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Second Hand Small Domestic Appliances Market size is estimated to cross USD 5,600.69 Million by the end of 2031, witnessing around 5.98% CAGR during the forecast period, i.e., 2022-2031. In the year 2021, the industry size of second hand small domestic appliances was USD 3,155.80 Million. 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.
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.
Growth Drivers
Growing Young Working Professionals
Rising Demand for Second Hand Products During COVID-19 Pandemic
Surge in Price for Home Appliances
Rise in Middle Class Population
Surge in Environmental Hazards Related to E-Waste
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.
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Base Year |
2021 |
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Forecast Year |
2022-2031 |
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CAGR |
5.98% |
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Base Year Market Size (2021) |
USD 3,155.80 Million |
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Forecast Year Market Size (2031) |
USD 5,600.69 Million |
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Regional Scope |
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Product {Kitchen Appliances (Grills & Roasters, Coffee Makers, Sandwich Makers)
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 grow at a CAGR of 6.59% over the forecast period. 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 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.
Distribution Channel {Online (E-Commerce, Company Websites), Offline (Retail Stores, Specialty Stores)}
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 6.4% 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 market includes the following segments:
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By Product |
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By Distribution Channel |
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APAC Market Statistics
The Asia Pacific second hand small domestic appliances market, amongst the market in all the other regions, is projected to hold 47% industry share by 2031, 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.
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.
Author Credits: Parul Atri
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