Refurbished and Used Mobile Phones Market be valued at US$ 143.8 Bn by 2031
NEW YORK, Jan. 28, 2022 /PRNewswire/ -- According to Persistence Market Research analysis, the global refurbished and used mobile phones market is projected to increase at a CAGR of 10.2% and be valued at US$ 143.8 Bn by 2031. Adoption of refurbished and used mobile phones has been increasing due to improvements in the methods of repairing smartphones, grading, collection, and online/offline selling.
Cellphones have become a vital piece of our lives, from supporting correspondence, drawing-in online business, to augmenting the growth of digitalization. Rapid increase in online content has been responsible for the growth of the global refurbished and used mobile phones market.
Additionally, rising clients' reliance on electronic devices in non-industrial nations is propelling demand of refurbished and used mobile phones. Alongside, developing demand for low-estimated items, expanding reception of smartphones, and growing economies are expected to drive worldwide refurbished and used mobile phones market growth.
Major market players are jumping into the refurbished market bandwagon to gain increased market share and profits:
- In November 2021, eBay announced the launch of eBay Refurbished, a new destination for like-new products. With this new offering, highly discounted inventory is sourced directly from top sellers and premium brands. Buyers can find refurbished items from brands such as Samsung, Apple, and Xiaomi, all backed with a one- or two-year warranty.
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Key Takeaways from Market Study
- By type, the refurbished phones segment is anticipated to account for a leading share in the global market during the forecast period, and expand at a robust CAGR of 11% through 2031.
- Mid-priced brands will be a dominating segment and expand almost 3.1X by 2031.
- By sales channel, online e-Commerce is currently leading the market, and the segment is likely to expand at a robust CAGR of nearly 11% through 2031.
- Asia Pacific is expected to lead market growth, closely followed by Europe. South Asia & Pacific is anticipated to emerge as the fastest-growing regional market over the decade.
- The market in India is expected to surge at a CAGR of almost 16% through 2031.
- In U.K., sales of refurbished and used mobile phones are expected to increase at a CAGR of close to 11% over the next ten years.
"E-waste includes complex mixtures of materials, which adversely impacts the environment. Therefore, mobile phone makers can focus on recycling and reusing old products to maintain a sustainable environment and reduce e-waste" says a Persistence Market Research analyst.
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Shorter Upgrade Cycle of Smartphones Driving Demand for Refurbished and Used Mobile Phones
Smartphones have changed the world remarkably in a short period of time. They have become central to people's lives, from communication to commerce and digital content consumption. However, the recycling rate for mobile products is less than other major electronic categories because most people throw away used devices or simply hoard them.
In most developed countries such as the U.S., Germany, France, U.K., and Italy, people are very tech-savvy and always prefer advanced features and technologies in their electronic gadgets. Due to a shorter upgrade cycle of most mobile phones, people in these countries are not willing to spend a significant amount on new mobile phones. Due to this, they are moving toward refurbished and used mobile phones.
Refurbished and used mobile phones with advanced technologies and features at low costs are attracting consumers in most of the developed as well as developing countries. Thus, shorter upgrade cycle of mobile phones and growing interest of individuals in advanced mobile phones at low costs are forecasted to fuel the growth of the global refurbished and used mobile phones market over the years ahead.
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More Valuable Insights on Offer
Persistence Market Research's report on the refurbished and used mobile phones industry research is segmented into four major sections – type(refurbished phones and used phones), pricing range (low-priced brand (less than $200), mid-priced brand ($200-$500), and premium brand (more than $500)), sales channel (online e-commerce and physical retail store), and region (North America, Latin America, Europe, Asia Pacific, and the Middle East), to help readers understand and evaluate lucrative opportunities in the refurbished and used mobile phones demand outlook.
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