Market Research Future (MRFR) has published a “Global Refurbished Smartphone Market”
MRFR recognizes the following companies as the key players in the global refurbished smartphone market— Amazon.com, Inc., Apple Inc., cashify, Paytm, Samsung Electronics Co Ltd, Walmart, eBay, AT&T Inc., Huawei Technologies Co., Ltd., and Verizon Communications, Inc.
The global refurbished smartphone market is accounted to register a CAGR of 12.50% during the forecast period and is estimated to reach USD 154.7 billion by 2032.
Refurbished smartphones are previously used devices that have been returned and fixed up so they may be sold again. Not all advertised refurbished phones are in poor condition. Some networks and retailers classify refurbished phones as handsets that were sent back by users or customers who typically changed their minds during the 30-day cooling-off period following contract signing. The vendor often performs tests, such as seeing if the battery charges and making sure the buttons and cameras function.
The industry is expanding as a result of rising smartphone dependence among consumers worldwide and an increase in the number of companies offering EMI plans for phones. Additionally, the cost-saving advantages of refurbished and used mobile phones drive the market's expansion.However, the market's expansion is constrained by the dearth of premium models and restrictions on the warranty coverage for refurbished and used mobile phones. In contrast, during the forecast period, a growing number of opportunities would present themselves due to the use of e-commerce platforms by buyers and sellers.
The global refurbished smartphone market has been segmented based on type, price range and application.
Based on type, the market is segmented into Refurbished Phone and Used Phone. The refurbished phone segment was attributed to holding the largest market share in 2022.
Based on price range, the global refurbished smartphone market has been segmented into Low Price (Below $200), Mid Price ($200 to $500) and Premium (Above $500). The mid price ($200 to $500) segment was expected to hold the largest market share in 2022.
Based on the application, the global refurbished smartphone market has been segmented into Individual and Businesses. The online channel segment was expected to hold the largest market share in 2022.
The global refurbished smartphone market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of US and Canada. The Europe refurbished smartphone market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The refurbished smartphone market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World refurbished smartphone market comprises of Middle East, Africa, and Latin America.
The North American region is anticipated to be the largest region in the refurbished smartphone market over the forecast period. Sales of refurbished smartphones are on the rise in North America, particularly in the US, thanks to tech-enabled businesses like Walmart and BestBuy. Due to the money both consumers and sellers may save by purchasing refurbished mobile devices, their popularity is rising. High-quality refurbished cell phones are often sold at discount rates by neighbourhood shops.
Moreover, the European region is anticipated to be the second largest region. The market for refurbished smartphones is growing due to a number of causes, including a rise in technology interest and a significant demand for high-end smart gadgets. The value of secondhand mobile phones is rising, more options exist for partially or entirely switching out current phones, and SIM-only deals are alluring. Growth is influenced by each of these elements.
Additionally, the Asia Pacific region is expected to be the fast growing region in the refurbished smartphone market. The expansion of the market in the Asia-Pacific region is being driven by growing e-commerce sales, improvements in logistical services, and the ease of payment options such buy now pay later services.
Furthermore, the rest of the world's refurbished smartphone market is divided into the Middle East, Africa, and Latin America. The Middle Eastern countries like Saudi Arabia and the United Arab Emirates, where the middle class is expanding, are what are fueling demand for refurbished phones. On the other hand, the cost of manufacturing portable refurbished smartphones has decreased due to the widespread usage of semiconductors and the entry of new rivals.
Key Findings of the Study