Refurbished and Used Mobile Phones Market Research: Unveiling Growth Opportunities and Industry Best Practices

According to a new report published by Allied Market Research, titled, "Refurbished and Used Mobile Phones Market, by Type (Refurbished Phone, Used Phone), by Price Range (Low Price (Below $200), Mid Price ($200 to $500), Premium (Above $500)), by Application (Individual, Businesses): Global Opportunity Analysis and Industry Forecast, 2021-2031".

The refurbished and used mobile phones market was valued at $51.97 billion in 2021, and is estimated to reach $145.9 billion by 2031, growing at a CAGR of 11.2% from 2022 to 2031.

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A refurbished and used mobile phones refers to a handset that has been returned by the consumer to the manufacturer which may or may not have kind of fault, which is then repaired by the manufacturer and is sold with a refurb tag. Before sending the device out into the market, the manufacturer ensures that the device has been thoroughly checked, and tested, and is functioning well. A refurbished phone choice depends on who refurbished the phone. There are two types of refurbished phones, including manufacturer-refurbished and seller-refurbished phones. The growth of online platforms offering refurbished smartphones has increased market penetration, especially in emerging economies. The easy availability of refurbished and used mobile phones on e-commerce platforms and the discounts offered to attract new customers. Therefore, a rise in e-commerce platforms creates a demand for refurbished and used mobile phones.

Rise in consumer dependency on smartphone devices globally and increase in the number of companies providing EMI options for phone drive the growth of the market. In addition, the cost-efficient benefits of refurbished and used mobile phones are fueling the growth of the refurbished and used mobile phones market size. However, the scarcity of top models and limitation in warranty period of refurbished and used mobile phones limit the growth of the market. Conversely, rise in adaption of e-commerce platforms among buyers and sellers is anticipated to provide numerous opportunities for the expansion of the market during the forecast period.

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Competitive Analysis:
The competitive environment of Refurbished and Used Mobile Phones Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Refurbished and Used Mobile Phones Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
Apple Inc.
Amazon
Samsung
Verizon Communications, Inc
Cashify
Walmart
eBay
Paytm
Huawei
AT&T Inc and Many More

Region-wise, North America held a significant global refurbished and used mobile phones market share, due to the increase in demand for consumer electronic services. U.S. and Canada currently dominate the regional market for North America. The main growth drivers of the refurbished and used mobile phones market analysis in this region is rise in consumer dependency on smart phone devices globally and increase in the number of companies providing EMI options for phone are the primary factors that drive the growth of the refurbished and used mobile phones market in Asia-Pacific, North America, Europe, and LAMEA.

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The impact of the outbreak of COVID-19 resulted in the boost of refurbished and used mobile phones. This comes as the demand for smartphones in general has seen a significant increase with work and education now moving online. Moreover, pandemic had further pushed governments and consumers to adopt refurbished and used smartphones as there was a rise in 5G trend and enhanced high-speed broadband Internet access through fixed wireless access during the pandemic. Such factors were helpful for the refurbished and used mobile phones market during the pandemic.

Furthermore, by purchasing a refurbished mobile phone, a second life is given to a device. For instance, in, September 2022, In order to encourage smartphone longevity, reduce e-waste, and save precious resources, Fairphone, a Dutch social venture creating a market for ethical smartphones, began selling refurbished cellphones through its website, the Fairphone 3, new life edition. In addition, the solution is using refurbishing hand phones that will not only help keep these precious resources in the loop for repeated reuse. But it will also reduce the overall carbon impact and recycling costs. Refurbished phones help keep the consumption demand high. 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 refurbished and used mobile phones market during Covid-19 period.

Similar Reports:
UK Refurbished and Used Mobile Phones Market: https://www.alliedmarketresearch.com/uk-refurbished-and-used-mobile-phones-market

U.S. Refurbished and Used Mobile Phones Market: https://www.alliedmarketresearch.com/u-s-refurbished-and-used-mobile-phones-market

Europe Refurbished and Used Mobile Phones Market: https://www.alliedmarketresearch.com/europe-refurbished-and-used-mobile-phones-market

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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