Asia-Pacific Recommerce Market Research Report: Forecast (2024-2030)
Asia-Pacific Recommerce Market is estimated to grow at a CAGR of around 5.85% during the forecast period, i.e., (2024-30). Price sensitivity among consumers in the Asia-Pacific region is a significant driving force behind the growth of recommerce across the region. Many consumers in Asia-Pacific countries are highly price-sensitive, seeking value for their money. Recommerce platforms offer access to a wide range of products, from fashion to electronics, at significantly lower prices compared to buying new ones. This affordability is a strong motivator for consumers to opt for second-hand items.
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Market Dynamics
Asia-Pacific Recommerce Market Opportunity Increasing Cross-border Trade to Open New Avenues for Market Players
The implementation of the Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific (CPTA) in 2021 is poised to significantly boost cross-border trade across the region. CPTA streamlines & digitizes trade procedures, reducing bureaucratic hurdles, time, and costs associated with cross-border transactions.
By enabling seamless data exchange & document processing, it enhances the efficiency of customs clearance, logistics, and regulatory compliance. This increased efficiency is encouraging businesses such as Reebonz, Cashify, etc., to explore new markets, expand operations, and engage in cross-border trade with greater ease. As cross-border trade flourishes, there’s an expanded pool of goods and products available in the market.
Thus, consumers are increasingly turning towards it, as this trade offers interrupted access to consumers to buy unique & hard-to-find items. This, in turn, is creating enhanced opportunities for the growth of the Recommerce Market in the Asia-Pacific region.
Leading Companies in Asia-Pacific Recommerce Market:
ReFlaunt, EBay Inc., OLX, Amazon, Apple Inc., Flipkart, Bukalapak, The Valuence Group, Carousell Group, Quikr, etc
Segmentation of the Industry
The Asia-Pacific Recommerce Market is highly fragmented and bifurcates into the following segmentations:
By Type
-Peer-to-Peer Marketplaces
-Resale Marketplaces
-Refurbished Goods Marketplaces
- By capturing the potential share, Peer-to-peer (P2P) Marketplace is gaining significant traction across the Asia-Pacific Recommerce Market.
By Product Type
-Electronics
–Smartphones & Tablets
–Laptops & Computers
–Cameras & Photography Equipment
–Home Appliances (Refurbished Refrigerators, Washing Machines, etc.)
–Others (Gaming Consoles and Accessories, etc.)
-Fashion & Apparel
–Clothing
–Footwear
–Accessories (Jewelry, Watches, Handbags, etc.)
-Furniture & Home Goods
–Sofas & Couches
–Tables & Chairs
–Home Decor (Rugs, Paintings, Vases, etc.)
–Others (Garden Equipment, Bathroom Accessories, etc.)
-Automotive
–Used Vehicles
–Vehicle Parts & Accessories
-Sports & Fitness Equipment
-Others (Toys, Collectibles, Books, etc.)
By Product Category
-Non-luxury
-Luxury
By Age Group
-Up to 18 Years
-19-25 Years
-26-40 Years
-41-55 Years
-Above 56 Years
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Regional Landscape
On the geographical front, the Asia-Pacific Recommerce Market expands across the following:
By Country
-China
-Japan
-India
-South Korea
-Australia
-Southeast Asia
-Rest of Asia-Pacific a
- China is poised to hold the largest share of the Asia-Pacific Recommerce Market in the years ahead.
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