IMARC Group, a leading market research company, has released a report titled ” Refurbished and Used Mobile Phones Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 “. According to the report, 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.
Refurbished and used mobile phones are distinct categories within the smartphone market, each offering unique attributes and considerations for consumers. These devices are returned to manufacturers or authorized refurbishment centers due to issues such as defects, cosmetic imperfections, or buyer’s remorse. They undergo rigorous testing, repairs, and quality checks to ensure they meet original performance standards. They are often restored to new-like condition and may come with warranties, making them a more reliable and cost-effective alternative to brand-new devices. These devices are owned and used by previous users. These phones can vary in terms of condition, with some showing signs of wear and tear. While used phones are generally available at lower price points than refurbished or new devices, they might lack warranties and may not undergo the same level of comprehensive testing and repairs as refurbished models. Both categories offer advantages and trade-offs. Refurbished phones provide a balance between affordability and quality assurance, appealing to those seeking reliable devices without the full cost of a new purchase. On the other hand, used phones are more budget-friendly and come with a higher degree of variability in terms of condition and reliability. The choice between refurbished and used mobile phones depends on individual preferences, budget considerations, and the importance of warranties and guaranteed performance. As a result, refurbished and used mobile phones are gaining immense traction across the globe due to their cost-effectiveness, reduced electronic waste, and increasing availability from reputable sellers.
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Refurbished and Used Mobile Phones Market Trends and Drivers:
The global refurbished and used mobile phones market is primarily driven by the rising cost-effectiveness of these devices, attracts budget-conscious consumers, and offers access to well-known brands and models at significantly reduced prices compared to new counterparts. Additionally, the growing concerns for electronic waste reduction and sustainability among the masses has augmented the demand for refurbished and used devices, as these options extend the lifecycle of smartphones and contribute to minimizing environmental impact. Apart from this, numerous technological advancements and quality assurance processes by reputable refurbishment centers that enhance consumer confidence in the performance and reliability of these devices are propellant market growth. Moreover, the emergence of certified pre-owned programs by manufacturers and retailers, often accompanied by warranties and customer support, adds credibility and appeal to the refurbished and used phone market, fueling its growth. Other factors, including increasing demand for secondary devices for various purposes, rapid technological advances, and significant expansion of online marketplaces and e-commerce platforms, are also anticipated to drive the market further.
Report Segmentation:
The report has segmented the market into the following categories:
Type Insights:
- Refurbished Phones
- Used Phones
Price Range Insights:
- Low Price (Below $200)
- Mid-Price ($200 to $500)
- Premium (Above $500)
Distribution Channel Insights:
- Offline
- Online
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Players:
- 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.
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