an online secondhand products store. Further, one could also use social media in order to sell or purchase secondhand small domestic appliances.


Global Second Hand Small Domestic Appliances Market: Key Insights

Base Year

2021

Forecast Year

2022-2031

CAGR

5.98%

Base Year Market Size (2021)

USD 3,155.80 Million

Forecast Year Market Size (2031)

USD 5,600.69 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)


Global Second Hand Small Domestic Appliances Market Size, Forecast, and Trend Highlights Over 2021-2031

The global second hand small domestic appliances market is estimated to garner a revenue of USD 5,600.69 Million by the end of 2031 by growing at a CAGR of 5.98% over the forecast period, i.e., 2022-2031. Further, the market generated a revenue of USD 3,155.80 Million in the year 2021. The growth of the market can be attributed to a growing preference for secondhand appliances, backed by their low cost. It has been observed that used goods are around 50% less expensive than new ones. Hence, this enables buyers to uncover excellent products at fair prices and save money throughout the entire process of buying used appliances. Furthermore, environmental concerns, a focus on reusability, and increased product life duration, along with many other factors, are expected to support the growth of the second hand small domestic appliances market.

Second Hand Smal Domestic Application Market GraphGet more information on this report:Download Sample PDF

Furthermore, rise in urbanization is also estimated to boost the growth of the market. Since most urban households have a large number of electric appliances, and most rural areas are not fully electrified, the demand for used appliances in metropolitan areas is likely to increase. Also, the rise in middle class population would have a great positive impact on the market growth. For instance, in India nearly 54% of households in urban areas were of middle class, approximately 12% were wealthy, and about 31% were aspirational. Also, as 140 million households estimated to enter the middle class and another 20 million enter the higher income bracket by 2030, they are estimated to spend about 1-2.5 times more on necessities (food, beverages, garments, personal care, electronics, transportation, and housing) and approximately 2-4 times more on services (healthcare, education, entertainment and household care). However, since the cost of domestic appliances is anticipated to increase, it is always necessary amongst the end-users to make decisions that are within their own resources. As a result of their lower price compared to new alternatives, the demand for used small domestic appliance is anticipated to increase over the course of the projection period.


Second Hand Smal Domestic Application Market Graph
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Global Second Hand Small Domestic Appliances Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Young Working Professionals  

There has been growing demand for second hand domestic appliances among youth in developing nations owing to rise in young working professionals, who could afford second hand small domestic appliances since these appliances are budget friendly. According to the U.S. Bureau of Labor Statistics, in July 2022, 55.3% of young people (those between the ages of 16 and 24) were employed. This number climbed from 54.4% in July 2021.

  • Rising Demand for Second Hand Products During COVID-19 Pandemic

As a result of the job losses, economic instability, and closures of certain businesses without a strong online presence that occurred during the COVID-19 pandemic, the demand for used items surged. Prevalence of this trend in the future is therefore expected to drive the market growth. Daily active users on one of the famous second hand products selling online platform, OLX, were increased to roughly 30% since January 2020, while demand has increased to about 25%.

  • Surge in Price for Home Appliances

For instance, the prices of consumer electronics and home appliances were predicted to increase between 2% and 5% starting at the end of May 2021 or the first week of June as manufacturers passed on the effects of higher input costs to consumers.

  • Rise in Middle Class Population

Global middle-class population rose from about 900 million to approximately 2 billion individuals between 2011 and 2019, an average annual rise of about 50 million people.

  • Surge in Environmental Hazards Related to E-Waste

According to the Global E-waste Statistics Partnership (GESP), global e-waste production hit a record 53.6 million tonnes in 2019, an increase of 21% in just five years. By 2050, the yearly generation of e-waste could exceed 120 million tonnes.

Challenges

  • Growing Concern for Quality for Used Appliances Sold Online - Consumer safety is further complicated by the internet sale of used appliances. Trading Standards, which are employed by local councils, are responsible for regulating the sale of used electrical goods, but since so many sales are taking place online, particularly through social media, there is a lack of efficient safety enforcement, which leads to the open sale of vintage, risky, or recalled products. Additionally, as used products don't have the most recent safety features, the market's growth would be hampered if the consumers' second-hand small domestic appliances don't function effectively, i.e. if there are any technical problems.
  • High Maintenance and Repair Cost
  • Used Products Not Sold at Fair Price


Market Segmentation

The global second hand small domestic appliances market is segmented and analyzed for demand and supply by product into kitchen appliances, floor care appliances, garment care appliances, and other appliances. Out of which, the kitchen appliances segment is anticipated to garner the highest revenue of USD 3,298.62 Million by the end of 2031, growing at a CAGR of 6.59% over the forecast period. Further, the segment generated a revenue of USD 1,754.67 Million in the year 2021. Additionally, this segment has been further sub-segmented into grills & roasters, coffee makers, sandwich makers, mixers & juicers, air fryer, kitchen robot, and others. Amongst the segments, the coffee maker segment is anticipated to generate the highest revenue of USD 668.91 Million by the end of 2031, owing to growing youth population and working class people who consume coffee on regular basis. For instance, about 72% of employees were known to consume coffee, making it far more popular than other caffeinated beverages. Also, 68% of Americans are known to prepare coffee at home every day, compared to 32% of customers who buy it from a coffee shop once to three times each week.

