Austin, TX, USA, May 11, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “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” in its research database.
“According to the latest research study, the demand for Global Refurbished and Used Mobile Phones Marketsize & share was valued at approximately USD 64.10 Billion in 2022 and is expected to reach USD 62.79 Billion in 2023 and is expected to reach a value of around USD 146.43 Billion by 2030, at a compound annual growth rate (CAGR) of about 11.45% during the forecast period 2023 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.
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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.
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 second-hand 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.
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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.
(A free sample of the Refurbished and Used Mobile Phones report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
- About 220+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on the Request.
- Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated.
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Custom Market Insights (CMI) research methodology
(Please note that the Refurbished and Used Mobile Phones report sample has been modified to include the COVID-19 impact study prior to delivery.)
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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.
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 leading and is expected to contribute to the refurbished and used mobiles 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.
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Key questions answered in this report:
- What is the size of the Refurbished and Used Mobile Phones market and what is its expected growth rate?
- What are the primary driving factors that push the Refurbished and Used Mobile Phones market forward?
- What are the Refurbished and Used Mobile Phones Industry's top companies?
- What are the different categories that the Refurbished and Used Mobile Phones Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the Refurbished and Used Mobile Phones market sample report and company profiles?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Snapshots
Asia-Pacific held a dominant position and is predicted to dominate during the forecast period in the Refurbished and Used Mobile Phones 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 Used Mobile Phones market in this region.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 52.34 billion |
| Projected Market Size in 2030 | USD 146.43 billion |
| CAGR Growth Rate | 11.45% CAGR (2022-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Prominent Players | Apple Inc., Amazon, Samsung, Verizon Communications Inc., Cashify, Walmart, eBay, Paytm, Huawei, Yaantra, AT&T Inc., and Others |
| Key Segment | By Type, Pricing Rang, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Key Players
- Apple Inc.
- Amazon
- Samsung
- Verizon Communications, Inc.
- Cashify
- Walmart
- eBay
- Paytm
- Huawei
- Yaantra
- AT&T Inc.
- Others
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.
- In January 2022, Flipkart Group bought Yaantra, a company that sells used goods. The acquisition made the recommerce business stronger and gave its smartphone clients better after-sales services.
- Phixman and Detel formed a strategic relationship in May 2022 so that Phixman could sell refurbished smartphones with a warranty and extra parts for a very low price. It also planned to offer services at fair prices in all places in India.
- In September 2022, Fairphone, a Dutch social enterprise that is building a market for ethical smartphones, started selling refurbished smartphones, called Fairphone 3, New Life Edition, on its website. This was done to encourage smartphones to last longer, reduce e-waste, and save important resources.
- The iPhone 12 and iPhone 12 Pro versions were added to the Apple Certified Refurbished store in March 2022. When you buy a product from Apple's Certified Refurbished store, it comes with a new battery, a new shell, genuine Apple part replacements (if needed), and a one-year guarantee.
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Segments covered in the report
By Type
- Refurbished Phones
- Used Phones
By Price Point
- 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 Application
- Individual
- Businesses
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On the basis of Geography
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
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This Refurbished and Used Mobile Phones Market Research/Analysis Report Contains Answers to the following Questions.
- What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Refurbished and Used Mobile Phones Market? What are Their Company Profile, Product Information, and Contact Information?
- What Was the Global Market Status of the Refurbished and Used Mobile Phones Market? What Was the Capacity, Production Value, Cost and PROFIT of the Refurbished and Used Mobile Phones Market?
- What Is the Current Market Status of the Refurbished and Used Mobile Phones Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Refurbished and Used Mobile Phones Market by Considering Applications and Types?
- What Are Projections of the Global Refurbished and Used Mobile Phones Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
- What Is Refurbished and Used Mobile Phones Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is the Economic Impact On Refurbished and Used Mobile Phones Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are Market Dynamics of Refurbished and Used Mobile Phones Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Refurbished and Used Mobile Phones Industry?
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Reasons to Purchase Refurbished and Used Mobile Phones Market Report
- Refurbished and Used Mobile Phones Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
- Refurbished and Used Mobile Phones Market report outlines market value (USD) data for each segment and sub-segment.
- This report indicates the region and segment expected to witness the fastest growth and dominate the market.
- Refurbished and Used Mobile Phones Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
- The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
- Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
- The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
- Refurbished and Used Mobile Phones Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.
Reasons for the Research Report
- The study provides a thorough overview of the global Refurbished and Used Mobile Phones market. Compare your performance to that of the market as a whole.
- Aim to maintain competitiveness while innovations from established key players fuel market growth.
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What does the report include?
- Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Refurbished and Used Mobile Phones market analysis.
- The competitive environment of current and potential participants in the Refurbished and Used Mobile Phones market is covered in the report, as well as those companies' strategic product development ambitions.
- According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.
- For each segment mentioned above, actual market sizes and forecasts have been given.
Who should buy this report?
- Participants and stakeholders worldwide Refurbished and Used Mobile Phones market should find this report useful. The research will be useful to all market participants in the Refurbished and Used Mobile Phones industry.
- Managers in the Refurbished and Used Mobile Phones sector are interested in publishing up-to-date and projected data about the worldwide Refurbished and Used Mobile Phones market.
- Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Refurbished and Used Mobile Phones products' market trends.
- Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.
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