Second Hand Small Domestic Appliances Industry - Regional Synopsis
APAC Market Statistics
The Asia Pacific second hand small domestic appliances market, amongst the market in all the other regions, is projected to hold 47% industry share by 2037, backed by growing urbanization, and rising middle class population in the region. In the Asia-Pacific area, urbanisation is still a major megatrend. Over 2.2 billion people, or 54% of the world's metropolitan population, reside in Asia. The urban population in Asia is projected to increase by 50% by 2050, or by an additional 1.2 billion people. The major factor for the growth of the urban population in this region is migration. The rate of migration from rural to urban areas is higher in low- to middle-income nations in the Asia-Pacific as a result of economic stagnation (overdependence on agriculture) and inadequate rural infrastructure (health and education facilities). Migration is also a significant component in the expansion of second hand small domestic appliances market, as rural residents frequently use migration as a tactic to increase household income and acquire access to better services in cities.
