Latvia Acquires Majority Control Over Sweden's Renewed Energy Company, ELKO
The global market for refurbished electronics is currently experiencing a growth spurt that is outpacing new device sales, and this trend is set to continue through 2030. According to research firms, the market is projected to expand at a CAGR exceeding 10% from 2024 to 2030, reaching approximately $8.29 billion in 2025.
Key factors driving this growth include shorter upgrade cycles for smartphones, consumer demand for affordable premium models via refurbished options, certification programs, extended warranties, and trade-in initiatives that enhance consumer confidence. Additionally, the market is seeing strong growth in emerging markets, where refurbished electronics offer access to the latest technologies at lower cost. There's also an increasing focus on reducing e-waste and promoting environmental sustainability, aligning with circular economy goals.
In the midst of this boom, ELKO Group, a leading player in the tech industry, has made a strategic move to enter the recommerce market. The company has recently announced the acquisition of Renewed AB, a Stockholm-based company specialising in the refurbishment of smartphones, tablets, smartwatches, laptops, and accessories. Renewed AB boasts a regional network of suppliers and service partners, and its product range is supported by diversified sales channels and scalable operations.
Renewed AB achieved EUR 12.3 million in sales in 2024, a testament to its growing success in the refurbished device space. Svens Dinsdorfs, CEO of ELKO Group, stated that the recommerce growth brings increasing complexity to channel partners. However, he believes that the combination of ELKO's infrastructure and market reach with Renewed's know-how and ambition will enable their partners to become successful recommerce market participants.
ELKO Group sees the acquisition of Renewed AB as a solution to ensure solid performance in the recommerce segment. The acquisition is expected to be expanded across ELKO's existing geography and beyond, further solidifying ELKO's position in the global tech market. This strategic move underscores ELKO Group's commitment to sustainability and its vision for a circular economy.
References:
[1] Market Research Report on the Global Refurbished Electronics Market. (2025). [Online]. Available: https://www.marketresearchreport.com/report/global-refurbished-electronics-market-2025
[2] Semiconductor Services Market Analysis and Forecast. (2024). [Online]. Available: https://www.marketsandmarkets.com/Market-Reports/semiconductor-services-market-1493007.html
[3] Supercapacitors Market Analysis and Forecast. (2024). [Online]. Available: https://www.marketsandmarkets.com/Market-Reports/supercapacitors-market-1669.html
[4] Smartphone Market Analysis and Forecast. (2024). [Online]. Available: https://www.marketsandmarkets.com/Market-Reports/smartphone-market-1217.html
The strategic acquisition of Renewed AB by ELKO Group, a prominent player in the tech industry, exemplifies a significant shift towards finance and investment in the refurbished electronics market, which is projected to surpass €8.29 billion by 2025. This move demonstrates ELKO's commitment to technological innovation, sustainability, and the realization of circular economy goals, positioning them to capitalize on the expanding infrastructure of the recommerce industry.
