Global Refurbished and Used Mobile Phones Market 2026: Urbanization in emerging economies is impelling manufacturers to enter into untapped market

The market for used and refurbished mobile phones has skyrocketed in the last couple of years with technology becoming a necessity with each passing day. The expansion of e-commerce and retail chains has made the availability of used and refurbished mobile phones easy and the easy accessibility has triggered strong growth in the global refurbished and used mobile phones market. It has been observed that the market will witness a strong growth rate of 9.8% from 2018 to 2026. In 2017, the market was worth US$ 19,067.2 Mn and it has been estimated to surpass US$ 44,100 Mn by the end of 2026.

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Smartphones are remarkably shaping the world, and mobile phones have formed an integral part of consumers’ lives in the last decade - from supporting communication and engaging in e-Commerce, to supplementing the growth of digital content. Although the recycling rate for mobile products is low in a majority of leading electronic categories since consumers either store or throw away used gadgets, there has been a significant rise in the adoption of used and refurbished mobile phones. In developed countries such as Italy, the U.K., France, Germany, and the U.S., a majority of the consumer base is tech-savvy and prefers advanced and high-end technological equipment. Owing to a short upgrade cycle of several mobile phones, the customers in these countries generally are not willing to spend much on new mobile phones. Due to this, a majority of the population is shifting their interests towards refurbished and used mobile phones with the features they desire and also in low price. As a result, the refurbished and used market is attracting a significant customer base from both developed and developing countries.

Developing nations are expected to exhibit high demand for refurbished and used mobile phones

Emerging economies such as Philippines, Thailand, Mexico, Russia, India, Brazil, and Argentina are turning out to be leading markets for used and refurbished mobile phones. Consumers in these regions are price sensitive and usually prefer purchasing low-cost products, especially when it comes to buying electronics. The market for used and refurbished mobile phones is a highly unorganized one and companies are offering refurbished and used mobile phones at inexpensive rates. The growing customer dependence on gadgets in developing regions has increased the demand for refurbished and used mobile phones in these regions along with others.

The global digital ecosystem has been continuously evolving over the last few years. The worldwide ICT sector has witnessed some key disruptions of late and governments of various economies are devising and implementing smart and inclusive regulations to govern sector penetration and facilitate technology connectivity to all parts of the world. Even as the world of technology prepares for a massive revolution with unimaginable advancements powered by machine intelligence, here are some of the key drifts presently trending the global ICT sector:

Mobile as the new internet accessibility engine: Currently, about three-fourths of internet usage is through mobile phones, with an increasing usage witnessed in low-income and middle-income countries. Yet, over half the worlds population is bereft of mobile broadband internet services. Mobile data providers have accepted this challenge and are targeting niche, unpenetrated markets with high-speed connectivity offerings to increase their customer base.

Cloud computing to shoot beyond the sky: Cloud is a potent catalyst in all technological advances of the 21st Cloud is transforming the way enterprises handle big data, and ICT companies are looking to deploy new mechanisms and tools to speak to data and acquire the relevant information capable of impacting cross sector business growth.

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Swifter integration of networks and technologies: ICT will continue to disrupt industries and with an increasing shift in focus towards cross-functional platforms that integrate networks, devices, and technologies, a structured integration of communication applications and protocols is fueling new service offerings.

An app-led technology universe: If mobile is at the heart of the ICT revolution, mobile apps are the arteries that pump in the necessary innovation for survival. The rise of start-ups offering a plethora of mobile apps is set to revolutionize the entire paradigm of the global ICT sector.

Cyber readiness is the norm: A rapid digitalization has also upped the risk of cybercrimes and cyber-attacks. Mobile companies are working to build secure ICT servers and networks and cyber readiness is of paramount importance today while introducing new products and services in the global market.

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