Refurbished and Used Mobile Phones Market

Global Refurbished and Used Mobile Phones Market: Overview

According to Custom Market Insights (CMI), The Global Refurbished and Used Mobile Phones Market  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.

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Refurbished and Used Mobile Phones Market: Growth 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.

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Refurbished and Used Mobile Phones Market: Regional Analysis

During the projected period, Asia-Pacific is expected to maintain its prominent position in the Refurbished and Used Mobile Phones market. Developing and developed nations like China and India are the big markets for the Refurbished and Used Mobile Phones market.

The main markets in the Asia Pacific for Refurbished and Used Mobile Phones are China, India, and Indonesia. The market in this area will grow more quickly than in Europe, the Middle East, and North America. Over the projection period, the growth of the refurbished smartphone market in Asia-Pacific will be aided by the expansion of the telecom infrastructure, rising smartphone prices, and the absence of disruptive features in android smartphones.

Refurbished smartphone sales are rising in India because of a new generation of tech-enabled firms like Cashify, HyperXchange, and Flipkart-owned Yaantra, among others. Refurbished mobile devices offer affordable choices for buyers and sellers, and they are growing in popularity due to the money they save both parties. Local merchants, like Shopzen India, provide high-quality refurbished mobile phones at wholesale prices. With all brands available on one platform, customers can shop for their ideal smartphones and mobile phone accessories while minimizing costs. The market demand in this area is driven by the rising popularity of e-commerce platforms for used and refurbished cell phones.

During the forecast period, the North America region expects a significant growth rate. One of the main factors behind the growth of North America’s used and refurbished smartphone industry is the increasing advances in smartphone features and the expanding range of 5G devices. One of the most developed marketplaces in the world for smartphone makers is the U.S., With companies like Apple.

The area has a history of creating cutting-edge devices that have altered the dynamics of the global smartphone industry. In the area, low-end and mid-range smartphones are becoming more popular since many smartphone makers believe they would perform better in the COVID-19 pandemic-affected market environment. Despite the availability of various brands and product lines, the premium Samsung flagship devices and iPhones dominated the market. Shifting trends may drive the demand for reconditioned and used smartphones in the area. Because of the updating and upgrading of devices by businesses and individuals due to changes in the workplace and workforce, North American trade-in service providers have seen a boom in their product business over the past several years.

Refurbished and Used Mobile Phones Market: Recent developments

• Xiaomi increased the domestic production of smartphones and smart TVs in India. BYD and DBG Technology from China were mentioned as two of its new partners for manufacturing smartphones. Along with increasing domestic smartphone production, Xiaomi named Hyderabad-based Radiant Technology as its second manufacturing partner after Dixon for domestic production of smart TVs.

Key Players:

• Apple Inc.
• Amazon
• Samsung
• Verizon Communications, Inc.
• Cashify
• Walmart
• eBay
• Paytm
• Huawei
• Yaantra
• AT\&T Inc.

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The global Refurbished and Used Mobile Phones market is segmented as follows:

By Type

• Refurbished phones
• Used phones

By Pricing Range

• Low-priced
• Mid-priced
• Premium

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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