The refurbished smartphone market share is expected to grow at a CAGR of 13.69% between 2022 and 2027. The circular economy and sustainability and the rising demand from developing countries provide promising grounds for the refurbished smartphone market.
The USA, China, Japan, Germany, and India are witnessing the generation of large amounts of electronic waste. In order to mitigate the environmental impact of e-waste, several countries are shifting towards a circular economy. In addition, the refurbishing smartphone will reduce the carbon footprint and recycling cost, as refurbished components used in smartphones will reduce overall recycling costs.
Technavio’s analysis on the “Refurbished Smartphone Market” projects that the market share is expected to increase by USD 51.79 billion at an accelerating CAGR during 2023-2027. The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 40.42 billion.
Browse Technavio's 165-page report and in-depth TOC on "Refurbished Smartphone Market by OS (android and IOS), price range (low-priced, medium-priced, and premium), and geography (APAC, North America, Europe, South America, and Middle East and Africa)."
View detailed Table of Contents Here: https://www.technavio.com/report/refurbished-smartphone-market-industry-analysis
The refurbished smartphone market is segmented by OS (android and IOS), price range (low-priced, medium-priced, and premium), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
The market share growth by the android segment will be significant during the forecast period. Owing to the low cost and availability of a variety of features, the refurbished Android OS has been gaining popularity among consumers globally.
APAC is estimated to contribute 49% to the growth of the global market during the forecast period. The growth of the market in the region is driven by various factors, including the development of telecom infrastructure, the growing price of smartphones, and the lack of disruptive features in android smartphones.
The trust issues associated with refurbished smartphones are major challenges impeding the market growth. Refurbished smartphone warranties are usually much shorter than brand-new phones, it does not always have the latest technology, and they may also have defects (scratches, dents). Devices that have been in use for several years have already lost some of their battery capacity, thus, buying such refurbished phones can lead to customer dissatisfaction.
The market structure is fragmented, and the vendors are implementing various strategies such as technological innovations to compete in the market.
Some of the major refurbished smartphone market vendors are Alibaba Group Holding Ltd., Apple Inc., AT and T Inc., Back Market, Best Buy Co. Inc., eBay Inc., Gadgetwood E Services Pvt. Ltd., HOMES SOLUTION LTD., Manak Waste Management Pvt. Ltd., NIPPON TELEPHONE INC, One97 Communications Ltd., Qarmatek Services Pvt. Ltd., Quikr India Pvt. Ltd., Reboxed Ltd., Refurboffers, Samsung Electronics Co. Ltd., Smart Cellular, Verizon Communications Inc., Walmart Inc., and Amazon.com Inc.
apple.com - The company offers refurbished smartphones such as Renewed Nokia G21 Android Smartphone and Renewed Samsung Galaxy S20+.
att.com- The company offers refurbished smartphones such as iPhone SE, iPhone 13 mini, and iPhone 13.
backmarket.com- The company offers refurbished smartphones such as SamsungGalaxy S10e.
Download the PDF Sample Report for highlights on the market size, growth momentum, regional growth opportunities, vendor analysis, and other factors influencing the market growth.
Precise market size estimation during the forecast period 2023-2027.
CAGR of the refurbished smartphone market forecast during 2023-2027.
Market-level data on units, average selling prices, and values of the refurbished smartphone market share.
Prediction of the upcoming trends, drivers, and factors that challenge the refurbished smartphone market.
Refurbished smartphone market growth across APAC, North America, Europe, South America, and Middle East and Africa.
