The Second-Hand Product Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Second-Hand Product Global Market Report 2024, The second-hand product market size has grown rapidly in recent years. It will grow from $376.48 billion in 2023 to $424.10 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to the rising online platforms, increase in internet penetration, growing environment concerns, rise in availability, and increasing sales.
The second-hand product market size is expected to see rapid growth in the next few years. It will grow to $685.21 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to increasingly seeking out vintage and unique items, growing demand for sustainable consumption, and increasing internet penetration. Major trends in the forecast period include increasing demand for affordable technology, growing awareness of the environmental impact, embracing sustainable fashion, increasing use of online platforms, and technological advancements.
The increasing availability of e-commerce platforms is expected to propel the growth of the second-hand product market going forward. E-commerce platforms are online systems that enable businesses and consumers to buy and sell products or services over the internet, facilitating transactions and managing digital storefronts. The increasing availability of e-commerce platforms is driven by advancements in technology, which make it easier for businesses to reach global audiences and for consumers to shop conveniently online. E-commerce for second-hand products allows consumers to buy and sell pre-owned items conveniently online, increasing access to affordable goods and promoting sustainability. For instance, in February 2024, according to the Census Bureau of the Department of Commerce, a US-based government department, in the fourth quarter of 2023, e-commerce sales surged by 7.5% compared to the same period in 2022. Therefore, the increasing availability of e-commerce platforms is driving the growth of the second-hand product market.
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The second-hand product market covered in this report is segmented –
1) By Product: Furniture, Clothing, Vehicles, Electronics, Sporting Goods, Other Products
2) By Price: Mid-range Segment, High-end Segment
3) By Distribution Channel: Online, Offline
4) By Application: Commercial, Recreational, Residential, Other Applications
5) By End Users: Individuals, Businesses, Institutions
Major companies operating in the second-hand product market are focusing on developing innovative offerings, such as second-hand clothing platforms, to attract environmentally conscious consumers and tap into the growing demand for sustainable fashion options. Second-hand clothing platforms are online or physical marketplaces where individuals can buy and sell pre-owned garments. For instance, in September 2023, Zara, a Spain-based fast fashion company, launched its pre-owned platform in France. This initiative enables customers to sell, repair, or donate second-hand clothing through Zara’s physical stores, website, and mobile app. The platform, called Zara Pre-Owned, builds on the success of its launch in the UK and aims to promote circular fashion practices by extending the lifespan of clothing items and reducing waste. Customers have access to a clothing repair service, an online marketplace for buying and selling used Zara items, and a home collection service for donating clothing.
The second-hand product market report table of contents includes:
1. Executive Summary
2. Second-Hand Product Market Characteristics
3. Second-Hand Product Market Trends And Strategies
4. Second-Hand Product Market – Macro Economic Scenario
5. Global Second-Hand Product Market Size and Growth
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32. Global Second-Hand Product Market Competitive Benchmarking
33. Global Second-Hand Product Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Second-Hand Product Market
35. Second-Hand Product Market Future Outlook and Potential Analysis
36. Appendix
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