Refurbished And Used Mobile Phones Market to Reach Beyond USD 23.61 Billion By 2032
Posted on 2 August, 2023 by Rakesh Jadhav
According to Custom Market Insights (CMI), The Global Refurbished and Used Mobile Phones Market size was estimated at USD 52.34 billion in 2021 and is expected to hit around USD 146.43 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 11.45% from 2022 to 2030.
A used smartphone that has been returned to the manufacturer is refurbished. After testing and inspecting the devices’ internal and external states, the business remanufactures them into new-looking gadgets.
Once a smartphone has some damage, it gets discarded and dumped in landfills. However, if it is repaired and sold, it will have had an opportunity to live. Any smartphone with even a few dings or scrapes on it should never be discarded since it is extremely harmful to the environment. Many smartphone components are made of plastic, and we all know how difficult it is to harm lithium-ion batteries. Therefore, it would be preferable to sell these as refurbished phones that could be offered at a lower cost while still being in excellent shape.
Beginning with attracting internet commerce, facilitating correspondence, and completing the growth of digitalization, cell phones have become an essential component of people’s life. Modern buyers who are well-informed gravitate toward high-quality, advanced mechanical hardware. Due to the brief upgrade cycle, many buyers are unwilling to commit much time to their new devices.
Browse the full “Refurbished and Used Mobile Phones Market Size, Trends and Insights By Type (Refurbished phones, Used phones), By Pricing Range (Low-priced, Mid-priced, Premium), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/refurbished-used-mobile-phones/
Market Dynamics
Drivers.
Modern shoppers who are well-educated gravitate toward high-quality, advanced mechanical hardware. Due to the brief upgrade cycle, many buyers are unwilling to commit much time to their new devices. As a result, a sizable portion of the population is demonstrating a preference for secondhand mobile phones, which have their desired features at an affordable price. It is widely acknowledged that factors driving the global market for refurbished and used mobile phones include increasing economies, growing demand for low-priced commodities, and growing consumer acceptance of smartphones.
In addition, increasing consumer dependency on electronic devices in developing countries is necessary to support demand in the global market for refurbished and used mobile phones. Manufacturers of smartphones in developing nations are investing resources in new work to produce high-quality mobile phones that will quickly satisfy customer mechanical demands. Additionally, such a factor is anticipated to promote the global market for refurbished and used mobile phones.
The market for used mobile devices is not as small as first thought. On the contrary, it is progressively becoming the new standard and moving into the mainstream electronics retail arena.
The growth has been exploding as the demand has been increasing. Across all regions, the practicality of used gadgets has equally infiltrated and opened up new use-case possibilities. For several reasons, including a lack of precious metals, cost-conscious consumers, increased access to high-quality refurbished devices, the availability of quality assurance and warranty, and environmental concerns, Asia is predicted to be one of the top markets for refurbished smartphones in the coming years.
A reconditioned product will generate more interest and build the ecosystem if it can give the customer the best possible value, establish a reputation, and offer proactive after-sales services. Hence, this is driving the market for used smartphones market.
Due to the enormous smartphone adoption in emerging nations, the demand for refurbished smartphones has increased significantly in recent years. There is now a greater emphasis on developing distribution channels and acquiring customers to preserve a competitive edge and market share. It is believed that increasing emerging markets in developing nations, increased consumer desire for low-cost items, and rising smartphone penetration all impact the worldwide market for refurbished and used mobile phones.
Restraints
The availability of low-quality mobile phones and growing customer security concerns are the main factors limiting industry expansion. The low-quality products also threaten the environment as they contain a high quantity of plastics in them.
Opportunities
Consumers’ growing reliance on inexpensive, high-quality smartphones is opening up new market expansion prospects. Consumers are technology-oriented and do not want to invest in a lump sum, creating new opportunities for the Refurbished and Used Mobile Phones market.
Challenges
The market for refurbished smartphones faces challenges throughout the forecast period due to the widespread availability of smartphones in online stores. Online stores, including Walmart Inc., eBay Inc., and Amazon.com, Inc. (Amazon), provide a variety of cell phones at a discount. Additionally, they collaborate with nearby banks to provide discounts via credit and debit cards. They also provide discounts during holidays and the summer, attracting many customers. As a result, the growth of e-commerce companies might have a detrimental effect on the market for refurbished cell phones.
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Report Highlights
Based on type, the refurbished phones category is expected to grow at the greatest CAGR and will be in a dominant position in the future. Many buyers are drawn in by the inexpensive prices and discounts sellers offer on refurbished phones. This is driving the market.
Based on the pricing range, the mid-priced segment is the leading and expected to contribute to the refurbished smartphone market. This is attributed to the fast-expanding e-Commerce platforms and the advantageous EMI alternatives for customers purchasing old mobile phones in the midrange price band. On the other hand, the widespread usage of semiconductors and the entrance of new competitors have reduced the cost of producing portable reconditioned gadgets.
Regional Snapshots
Asia-Pacific held a dominant position and is predicted to dominate during the forecast period in the refurbished smartphones market due to the area’s increasing infrastructure development. The market for refurbished and used mobile phones in this region may also be driven by rising urbanization, a growing number of tech-savvy people, and quick technical improvements. In China, the usage of reconditioned and used mobile phones has become very popular over time.
China is now one of the nations making large investments in the resale of old and refurbished cell phones. Many buyers and resellers find selling or refurbishing mobile devices through conventional channels challenging. E-Commerce is proving to be the finest platform for buyers and shoppers under these circumstances. These reasons are driving the refurbished smartphone market in this region.
Key Players
- Apple Inc.
- Amazon
- Samsung
- Verizon Communications, Inc.
- Cashify
- Walmart
- eBay
- Paytm
- Huawei
- Yaantra
- AT&T Inc.
Recent Developments
Around 30 of Walmart’s physical locations now offer refurbished iPhones, iPads, and other Apple gadgets as part of the company’s In-Store test program. The program’s member retailers provide goTRG-certified refurbished Apple goods with a 12-month guarantee.
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