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Global Refurbished Smartphone Market Overview 2024

Global Refurbished Smartphone Market Overview 2024

Global Refurbished Smartphone Market Overview 2024
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By Market Research Future

Refurbished Smartphone Market Size was valued at USD 53.6 billion in 2022. The refurbished smartphone market is projected to grow from USD 60.3 billion in 2023 to USD 154.7 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.50% during the forecast period (2023 – 2032). An increase in the price of new mobile phones with minimal feature upgrades has been one of the major market drivers in the market for refurbished smartphones. More people and businesses are purchasing refurbished and used mobile phones due to their lower prices and the continued usefulness of older mobile phones.

Increasing application of e-commerce platforms is driving the market growth

In order to capitalize on the expanding market for refurbished smartphones, the market saw several competitors make strategic investments and acquisitions. To grow its e-commerce business and improve its after-sale products for its clients in the smartphone market, Flipkart Group bought Yaantra, an electronics e-commerce startup, in January 2022 for an unknown sum. Increased market penetration, particularly in emerging markets, is brought on by the expansion of online marketplaces that sell used smartphones. New clients will be drawn in by the simplicity with which cell phones are made available on e-commerce platforms and by the promotions made available throughout the festival and summertime. As a result, there is a growing market for reconditioned smartphones as e-commerce platforms grow. The proliferation of buy-and-sell platforms has consequently improved exposure and assisted vendors in obtaining the best price for their used phones. The refurbished smartphone market has been standardized, and the level of competitiveness among market participants has increased. Because the global production of e-waste from electronics, computers, smartphones, and other electronic appliances is expanding at a rate three times faster than that of general waste in nations like the US, China, Japan, Germany, India, and Australia, consumer preferences have shifted to favor purchasing refurbished smartphones. This trend has gained traction among several players, including Boost Mobile, Cole’s, and Phoenix Ce. The market’s CAGR is anticipated to be fueled by these factors.

One recent development in the industry is the growing demand from developing nations. Refurbished smartphones are more in demand as a result of factors like growing emerging markets, rising consumer desire for more affordable goods, and the popularity of smartphones in emerging economies. Moreover, during the forecast period, the global market is anticipated to be driven by rapid urbanization in developing nations, growing brand share in the mid-range segment, and rising demand for high-end features at competitive prices. Furthermore, in order to maintain demand in the global market for refurbished smartphones, developing nations must see an increase in consumer reliance on electronic devices. To build high-quality mobile phones that can quickly satisfy their customers’ mechanical criteria, smartphone manufacturers in emerging nations are spending money on new professions. Thus, driving the refurbished smartphone market revenue.

Refurbished Smartphone Type Insights

The Refurbished Smartphone Market segmentation, based on type includes Refurbished Phone and Used Phone. The refurbished phone segment dominated the market due to end-user consumers’ growing preference for reconditioned handsets. The availability of more refurbished models and a large number of key companies supplying refurbished mobile at competitive prices are additional factors that are anticipated to impact market growth throughout the forecast period.

Refurbished Smartphone Price Range Insights

The Refurbished Smartphone Market segmentation, based on price range, includes Low Price (Below $200), Mid Price ($200 to $500) and Premium (Above $500). The mid price ($200 to $500) category generated the most income. The market is being driven by the rising demand for high-end, affordably priced mobile phones among middle-class consumers. In addition, persons in the middle class may buy the least expensive and middle-priced phones due to their financial circumstances.

Refurbished Smartphone Application Insights

The Refurbished Smartphone Market segmentation, based on application, includes Individual and Businesses. The individual category generated the most income. In the coming years, there will be a considerable growth in the use of refurbished cellphones due to the rising demand for consumer electronics from a variety of sources, including online and offline sales channels. A frequent device check is now more important than ever for professional and academic purposes due to the widespread use of smartphones.

