New York, May 17, 2022 (GLOBE NEWSWIRE) — According to analysis by Persistence Market Research, the global market for refurbished and used mobile phones is expected to grow at a CAGR of 10.2% and be valued at $143.8 billion by 2031. The adoption of refurbished and used mobile phones has increased due to improved repair methods smartphones, classification, online/offline collection and sale. .
Mobile phones have become an essential part of our lives, whether supporting correspondence, attracting business online or increasing the growth of digitization. The rapid increase in online content has been responsible for the growth of the global refurbished and used mobile phone market.
Moreover, the increasing dependence of customers on electronic devices in non-industrialized countries is propelling the demand for refurbished and used mobile phones. Meanwhile, developing demand for low esteemed items, expanding reception of smartphones, and growing economies are expected to drive the growth of the global refurbished and used mobile phones market.
Major market players are jumping on 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 offer, deeply discounted inventory is sourced directly from top sellers and premium brands. Shoppers can find refurbished items from brands like Samsung, Apple, and Xiaomi, all backed by one- or two-year warranties.
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Key insights from market research
- By type, the refurbished phones segment is expected to account for a major share of the global market over the forecast period and grow at a robust CAGR of 11% through 2031.
- Mid-priced brands will be a dominant segment and grow nearly 3.1x by 2031.
- By sales channel, online e-commerce is currently leading the market, and the segment is expected to grow at a robust CAGR of nearly 11% through 2031.
- Asia-Pacific is expected to lead the market growth, closely followed by Europe. South Asia and the Pacific is expected to become the fastest growing regional market over the decade.
- The Indian market is expected to grow at a CAGR of nearly 16% through 2031.
- In the UK, sales of refurbished and used mobile phones are expected to grow at a CAGR of nearly 11% over the next ten years.
“Electronic waste comprises complex mixtures of materials, which have a negative impact on the environment. Therefore, mobile phone manufacturers can focus on recycling and reusing old products to maintain a sustainable environment and reduce e-waste,” says an analyst from Persistence Market Research.
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Shorter smartphone upgrade cycle, driving demand for refurbished and used cell phones
Smartphones have remarkably changed the world in a short time. They have become central to people’s lives, from communication to commerce and the consumption of digital content. However, the recycling rate for mobile products is lower than for other major electronics categories, as most people throw away used devices or simply hoard them.
In most of the developed countries such as USA, Germany, France, UK 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 large sum on new mobile phones. For this reason, they turn to refurbished and used cell phones.
Refurbished and used mobile phones with advanced technologies and features at low cost attract consumers in most developed and developing countries. Thus, the shorter upgrade cycle of mobile phones and the increasing interest of individuals in advanced low-cost mobile phones are expected to fuel the growth of the global refurbished and used mobile phones market in the coming years. to come.
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More valuable information about the offer
The Persistence Market Research report on the refurbished and used cell phones industry study is segmented into four main sections: type (refurbished phones and used phones), price range (brand to low-priced brand (less than $200), mid-priced brand ($200-$500) and premium brand (over $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 assess the lucrative opportunities in the demand outlook for refurbished and used mobile phones.
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