Refurbished and Used Mobile Phones Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
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- Status : Published
- Published on: Feb 2021
- Report ID: KDMI-6956
- Available Format: PDF/Excel/DOC
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Refurbished and Used Mobile Phones Market: Overview and Definition
The global refurbished and used mobile phones market size was estimated at USD 49.5 billion in 2021 and is expected to reach USD 168.5 billion by 2032, growing with a CAGR of 11% over the forecast period of 2022 to 2032. The refurbished and used mobile phone market has been growing rapidly in recent years. The main driver of this growth is the increasing demand for affordable and sustainable technology, as well as the desire to reduce electronic waste.
Refurbished mobile phones are pre-owned devices that have been restored to like-new condition, either by the original manufacturer or by a third-party refurbisher. They are then sold at a lower price compared to new phones, making them a more accessible and budget-friendly option for many consumers.
The used mobile phone market refers to the sale of second-hand or pre-owned devices. These devices are often sold directly by the previous owner, either online or through peer-to-peer platforms. The prices for used phones can vary depending on the condition and model, but they are generally lower than the prices for new phones.
Refurbished and Used Mobile Phones Market: Key Drivers
The refurbished and used mobile phone market is driven by several key factors, including:
Cost Savings: One of the primary drivers of the refurbished and used mobile phone market is the cost savings it offers compared to buying a new device. Refurbished and used phones are significantly cheaper than new phones, making them more accessible and budget-friendly for many consumers.
Sustainability: As consumers become more conscious of the environmental impact of e-waste, there has been a growing demand for more sustainable alternatives to buying new devices. Refurbished and used phones help reduce e-waste by reusing existing devices and extending their lifespan.
Technological Advancements: The rapid pace of technological advancements has made it easier and more cost-effective to refurbish and repair used phones, further driving the growth of the refurbished and used mobile phone market.
Online Shopping: The COVID-19 pandemic has led to a surge in online shopping, including for refurbished and used phones. As consumers avoid physical retail stores, the convenience and accessibility of online shopping has made it a more appealing option for purchasing devices.
Growing Market for Second-Hand Goods: There has been a growing trend towards the purchase of second-hand goods, including phones, as consumers seek to save money and reduce their impact on the environment.
Changing Behavior of Consumers Towards Refurbished & Used Products
The marketplace for refurbished and used mobiles is rich with opportunity and it can affect the perception of a brand & growth opportunities. per a survey, 84% of consumers who have purchased refurbished and used mobiles are satisfied with product functionality and therefore the price bought the worth received. the standard of refurbished products still increases, and positive experiences with refurbished products can function a gateway for consumers to be introduced to additional products for a selected brand. Thus, increasing demand for refurbished and used mobiles among consumers because of changing perception regarding used products are projected to diversify the expansion of the market within the upcoming years.
Refurbished and Used Mobile Phones Market: Challenges
Despite its growth, the refurbished and used mobile phone market faces several challenges, including:
Quality Concerns: One of the main challenges facing the refurbished and used mobile phone market is the perception of lower quality compared to new devices. Consumers may be hesitant to purchase refurbished or used phones due to concerns about performance and reliability.
Competition from New Devices: The refurbished and used mobile phone market faces competition from new devices, which offer the latest technology and features. This competition can make it difficult for refurbished and used phones to stand out and attract consumers.
Lack of Standardization: There is a lack of standardization in the refurbished and used mobile phone market, with different refurbishers using different processes and standards for restoring devices. This can lead to inconsistencies in quality and performance, further exacerbating concerns about reliability.
Data Privacy and Security: The reuse of used phones can raise concerns about data privacy and security, as the previous owner's information may still be present on the device. This can make consumers hesitant to purchase used phones, even if they are refurbished.
Warranty and Support: One of the challenges facing the refurbished and used mobile phone market is the limited warranty and support options available compared to new devices. This can make consumers hesitant to purchase refurbished or used phones, as they may not have the same level of protection and support as a new device.
Refurbished and Used Mobile Phones Market: Segmentation
The global market for refurbished and used mobile phones is segmented by brand, type and distribution channel. On the basis of brand, the market is segmented into low-priced brands, mid-priced brands, and premium brands, out of which, mid-priced brands segment is expected to grow at a considerable CAGR over the forecast period, i.e., 2022-2032. Further, it was followed by premium brands segment in terms of market share in 2019.
By type, the market is divided into company owned and consumer owned, out of which, company owned segment is envisioned to register a higher revenue share in the global market over the forecast period. Apart from this, the consumer owned segment is projected to attain a noteworthy CAGR over the upcoming years.
Based on distribution channel, the market is segregated into online store and offline store, out of which, online store segment is anticipated to attain the highest market share in the overall market over the upcoming years. In addition, offline store segment is expected to thrive at a significant CAGR over the forecast period i.e. 2022-2032.
Refurbished and Used Mobile Phones Market : Report Scope
Base Year Market Size
Forecast Year Market Size
Refurbished and Used Mobile Phones Market: Regional Synopsis
In terms of geography, the report offers an analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In the refurbished and used mobile phones market, Asia Pacific is predicted to capture a considerable market share over the forecast period. Further, factor such as availability of premium smartphones at affordable price across the region is envisioned to drive the growth of Asia Pacific market. Further, the North America market is driven on the back of entry of organized players in refurbished smartphones market in the region and is anticipated to grow at a notable compound annual growth rate (CAGR) from 2022 to 2032.
Refurbished and Used Mobile Phones Market: Recent Developments
In recent years, there have been several significant developments in the refurbished and used mobile phone market, including:
Expansion of Online Marketplaces: Online marketplaces, such as Amazon, eBay, and Swappa, have been growing in popularity and are increasingly becoming the go-to destination for consumers looking to purchase refurbished and used phones. These marketplaces offer a wide range of refurbished and used phones at competitive prices, making it easier for consumers to find the device they are looking for.
Increase in Manufacturer-Refurbished Devices: Major smartphone manufacturers, such as Apple, Samsung, and Google, have begun offering refurbished phones through their own channels. These manufacturer-refurbished devices are often of higher quality and come with a warranty, helping to mitigate concerns about quality and reliability.
Growth of Trade-In Programs: Trade-in programs, which allow consumers to trade in their old phone for a discount on a new device, have become increasingly popular. These programs provide an easy and convenient way for consumers to upgrade their phone while also reducing e-waste.
Development of Sustainable Practices: There has been a growing focus on sustainable practices in the refurbished and used mobile phone market, with refurbishers and used phone sellers implementing processes to reduce e-waste and minimize their environmental impact.
Increased Availability of Certified Refurbished Devices: The availability of certified refurbished devices has increased in recent years, helping to address concerns about quality and reliability. Certified refurbished phones are thoroughly inspected and tested to ensure they meet a high standard of quality and performance.
Refurbished and Used Mobile Phones Market: Key Players
- Redeem UK
- Verizon Communications
- ASUSTeK Computer Inc
- Amazon.com Inc
- Samsung Electronics Co. Ltd
- NIPPON TELEPHONE INC
- Lenovo Group
- Synergy Telecom Pvt. Ltd
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