Second-Hand Products Market is Projected to Hit USD 1.3 Trillion at a Healthy CAGR of 13.6% from 2023 to 2031 – TMR Report
A growth in the practice of recycling and reusing things is a result of greater awareness of the damaging effects of consumerism on the environment. This is accelerating the growth of the world market for used goods
Wilmington, Delaware, United States, Aug. 21, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global market for second-hand products was estimated to be worth a market valuation of around US$ 405.5 billion in 2022. The market is anticipated to advance with a booming 13.6% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 1.3 trillion.
On several e-commerce platforms and marketplaces, used goods or second-hand products are frequently offered. Various online programs have been developed, allowing users to buy and sell goods over the internet and mobile devices. The widespread use of online services is accelerating market dynamics.
The market for used goods is seeing profitable growth thanks to rising usage of smart electronic devices like smartphones and the popularity of social media platforms.
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|Market Revenue||US$ 405.5 Bn|
|Estimated Value||US$ 1.3 Trn|
|Growth Rate – CAGR||13.6%|
|No. of Pages||130 Pages|
|Market Segmentation||By Product Type, End-use, Distribution Channel|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, South America|
|Companies Covered||Amazon, eBay Marketplace, Facebook Marketplace, Shopify, OfferUp, Poshmark Marketplace, ThreadUp Marketplace, Tradesy Marketplace, Mercari, Inc., Olx, Walmart|
Key Findings of Market Report
- The garments category is anticipated to hold a significant portion of the worldwide market in terms of product type throughout the course of the projection.
- Purchasing used clothing can save you money.
- A vast variety of one-of-a-kind, antique, and uncommon goods that might not be found in typical clothing stores can be found in second-hand apparel.
Market Trends for Second-hand Products
- Customers are increasingly using online marketplaces like Amazon, eBay, and Craigslist to purchase and sell second-hand products. The growth of websites and online marketplaces that sell used goods is accelerating market development. Both buyers and sellers can benefit from these online marketplaces’ ease.
- On the other hand, flea markets, garage sales, and thrift shops are frequent locations for offline selling. These physical sites have the benefit of allowing product inspection prior to purchase. They frequently provide the chance to bargain with the vendor as well.
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Global Second-hand Products Regional Market Outlook
Various reasons are propelling the growth of the second-hand products market in different regions. They are:
- In 2022, North America was estimated to be one of the most lucrative markets in the global second-hand products market. It is probably going to continue to dominate the global market during the forecast period. The demand for used goods is steadily increasing in the area.
- The market in North America is being driven by the availability of a sizable number of items that are in good condition but are no longer required or desired by their original owners. Consumers in the area frequently replace their belongings and give or sell their older ones. This generates a consistent flow of top-notch used items.
- It is projected that the size of the second-hand goods industry in North America would rise in the near future due to the presence of widely recognized e-commerce platforms as well as marketplaces within the region. People may easily sell, and purchase used goods online thanks to websites like Amazon, eBay, and Craigslist. This has a favorable effect on the expansion of the regional market for second-hand products.
Global Second-hand Products Market: Key Players
A small number of large-scale merchants, reflecting the consolidation of the sector globally, mostly controls the market for second-hand products. Several companies are making considerable investments in research and development activities, based to the global second-hand goods market prediction research.
To increase their prospects, major firms are keeping up with current developments in the market for used goods. They are also putting creative methods, including mergers and acquisitions, into practice.
The prominent participants in the global second-hand goods industry are Amazon, eBay Marketplace, Facebook Marketplace, Shopify, OfferUp, Poshmark Marketplace, ThreadUp Marketplace, Tradesy Marketplace, Mercari, Inc., Olx, and Walmart.
Some developments by the key players in the global market for second-hand products are:
- Shopify a worldwide e-commerce corporation with headquarters in Canada, teamed up with UPS on February 7, 2023 to provide domestic delivery choices to local merchants. Leading provider of shipping and logistics services is UPS.
- In 2022, eBay announced intentions to enhance the shopping experience for customers by expanding the number of online payment choices and launching advertising campaigns. To increase its chances of making money, the corporation is revamping its internet platform.
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Global Second-hand Products Market Segmentation
- Product Type
- Sofas & Dining Products
- Beds & Wardrobes
- Home Decor & Gardens
- Kids Furniture
- Other Household Items
- Cars & Bikes
- Others (Buses, Trucks, etc.)
- Sporting Goods
- TVs & Audio – Video Devices
- Computers & Laptops
- Cameras & Lenses
- Games & Entertainment
- Hard Disks, Printers, and Monitors
- Computer Accessories
- Kitchen & Other Appliances
- Washing Machines
- Fridges & Refrigerators
- Tools & Home Care Items
- Others (Leather & Suede, etc.)
- Distribution Channel
- North America
- Asia Pacific
- Middle East & Africa
- South America
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