Refurbished and Used Mobile Phones Market

Market Overview: 

The global refurbished and used mobile phones market size reached US$ 58.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 102.8 Billion by 2028, exhibiting a growth rate (CAGR) of 9.10% during 2023-2028. The market is primarily driven by the surging sales of smartphones, rising disposable incomes of individuals, and the implementation of government initiatives regarding e-waste management.

Refurbished mobile phones are devices that have been returned to the manufacturer or retailer due to defects. These phones undergo a rigorous inspection and testing process and are repaired and updated with the latest software and hardware components before being resold. On the other hand, used mobile phones are devices that have been used by a previous owner and sold to a new owner. They may or may not have been refurbished, depending on the seller. These phones are also significantly cheaper than new models, allowing buyers to get a high-end device at a fraction of the cost. Refurbished and used mobile phones are widely adopted by individuals seeking to save money on their smartphone purchases. In addition, they come with a warranty depending on the model and price of the device. Moreover, buying a refurbished or used phone is more cost-effective and environment-friendly than purchasing a new phone, as it reduces electronic waste and helps conserve resources. Owing to these benefits, refurbished and used phones are gaining traction among individuals.

Refurbished and Used Mobile Phones Market Trends:

The market is primarily driven by the growing popularity of refurbished and used mobile phones among consumers due to their affordability, sustainability, easy availability, and improved quality. In addition, the surging need to purchase cost-effective devices is escalating the demand for these phones, making them a lucrative alternative for budget-conscious consumers. Besides this, the growing consumer awareness regarding the impact of electronic waste on the environment and the growing inclination toward reducing carbon footprint are also contributing to market growth. Refurbished and used phones help reduce electronic waste and reduce the need to manufacture new phones, thus conserving raw materials, energy, and water. This, coupled with the increasing prices of premium smartphones, is encouraging consumers to use their phones longer than expected and buy used phones, thus propelling market growth. Moreover, the market is also driven by easy product availability on various e-commerce platforms with convenient payment options. For instance, Amazon has introduced a dedicated section for refurbished devices, wherein customers can sell their old smartphones in exchange for a discount on a new gadget. Furthermore, the rising consumer dependence on smartphone devices, the introduction of premium smartphone models in refurbished variants, and increasing mergers and acquisitions (M&A) and partnerships among the leading market players are other factors creating a favorable market outlook across the globe.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global refurbished and used mobile phones market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type, price range, and distribution channel.

Type Insights:

• Refurbished Phones
• Used Phones
   

The report has provided a detailed breakup and analysis of the refurbished and used mobile phones market based on the type. This includes refurbished and used phones. According to the report, refurbished phones represented the largest segment.

Price Range Insights:

• Low Price (Below $200)
• Mid-Price ($200 to $500)
• Premium (Above $500)
   

A detailed breakup and analysis of the refurbished and used mobile phones market based on the price range has also been provided in the report. This includes low price (below $200), mid-price ($200 to $500), and premium (above $500). According to the report, mid-price ($200 to $500) accounted for the largest market share.

Distribution Channel Insights:

• Offline
• Online

The report has provided a detailed breakup and analysis of the refurbished and used mobile phones market based on the distribution channel, which includes offline and online. According to the report, offline segment exhibited a clear dominance in the market.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others

• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for refurbished and used mobile phones. Some of the factors driving the Asia Pacific refurbished and used mobile phones market include the widespread product availability on e-commerce platforms, the rising disposable incomes of individuals, and the growing awareness among the masses about the benefits of using refurbished phones.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global refurbished and used mobile phones market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Amazon.com Inc., Apple Inc., AT&T Inc., Best Buy Co. Inc., Cashify, Ebay Inc., Kempf Enterprises Limited, Nippon Telephone Inc., Reboxed Ltd., Samsung Electronics Co. Ltd., Verizon Communications Inc., Walmart Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global refurbished and used mobile phones market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global refurbished and used mobile phones market?
• What is the impact of each driver, restraint, and opportunity on the global refurbished and used mobile phones market?
• What are the key regional markets?
• Which countries represent the most attractive refurbished and used mobile phones market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the refurbished and used mobile phones market?
• What is the breakup of the market based on the price range?
• Which is the most attractive price range in the refurbished and used mobile phones market?
• What is the breakup of the market based on the distribution channel?
• Which is the most attractive distribution channel in the refurbished and used mobile phones market?
• What is the competitive structure of the global refurbished and used mobile phones market?
• Who are the key players/companies in the global refurbished and used mobile phones market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the refurbished and used mobile phones market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global refurbished and used mobile phone market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter’s five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the refurbished and used mobile phone industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.