Global Refurbished and Used Mobile Phones Market

The Global Refurbished and Used Mobile Phones Market size reached USD 63.71 Bn in 2023 and is expected to reach USD 131.44 Bn by 2030, growing at a CAGR of 10.9 % during the forecast period.

In today’s world, a smartphone is a necessity more than any other luxury product but for billions of people worldwide, buying a new smartphone is too expensive. Refurbished and used mobile phones provides cost-effective alternatives for consumers’ growing needs. Refurbished phones are an environmentally friendly way to reduce e-waste and a cost-effective option for people who want a high-quality phone but don't want to pay full price for a brand-new device. According to the analysis of the International Data Corporation (IDC) report, worldwide shipments of Refurbished and used mobile phones reached 282.6 million units in 2022.

The amount reflects an 11.5% increase over the 253.4 million units shipped in 2021. The growth of the Refurbished and used mobile phones Market is driven by the high cost of flagship smartphones, which pushed customers towards buying refurbished models of popular brands like Apple and Samsung. Furthermore, the growing popularity of e-commerce platforms is expected to drive the demand for the Market during the forecast period.To know about the Research Methodology :- Request Free Sample Report

Many key players and resellers offer refurbished smartphones for sale that have been returned by customers because of various reasons such as manufacturing defects, cosmetic damage, logistics issues, or simply because the customer changed their mind. The reseller then fixes the defects and puts them up for sale again. Many resellers buy these smartphones, perform a quality check on them, repair the phone with original components and certify the functioning of the device, and renew the mobile phone in “like new” conditions. and sell these in their online/offline stores. Apple maintained its lead in the Refurbished and used mobile phones market. iPhones account for around 52% of the market share in the market.

The refurbished and used mobile phone markets in LATAM (Latin America) and India are growing rapidly as consumers in these regions look for cost-effective ways to stay connected with the latest mobile technology.

Some of the pricing examples of Refurbished and used mobile phones from the market player Cashify :

Refurbished and used mobile phones Market Dynamics:

Rise in consumer dependency on smartphone devices to drive the Refurbished and used mobile phones Market

The rise in consumer dependency on smartphones globally is a key driver for the growth of the refurbished and used mobile phones market. As smartphones continue to become an essential part of daily life, more consumers are looking to upgrade their devices to newer models with improved features and capabilities. Refurbished and used mobile phones offer a cost-effective alternative for consumers who want to upgrade their devices without breaking the bank. These devices are typically sold at a lower price compared to new devices, making them accessible to a wider range of consumers.

As of April 2023, a new iPhone SE (2020) model is available on the Apple website starting at USD 399. However, a refurbished iPhone SE (2020) model can be purchased from third-party sellers such as Gazelle, Back Market, or Amazon for a significantly lower price. For instance, on Gazelle, a refurbished iPhone SE (2020) with 64GB storage is currently listed for USD 239. On Back Market, a refurbished iPhone SE (2020) with 128GB storage is currently listed for USD 329. On Amazon, a refurbished iPhone SE (2020) with 64GB storage is currently listed for USD 229. It's important to note that prices may vary depending on the specific model, storage capacity, and condition of the device, as well as the location and seller.

EMI options provided by companies to purchase refurbished and used mobile phones

The availability of easy EMI options for purchasing mobile phones is expected to drive the refurbished and used mobile phones market. Many markets key players now offer EMI options for purchasing both new and refurbished mobile phones, making it easier for consumers to afford high-end smartphones. In addition to EMI options, many manufacturers and resellers also offer exchange programs where customers can exchange their old phones for a discount on a refurbished or used phone. Overall, the availability of easy EMI options and exchange programs is expected to drive the adoption of refurbished and used mobile phones, particularly in emerging markets where price sensitivity is high.

Leading key player Oppo offers EMI options for purchasing refurbished mobile phones through its official website and in select retail stores. The prices for refurbished Oppo mobile phones on EMI may vary depending on the specific model, storage capacity, and other factors. However, as an example, the Oppo F17 Pro (8GB RAM, 128GB storage) is currently listed on the Oppo India website for INR 20,490 (approximately USD 275) for a new device, while a refurbished device is listed at a discounted price of INR 17,990 (approximately USD 240). When it comes to EMI options, Oppo India offers a range of plans that allow customers to pay for their refurbished Oppo phones in monthly installments. Thus, the Refurbished and used mobile phones market is expected to grow during the forecast period.

The growth of online platforms increases refurbished and used mobile phones market penetration.

Online platforms offer a convenient and cost-effective way for consumers to purchase refurbished smartphones, often at a lower price than new devices. These online platforms have also helped to increase awareness and demand for refurbished smartphones by providing consumers with access to a wider range of devices and brands. In addition, many online platforms offer warranties and return policies, which help to build consumer trust and confidence in the quality of refurbished devices. Furthermore, the growth of e-commerce and online shopping has enabled online platforms to reach a wider audience, including consumers in remote or rural areas who may not have easy access to brick-and-mortar stores. This has helped to increase market penetration for refurbished smartphones, particularly in emerging markets where affordability is a key factor driving consumer purchasing decisions.

Amazon, the world's largest online retailer, has a dedicated section for Refurbished and used mobile phones. Customers can sell their old smartphones to Amazon in exchange for a discount on a new gadget. Gazelle offers a 30-day return policy and a 12-month warranty on all Refurbished and used mobile phones.

