Beyond New: An In-Depth Analysis of the Refurbished and Used Mobile Phones Market

The market for refurbished and used mobile phones is expected to generate sales of US$ 172,092.5 million by the end of 2033. As of 2022, the market for refurbished and used mobile phones is estimated to be worth US$ 50,500.2 million. As of 2023, the market is estimated to be worth US$ 55,743.50 million. The market for refurbished and used mobile phones is anticipated to grow at a CAGR of 11.9% over the next ten years, which accounts for the significant increase.

As more reputable smart phone resellers enter the smartphone market, refurbished smartphones are growing in popularity. Unlike a used phone sold by an individual, a refurbished phone is sold by a network, manufacturer, or retailer. It will have had a previous owner.

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Recent Trends in Refurbished and Used Mobile Phones Market

The refurbished and used mobile phones market has been experiencing significant trends in recent years. These trends are driven by various factors, including consumer demand for affordable smartphones, increased awareness about environmental sustainability, and advancements in the refurbishment process. Some of the notable trends in the refurbished and used mobile phones market include:

Growing demand for affordable smartphones: Refurbished and used mobile phones are often priced lower than brand new devices, making them an attractive option for budget-conscious consumers. With rising smartphone prices and increasing awareness about the value of refurbished phones, there has been a growing demand for affordable smartphones, particularly in emerging markets. This trend has led to an increase in the sales of refurbished and used mobile phones.

Environmental sustainability and circular economy: As consumers become more environmentally conscious, there has been a growing interest in the circular economy, which promotes the reuse and recycling of products. Refurbished and used mobile phones align with the principles of the circular economy as they extend the lifespan of devices and reduce electronic waste. This has led to increased awareness and adoption of refurbished and used mobile phones as a sustainable option for consumers who want to reduce their environmental impact.

Improved refurbishment process: Advancements in technology and refurbishment processes have improved the quality and reliability of refurbished and used mobile phones. Refurbished phones are now thoroughly tested, repaired, and restored to original or near-original condition, making them comparable to new devices in terms of performance and functionality. This has boosted consumer confidence in refurbished and used mobile phones, leading to increased sales and adoption.

Expansion of online marketplaces: Online marketplaces have played a significant role in the growth of the refurbished and used mobile phones market. E-commerce platforms have made it easier for consumers to buy and sell refurbished and used mobile phones, providing a convenient and accessible way to access these devices. Many established e-commerce platforms now have dedicated sections for refurbished and used mobile phones, making it easier for consumers to find and purchase these devices online.

Company Profiles:

Apple Inc.
Samsung
Lenovo
Huawei
Xiaomi
Yaantra
Cashify
Walmart
Amazon
eBay
Paytm
Mobiru India Private Limited
Alibaba
Chinarephone.com

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Key Takeaways from Market Study

By type, the refurbished phones segment is anticipated to account for a leading share in the global market during the forecast period, and expand at a robust CAGR of 11% through 2031.
Mid-priced brands will be a dominating segment and expand almost 3.1X by 2031.
By sales channel, online e-Commerce is currently leading the market, and the segment is likely to expand at a robust CAGR of nearly 11% through 2031.
Asia Pacific is expected to lead market growth, closely followed by Europe. South Asia & Pacific is anticipated to emerge as the fastest-growing regional market over the decade.
The market in India is expected to surge at a CAGR of almost 16% through 2031.
In U.K., sales of refurbished and used mobile phones are expected to increase at a CAGR of close to 11% over the next ten years.

"E-waste includes complex mixtures of materials, which adversely impacts the environment. Therefore, mobile phone makers can focus on recycling and reusing old products to maintain a sustainable environment and reduce e-waste" says a Persistence Market Research analyst.

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Shorter Upgrade Cycle of Smartphones Driving Demand for Refurbished and Used Mobile Phones

In a short time, smartphones have dramatically altered the way we live. They now play a crucial role in all aspects of people's lives, including communication, commerce, and the use of digital content. However, because most people either hoard or throw away used electronics, the recycling rate for mobile products is lower than that of other significant electronic product categories.

People are very tech-savvy in the majority of developed nations, including the U.S., Germany, France, the United Kingdom, and Italy, and always prefer cutting-edge features and technologies in their electronic devices. People in these nations are not willing to spend a sizable amount on new mobile phones due to a shorter upgrade cycle of the majority of mobile phones. They are switching to refurbished and used mobile phones as a result.

Refurbished and used mobile phones with advanced technologies and features at low costs are attracting consumers in most of the developed as well as developing countries. Thus, shorter upgrade cycle of mobile phones and growing interest of individuals in advanced mobile phones at low costs are forecasted to fuel the growth of the global refurbished and used mobile phones market over the years ahead.

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