Refurbished and Used Mobile Phones Market

Refurbished and Used Mobile Phones Market Outlook (2023 to 2033)

As of 2022, the global demand for Refurbished and Used Mobile Phones Market is valued at US$ 50,500.2 Million, with sales revenue expected to reach US$ 172,092.5 Million by the end of 2033, and as of 2023, the refurbished and used mobile phones market is valued at US$ 55,743.50 Million. This huge increase is due to the fact that the refurbished and used mobile phones market is expected to grow at a CAGR of 11.9% over the next ten years.

Refurbished smartphones are becoming increasingly popular as more reputable smart phone resellers are entering the smartphone market. A refurbished phone will have had a previous owner, but unlike a used phone sold by an individual, a refurbished phone is sold by a network, manufacturer, or retailer who will have repaired it, performed tests on it, and made sure it meets a certain standard.

Modern consumers with a high level of education favor high-end, cutting-edge mechanical hardware. Many customers prefer to invest more time in their new devices because there is a short upgrade cycle. Due to the affordable price of used mobile phones with their desired features, a sizeable portion of the population is showing a preference for them.

The major factors driving the growth of refurbished and used mobile phones market are expanding economies, rising consumer demand for low-cost goods, and rising consumer acceptance of smartphones

The massive uptake of smartphones in emerging markets has led to a significant rise in the demand for refurbished smartphones in recent years. To maintain a competitive edge and market share, more emphasis is placed on creating distribution channels and attracting customers.

The North American market held the largest market share of 25.8% in 2022 and is expected to retain its dominance throughout the forecast period and in 2022, the demand for refurbished and used mobile phones in the Europe region accounted for 21.1% of the global market's value.

What are the factors propelling the demand for refurbished and used mobile phones sales?

“Increasing Acceptance of E-Commerce Platforms for Used and Refurbished Smartphones Is Driving the Demand for Used & Refurbished Smartphones”

The proliferation of online marketplaces selling refurbished smartphones is increasing market penetration, particularly in emerging and growing countries. The accessibility of smartphones on e-commerce platforms, as well as the promotions provided during festival and summer seasons, all serve to draw in new customers. As a result, the demand for used and refurbished smartphones is significantly impacted by the development of e-commerce platforms.

• In January 2022, Flipkart Group acquired Yaantra, which is an electronics recommerce company. The acquisition strengthened the recommerce business and improved after-sales offerings for its customers in the smartphone segment.
• In May 2022, Phixman entered into a strategic partnership with Detel to provide refurbished smartphones including warranty and accessories for a very low price. It also planned to offer services across all centres all over India for a fair price.

Which Factor Is Driving the Opportunity in The US for Wiring Devices Sales?

“Widening Scope of 5G Smartphones Propelling the Demand for Refurbished and Used Mobile Phones in US Market”

One of the most developed markets in the world for smartphone vendors is the United States. With companies like Apple, the region has a history of creating cutting-edge smartphones that have altered the dynamics of the global smartphone market. The increasing advancements in smartphone features is driving the United States refurbished and used mobile phones Market.

Due to these reasons, in 2022, the United States refurbished and used mobile phones market companies helped the country to account for a dominant share of 17.2% in the global marketplace.

Which countries in Asia have the high global CAGR for the Refurbished and Used Mobile Phones Market?

“India Accounts for Second Highest Global CAGR for Refurbished and Used Mobile Phones Market”

One of the major factors driving the sales of refurbished and used mobile phones in India is lower prices of the smart phones. Refurbished mobile phones offer beneficial alternatives for both customers and sellers, and they are becoming more popular as they save money for both providers and consumers. Local vendors such as Shopzen India provide high-quality refurbished mobile phones at wholesale prices, with all brands available on a single platform for users to save money and shop for their desired smartphones and mobile phone accessories.

The CAGR for India's adoption of refurbished and used mobile phones markets is predicted to be around 9.1%.

