Refurbished and Used Mobile Phones Market Trends, Opportunities, and Future Prospects From 2021-2031

Rise in consumer dependency on smartphone devices globally and the increase in the number of companies providing EMI options for phones drive the growth of the global Refurbished and used mobile phones market. By type, the used phone segment held the major share in 2021. By region, Asia-Pacific would cite the fastest CAGR by 2031.

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According to the report published by Allied Market Research, the global refurbished and used mobile phones market was estimated at $52 billion in 2021 and is expected to hit $145.9 billion by 2031, registering a CAGR of 11.2% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.

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COVID-19 scenario-

• COVID-19 has had a significant impact on the demand for iPods and old phones. In general, the demand is evident to be high as the demand for smartphones has significantly increased with the shift of work and education on an online basis. Refurbished smartphones are handsets owned by someone else and then have been restored and sold in working condition by a reseller.

• On the other end, acceptance of refurbished items will help create employment opportunities for more technicians and engineers. It will also present the opportunity for small businesses to expand. Such developments helped the growth of the refurbished and used mobile phones market during Covid-19 period.

The global refurbished and used mobile phones market is analyzed across type, price range, application, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.

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By type, the used phone segment held the largest share in 2021, garnering more than half of the global refurbished and used mobile phones market revenue, and is projected to maintain its dominance by 2031. The refurbished phone segment, on the other hand, would showcase the fastest CAGR of 12.5% during the forecast period.

By price range, the low price (below $200) segment contributed to more than half of the global refurbished and used mobile phones market share in 2021 and is projected to rule the roost by 2031. The mid-price ($200 to $500) segment, on the other hand, would display the fastest CAGR of 13.2% throughout the forecast period. The premium (above $500) segments are also analyzed in the report.

By application, the individual segment accounted for the highest share in 2021, generating around one-third of the global refurbished and used mobile phones market revenue. The same segment would also showcase the fastest CAGR of 12.2% from 2022 to 2031. The businesses segments are also analyzed in the report.

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By region, Asia-Pacific held the major share in 2021, garnering more than two-thirds of the global Refurbished and used mobile phones market revenue. The same region would also showcase the fastest CAGR of 13.4% from 2022 to 2031. The other provinces assessed through the report include North America, Europe, and LAMEA.

The key market players analyzed in the global refurbished and used mobile phones market report include Apple Inc., Amazon, Samsung, Verizon Communications, Inc, Cashify, Walmart, eBay, Paytm, Huawei, and AT&T Inc. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.

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