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.
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.
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
The Refurbished Smartwatches Market is segmented as follows:
- Factory Refurbished
- Seller Refurbished
- Fitness and Health Tracking
- Communication and Notifications
- Outdoor and Adventure
- Others
