The global refurbished market is experiencing significant growth, valued at USD 48.29 billion in 2023 and projected to nearly double to USD 94.10 billion by 2030. With a compound annual growth rate (CAGR) of 10% over this period, the expansion reflects a growing recognition of the economic and environmental benefits of refurbished products. In India, the pre-owned smartphone market is valued at approximately $5 billion today and is expected to grow to $10 billion by 2030. This upward trend highlights a shift in consumer behavior toward more sustainable purchasing choices, aligning with the broader goal of minimizing e-waste and fostering a circular economy.

The demand for refurbished electronics has surged, particularly with the rise of tech-enabled products during the global pandemic and the shift to work-from-home culture. India stands out globally for its rapid adoption of refurbished goods, outperforming many other markets. Once viewed with skepticism, refurbished products now come with extended warranties of 1-2 years, which has significantly improved consumer confidence in their quality and reliability. These products serve as excellent entry points for cost-sensitive consumers, lowering barriers to accessing high-quality technology. Moreover, businesses are increasingly turning to refurbished assets to reduce IT spending without compromising performance or productivity.

While the financial savings of refurbished products are significant, the true impact lies in their environmental contribution. By extending the lifecycle of electronic devices, the refurbished market reduces the demand for raw materials, lowers the energy footprint associated with manufacturing new products, and actively contributes to global sustainability goals. This aligns closely with India’s ‘Viksit Bharat 2047’ vision, which envisions a more sustainable and advanced economy.

E-waste, the fastest-growing waste stream globally, presents a tremendous opportunity to recover key metals and plastics that can be used as feedstock for manufacturing new products. The e-waste recycling market in India is expanding rapidly, driven by the country’s growing consumption of electronics and rising awareness of the need for sustainable waste management. By 2030, the market for recycling e-waste, plastics, and batteries is projected to reach $20 billion.

As the third-largest producer of e-waste globally, India generates over 3 million metric tonnes annually, underscoring the immense potential of this market. The formal e-waste recycling sector in India is expected to grow at a CAGR of 14-15% in the coming years. This growth is being driven by government initiatives such as the E-Waste Management Rules, 2022, and the Extended Producer Responsibility (EPR) policy, which promote formal recycling and collection networks. Additionally, there is an increasing demand for precious materials like gold, silver, and copper that can be recovered from electronic waste.

India’s push toward a circular economy—which prioritizes reuse, recycling, and resource efficiency—is more than just a green initiative; it is an economic imperative. By embracing circularity in the electronics sector, India is not only addressing environmental concerns but also tapping into new economic opportunities. The future of the refurbished and e-waste recycling markets is set to be a cornerstone in achieving India’s sustainability and growth ambitions.

(Inputs by Abhishek Agashe, Co-founder & CEO at Elima)