Global Refurbished and Used Mobile Phones Market to Grow at a CAGR of 6.5% During 2024-2032, Aided by the Rising Dependence on Smartphones

The global rise in consumer dependency on smartphone devices and the increasing number of companies offering EMI (equated monthly instalment) payment options for purchasing phones has significantly fuelled the refurbished and used mobile phones market growth. As consumers around the world have incorporated smartphones into their daily lives, financing options have made these devices more accessible. In addition, the cost-efficiency benefits associated with refurbished and used mobile phones have further driven the market expansion. Customers are attracted to the value of these used options in comparison to the price of brand-new devices.

However, the limited availability of top-selling phone models and warranty restrictions on refurbished and used products can restrain the market growth. On the other hand, the rising adoption of e-commerce platforms among both buyers and sellers of used smartphones has helped the expand market reach in recent years. As online shopping for refurbished devices has grown in popularity through sites and apps, it has offset some of the constraints facing this market.

Trade-in programmes remain one of the primary drivers propelling the pre-owned smartphone markets expansion. In mature territories such as the United States, Canada, and Western Europe, trade-in retains substantial influence in accelerating replacement cycles through carrier-driven and retailer-driven promotions. This phenomenon has contributed to an elevation in trade-in valuation, which typically occurs when demand for the latest devices stagnates. The appreciation of trade-in value has correspondingly raised pricing in secondary markets owing to consumers receiving greater compensation for older devices facilitating upgrades.

Apple Inc. (NASDAQ: AAPL) offers consumers an attractive option to purchase certified refurbished products. These devices undergo Apple's rigorous refurbishment process to ensure they are restored to like-new condition. Each refurbished product is thoroughly cleaned and inspected by Apple technicians. They replace any necessary parts with genuine Apple components to uphold the high standards of quality and functionality.

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Market Breakup by Type, Pricing Range, Distribution Channel, and Region:

• On the basis of the type, the market is bifurcated into refurbished phones and used phones.

• The market can be segmented based on pricing range into low-priced, medium-priced, and premium.

• On the basis of the distribution channel, the market is bifurcated into online and offline.

• By region, the market can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• As consumers continue to rely heavily on their mobile devices, many are seeking more affordable options when it comes to upgrading or replacing their current smartphones. Refurbished and used mobile phones present a cost-effective alternative without sacrificing functionality. These budget-friendly devices allow consumers to enjoy the latest technology without the steep price tag of brand-new phones.

• Rising environmental consciousness has fuelled the demand for recycling and reusing electronics, in line with both public and private sector goals for sustainability. Combined with manufacturers designing smartphones to last longer with software and security updates, this growing awareness has created a robust market for refurbished and used mobile phones.

• North America represents a substantial opportunity for the refurbished and used mobile phones market expansion. The region boasts high smartphone saturation, alongside leading original equipment manufacturers and network operators. However, consumers also demonstrate a growing environmental consciousness which has stimulated demand for recommercialised devices. The United States claims the top position in the North American market by a wide margin, with Canada following in second.

Key Offerings of the Report:

• The EMR report gives an overview of the global refurbished and used mobile phones market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the types, pricing ranges, distribution channels, and major regions of refurbished and used mobile phones.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global refurbished and used mobile phones market are Apple Inc., Samsung Electronics Co. Ltd, Amazon.com, Inc., AT&T Inc., Flipkart Internet Private Limited, Reboxed Limited, FoneGiant.com, Verizon, Kempf Enterprises Limited, and Nippon Telephone Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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