The market for refurbished and used mobile phones market is anticipated to grow from US$ 49.9 billion to US$ 143.8 billion by 2031, growing at a CAGR of 10.2% throughout that time. Refurbished and used mobile phone sales currently account for almost 11% share of the global smartphones market.
In the modern world, owning a mobile phone is not only a necessity but also a status symbol. A top-of-the-line smartphone can easily cost $1,000 or more, so it’s no wonder that many people choose to buy refurbished and used phones instead. Refurbished phones are those that have been repaired and restored to like-new condition; they may have been used before, but they’ve been tested and certified to work properly. Used phones are simply those that have already been sold to a customer and are now being resold by retailers.
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Cellphones have become a vital piece of our lives, from supporting correspondence, drawing-in online business, to augmenting the growth of digitalization. Rapid increase in online content has been responsible for the growth of the global refurbished and used mobile phones market.
Additionally, rising clients’ reliance on electronic devices in non-industrial nations is propelling demand of refurbished and used mobile phones. Alongside, developing demand for low-estimated items, expanding reception of smartphones, and growing economies are expected to drive worldwide refurbished and used mobile phones market growth.
The refurbished and used mobile phones market is growing rapidly as more and more people become aware of the benefits of buying these types of phones. Refurbished phones are cheaper than new ones, so they’re popular among budget-minded shoppers. They’re also popular among people who want a high-quality phone without having to pay top dollar for it. And since refurbished phones come with a warranty, buyers can be confident that their investment will be protected.
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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.
Smartphones have changed the world remarkably in a short period of time. They have become central to people’s lives, from communication to commerce and digital content consumption. However, the recycling rate for mobile products is less than other major electronic categories because most people throw away used devices or simply hoard them.
In most developed countries such as the U.S., Germany, France, U.K., and Italy, people are very tech-savvy and always prefer advanced features and technologies in their electronic gadgets. Due to a shorter upgrade cycle of most mobile phones, people in these countries are not willing to spend a significant amount on new mobile phones. Due to this, they are moving toward refurbished and used mobile phones.
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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Key Questions Answered in This Report –
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What are the key driving factors for the growth of the Refurbished And Used Mobile Phones Market?
What are the top players operating in the Refurbished And Used Mobile Phones Market?
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