Government Initiatives to Drive Refurbished and used mobile phones Market

Governments are increasingly recognizing the need to promote the use of refurbished mobile phones and tablets as a way to reduce e-waste and promote sustainable consumption patterns. many governments are implementing policies and programs aimed at promoting the use of refurbished mobile phones and tablets. For example, in the EU, the Circular Economy Package includes measures to promote the repair and refurbishment of electronic devices, including mobile phones and tablets. Similarly, in the US, the Sustainable Materials Management Program includes initiatives to promote the reuse and recycling of electronic devices, including smartphones and tablets.

Overall, these government initiatives are expected to drive the growth of the Refurbished and used mobile phones market by increasing awareness and demand for these devices, reducing e-waste, and promoting sustainable consumption patterns.

Quality Concerns, Limited Availability and Security Risks may hamper the growth of the Refurbished and used mobile phones Market

Customers may be hesitant to purchase a refurbished or used smartphone due to concerns about the quality of the device. There may be questions about how well the device was refurbished or how much life is left in a used phone. The availability of refurbished or used devices may be limited. Some models may not be available in the refurbished market, or they may sell out quickly. This could make it difficult for customers who are looking for a specific device. Furthermore, there is a risk of security breaches with used phones, especially if the previous owner did not take proper precautions to wipe all personal data from the device before selling it. This could expose the new owner to identity theft or other security risks. All the above-mentioned factors are expected to hamper the growth of the Refurbished and used mobile phones Market during the forecast period.

Refurbished and used mobile Phones Market Segment Analysis:

Based on the Type, the Refurbished mobile phones services segment held the largest revenue share of 27.2 % in 2023. This is because smartphones are expensive devices that many people want to own, but not everyone can afford to buy a brand-new one. Refurbished phones offer a more affordable option for consumers who still want the features and functionality of a smartphone but at a lower price point. The market for refurbished phones has been growing because of the rise of e-commerce platforms such as Amazon, eBay, and others. These platforms have made it easier for customers to buy and sell refurbished phones, which has helped to increase the supply of the Refurbished mobile phones segment during the forecast period.

Regional Insights

North America is expected to emerge as the major contributor in terms of revenue in the market during the forecast period. The Refurbished and used mobile phones Market in this region is driven by several factors, including the high adoption rate of smartphones, rising consumer awareness about the environmental benefits of refurbished products, and the desire for affordable alternatives to brand-new smartphones. In addition, the region's strong e-commerce infrastructure has made it easier for consumers to purchase refurbished and used mobile phones online.

Many major retailers offer easy-to-use platforms and user-friendly interfaces, making it easy for consumers to find and purchase refurbished and used devices. Furthermore, the region's strict regulations and quality control measures have increased consumer confidence in the market. The region's laws and regulations require sellers to ensure that the refurbished and used devices they sell meet specific standards and are safe for consumers to use. Best Buy is a popular electronics retailer in North America that offers a wide range of refurbished and used mobile phones. The company has a trade-in program that allows consumers to sell their old devices in exchange for a discount on a new one.
Asia-Pacific is the second-largest growing region across the globe in the Refurbished and used mobile phones market.

The region's large and growing population, combined with increasing smartphone adoption rates, has made it an attractive market for refurbished and used mobile phones. The Asia Pacific region is also home to several local players in the market. These players are often able to offer lower prices and more personalized service to consumers in the region. For example, Reebelo is a Singapore-based company that specializes in selling refurbished mobile phones and offers a one-year warranty on all devices sold on its platform. Thus, the increasing consumer awareness of the environmental benefits of refurbished products, the growing popularity of online sales channels, and the region's price-sensitive consumer base are expected to drive the Refurbished and used mobile phones Market in the Asia Pacific region.

Refurbished and Used Mobile Phones Market Scope: Inquire before buying

Refurbished and used mobile phones Market, by Region

North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)

Key Players

1. Amazon.com, Inc.
2. Apple, Inc.
3. AT&T, Inc.
4. BestBuy.com, LLC
5. Hutchison 3G UK Limited
6. Huawei
7. Yaantra
8. eBay Inc.
9. Brightstar Corporation
10. Togofogo.com
11. Gazelle Inc.
12. Paytm (One97 Communications)
13. Back Market
14. FoneGiant.com
15. Flipkart Internet Private Limited (Walmart Inc.)
16. Reebelo Pte Ltd.
17. Sprint Corporation
18. SellCell.com
19. Kempf Enterprises Limited
20. Lenovo Group Ltd.
21. Nippon Telephone, Inc.
22. Reboot System India Pvt. Ltd.
23. Redeem UK Ltd.
24. Samsung Electronics Co., Ltd.
25. Synergy Telecom, Inc.
26. Verizon Communications, Inc.

FAQ

1. Who are the key players in the Refurbished and used mobile phones market?
Ans. Apple Inc., Amazon, and Samsung are the major companies operating in the Refurbished and used mobile phones market.

2. Which Price Range segment dominates the Refurbished and used mobile phones market?
Ans. The Mid-Price ($200 to $500) segment accounted for the largest share of the global Refurbished and used mobile phones market in 2023.

3. How big is the Refurbished and used mobile phones market?
Ans. The Global Refurbished and Used Mobile Phones Market size reached USD 63.71 Bn in 2023 and is expected to reach USD 131.44 Bn by 2030, growing at a CAGR of 10.9 % during the forecast period.

4. What are the key regions in the global Refurbished and used mobile phones market?
Ans. Based On the region, the Refurbished and used mobile phones Market has been classified into North America, Europe, Asia Pacific, the Middle, East and Africa, and Latin America. North America dominates the global Refurbished and used mobile phones market.

5. What is the study period of this market?
Ans. The Global Refurbished and used mobile phones Market is studied from 2023 to 2030.