Which Countries in Europe Have the High Global Market Share for Refurbished and Used Mobile Phones Market?

“Germany Holds High Global Market Share in Europe Region”

One of the major factors propelling the expansion of the refurbished and used mobile phones market is a growing interest in technology and a high demand for top quality intelligent devices.

Growth is also aided by a number of factors, including the rising residual value of mobile phones, expanded options for trading in or partially exchanging current phones, and alluring SIM-only deals. This offers chances for new retail players to establish themselves in the Germany refurbished and used mobile phones market.

Due to this reason, the refurbished and used mobile phones market for Germany in 2022 held a market share of 11.2 % in the global Refurbished and used mobile phones market.

Category-wise Insights

Which type segment of the Refurbished and Used Mobile Phones Market holds the largest market share?

“Used Phones segment of the smart phone type allows to have the Larger Market Share”

The number of phone manufacturers and independent recycling businesses encouraging customers to trade in their old devices for cash or a discount has significantly increased. As a result, there is now a higher turnover rate for mobile devices, with many high-end smartphones finding their way back onto the wholesale market for used phones.

In 2022 the, used phones dominated the global market and accounted for 54.4% of the total market value share.

Why Mid-Priced Refurbished and Used Mobile Phones ($200-$500) Segment Holds a Large Market?

“Favourable EMI options for mid-range used mobile phones for consumers”

In 2022, mid-priced refurbished and used mobile phones ($200-$500) segment is anticipated to account for largest share of 39.2% over the forecast period

Another factor driving demand for refurbished phones is the growing middle class in Middle Eastern nations like the United Arab Emirates and Saudi Arabia. On the other hand, the widespread use of semiconductors and the entrance of new competitors have reduced the cost of producing portable refurbished devices.

Which Sales Channel have the high global CAGR for the Refurbished and Used Mobile Phones Market?

“Online/ e-Commerce Sales of Refurbished and Used Mobile Phones accounts for highest CAGR for Refurbished and Used Mobile Phones Market”

As the number of buy and sell platforms has grown, so has visibility, allowing sellers to get the best price for their old phones. It has standardised the secondary smartphone market while also increasing competition among market participants.

Amazon has a refurbished devices section. Customers can trade in their old smartphones for a discount on a new device at Amazon. The company inspects them and makes any necessary repairs so that they appear and function as new. These devices are then refurbished and sold. They are even backed by a limited warranty from the vendor or manufacturer.

Competitive Landscape

Refurbished and used mobile phones vendors are concentrating on diversifying their product portfolio in order to satisfy their growing customer demands. Businesses in the market are also concentrating on the creation of new products and strategic alliances with a number of other vendors. The production of new products and business partnerships are essential for the vendors to generate revenues.

• In September 2022, fairphone, a Dutch social enterprise creating a market for ethical smartphones, began selling refurbished smartphones, the fairphone 3, New Life Edition, through its website to encourage smartphone longevity, reduce e-waste, and conserve precious resources.
• In January 2020, Walmart launched the in-store pilot programme to sell refurbished iPhones, iPads, and other Apple devices in approximately 30 of its physical locations. Participating stores sell goTRG-certified refurbished Apple products with a one-year warranty.

Recent developments related to key players providing the refurbished and used mobile phones market have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Refurbished and Used Mobile Phones Market Report Scope

Key Segments of Refurbished and Used Mobile Phones Market Research

By Type:

• Refurbished Phones
  • Company-owned
  • Consumer-owned
• Used Phones
  • Trade-ins
  • Buybacks

By Pricing Range:

• Low-priced Refurbished and Used Mobile Phones (Less than $200)
• Mid-Priced Refurbished and Used Mobile Phones ($200-$500)
• Premium Refurbished and Used Mobile Phones (More than $500)

By Sales Channel:

• Online/ e-Commerce Sales of Refurbished and Used Mobile Phones
• Refurbished and Used Mobile Phones Sold at Physical Retail Stores

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

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