Refurbished Smartphone Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American refurbished smartphone market area will dominate this market. The market for refurbished smartphones in North America is booming as a result of factors such as the expanding range of 5G handsets and the increasing developments in smartphone functionality. One of the most developed marketplaces for smartphone providers worldwide is the United States. The region has a history of producing cutting-edge cellphones, particularly with companies like Apple, which have altered the competitive landscape of the worldwide smartphone market.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Europe refurbished smartphone market accounts for the second-largest market share. The market for refurbished and used mobile phones is expanding as a result of a variety of factors, including rising interest in technology and a strong demand for premium sophisticated gadgets. The value of used mobile phones is increasing, there are more possibilities for partially or completely swapping current phones, and SIM-only bargains are attractive. These factors all contribute to growth. This presents opportunities for fresh retail competitors to establish themselves in the European market for used smartphones. Further, the German refurbished smartphone market held the largest market share, and the UK refurbished smartphone market was the fastest growing market in the European region

The Asia-Pacific Refurbished smart phone Market is expected to grow at the fastest CAGR from 2023 to 2032. The expansion of the telecommunications infrastructure, the rising cost of smartphones, and the dearth of innovative features in Android smartphones are only a few of the reasons contributing to the market’s growth in this region. Many APAC consumers choose used cellphones from well-known manufacturers like Apple and Samsung because their costs are still high. Moreover, China’s refurbished smartphone market held the largest market share, and the Indian refurbished smartphone market was the fastest growing market in the Asia-Pacific region.

Refurbished Smartphone Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the refurbished smartphone market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, refurbished smartphone industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global refurbished smartphone industry to benefit clients and increase the market sector. In recent years, the refurbished smartphone industry has offered some of the most significant advantages to medicine. Major players in the refurbished smartphone market attempting to increase market demand by investing in research and development operations include Amazon.com, Inc., Apple Inc., cashify, Paytm, Samsung Electronics Co Ltd, Walmart, eBay, AT&T Inc., Huawei Technologies Co., Ltd., and Verizon Communications, Inc.

Samsung Group company, Samsung Electronics Co Ltd (Samsung) is a producer of consumer electronics, information technology, mobile communications, and device solutions. The company’s product line includes network systems, refrigerators, digital cameras, printers, monitors, computers, washing machines, air conditioners, medical devices and TVs (TV). Additionally, it produces LCD and LED panels, smartphones, tablets, cell phones, and associated accessories. Samsung offers solutions to the government, education, finance, healthcare, retail, and hospitality industries. In April 2022, customers can now own previously purchased and refurbished Galaxy S21 series devices through Samsung’s redesigned online shop, which has been added to the pre-owned selection. The redesigned site provides attractive discounts on relatively new Samsung products. 

Walmart Inc. is a global American retail company with headquarters in Bentonville, Arkansas, that runs a chain of hypermarkets (also known as supercenters), discount department stores, and grocery stores in the United States. The Fortune Global 500 list from October 2022 indicates that Walmart is the largest corporation in the world by revenue, with around US$570 billion in yearly sales. Additionally, with 2.2 million employees, it is the biggest private employer globally. Given that the Walton family controls the corporation, it is a family-owned publicly traded enterprise. In January 2020, Walmart started a test operation to sell refurbished iPhones, iPads, and other Apple products in about 30 of its physical locations. Apple refurbished goods with a one-year warranty are available at participating retailers.

Key Companies in the refurbished smartphone market include
  • com, Inc.
  • Apple Inc.
  • Cashify
  • Paytm
  • Samsung Electronics Co Ltd
  • Walmart
  • eBay
  • AT&T Inc.
  • Huawei Technologies Co., Ltd.
  • Verizon Communications, Inc

Refurbished Smartphone Industry Developments

September 2022 Fairphone, a Dutch social venture that is creating a market for ethical smartphones, has begun selling refurbished cellphones, Fairphone 3, New Life Edition, on its website in order to improve smartphone longevity and so minimise e-waste and save vital resources.

March 2022 Apple’s official Certified Refurbished store has received the iPhone 12 and iPhone 12 Pro models. Products purchased from Apple’s Certified Refurbished store include a new outer shell, a new battery, authentic Apple part replacements (if necessary), and a one-year warranty.