The global second hand small domestic appliances market is also segmented and analyzed for demand and supply by distribution channel into online, and offline. Amongst these segments, the online segment is anticipated to generate the highest revenue, growing at a CAGR of 6.40% over the forecast period, backed by growing popularity of e-commerce retailers. Also there has been growing penetration of internet among people which has further boosted trend of online shopping. Hence, the majority of market players in the second-hand small domestic appliances market are leaning toward online distribution channels to advertise their goods on online marketplaces. Further, it is anticipated that more and more e-commerce platforms would provide such used goods alongside brand-new products as the trend of secondhand goods enters the market.

Our in-depth analysis of the global second hand small domestic appliances market includes the following segments:

        By Product

  • Kitchen Appliances
    • Grills & Roasters
    • Coffee Makers
    • Sandwich Makers
    • Mixers and Juicers
    • Air Fryer
    • Kitchen Robot
  • Floor Care Appliances
    • Vacuum Cleaners
    • Carpet Cleaners
    • Floor Scrubber & Buffers
    • Others
  • Garment Care Appliances
    • Irons
    • Garment Steamer
  • Other Appliances

        By Distribution Channel

  • Online
    • E-Commerce
    • Company Websites
  • Offline
    • Retail Stores
    • Specialty Stores
    • Others


Global Second Hand Small Domestic Appliances Market Regional Synopsis

The Asia Pacific second hand small domestic appliances market, amongst the market in all the other regions, is projected to hold the largest market revenue of USD 2,730.33 Million by the end of 2031, up from a revenue of USD 1,457.03 Million in the year 2021. The market in this region is further estimated to grow at a CAGR of 6.55% over the forecast period, backed by growing urbanization, and rising middle class population in the region. In the Asia-Pacific area, urbanisation is still a major megatrend. Over 2.2 billion people, or 54% of the world's metropolitan population, reside in Asia. The urban population in Asia is projected to increase by 50% by 2050, or by an additional 1.2 billion people. The major factor for the growth of the urban population in this region is migration. The rate of migration from rural to urban areas is higher in low- to middle-income nations in the Asia-Pacific as a result of economic stagnation (overdependence on agriculture) and inadequate rural infrastructure (health and education facilities). Migration is also a significant component in the expansion of second hand small domestic appliances market, as rural residents frequently use migration as a tactic to increase household income and acquire access to better services in cities.

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Top Featured Companies Dominating the Global Second Hand Small Domestic Appliances Market

    Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global second hand small domestic appliances market that are included in our report are eBay Inc., Amazon.com Inc., Best Buy, Appliance Warehouse of America, Inc., American Freight, Baltimore Used Appliances, Willie's Appliances Inc., Kimo's Appliance, LLC., Direct Vacuums, Gumtree.com Limited, Refurbed GmbH, Quikr India Private Limited, OLX, Appliances Direct, and others. 


Key Questions Answered in the Report

1) What are the major factors driving the growth of the second hand small domestic appliances market?

Ans: The major factors driving the growth of the market are growing young working professionals, rising demand for second hand products during pandemic, surge in price for home appliances, and others.

2) What would be the CAGR of second hand small domestic appliances market over the forecast period?

Ans: The market is anticipated to attain a CAGR of 5.98% over the forecast period, i.e., 2022-2031.

3) What are the challenges affecting the second hand small domestic appliances market growth?

Ans: Used product not sold at fair price, growing concern for quality for used appliances sold online, and high maintenance and repair cost are estimated to be the growth hindering factors for the market expansion.

4) Which region will provide more business opportunities for growth of second hand small domestic appliances market in future?

Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.

5) Who are the major players dominating the second hand small domestic appliances market?

Ans: The major players in the market are eBay Inc., Amazon.com Inc., Best Buy, Appliance Warehouse of America, Inc., American Freight, and more.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the second hand small domestic appliances market?

Ans: The market is segmented by product, distribution channels, and by region.

8) Which segment captures the largest market size in the product segment in the second hand small domestic appliances market?

Ans: The kitchen appliances segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.

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