Refurbished Smartphone Market Size to grow by USD 55.06 billion between 2024-2028
According to a research report “ Refurbished Smartphone Market” by OS (Android, iOS) Price Range (Low-priced, Medium-priced, Premium) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 55.06 billion, at a CAGR of 13.73% during the forecast period. The escalating emphasis on circular economy and sustainability is fueling the demand for refurbished smartphones in major markets such as the USA, China, Japan, Germany, and India. These countries collectively produce substantial amounts of electronic waste, estimated at approximately 5.2 million metric tons in India alone, much of which stems from electrical and electronic equipment (EEE) waste, including refurbished smartphones. To mitigate the environmental consequences of e-waste, governments and businesses are transitioning towards circular economy models.
Browse market data tables, figures, and in-depth TOC on “Refurbished Smartphone Market” by OS (Android, iOS) Price Range (Low-priced, Medium-priced, Premium) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By OS, the Android segment is projected to dominate the market size in 2024
In the business landscape of 2023, the refurbished smartphone market experienced significant growth, driven primarily by the low-priced segment. This segment's dominance can be attributed to the burgeoning e-commerce sector, favorable EMI options, and reduced manufacturing costs due to semiconductor advancements and new market entrants. Consumers in emerging economies, such as India and Brazil, with lower per capita income, preferably opt for affordable options, leading to increased demand and market expansion during the forecast period.
By Price Range, Low-priced segment is expected to hold the largest market size for the year 2024
In the global smartphone market, Android OS holds a prominent position due to its affordability and extensive features. The segment's popularity has surged in 2021, with notable growth in the US, China, India, the UK, and Indonesia. Despite the presence of numerous Android OS suppliers, major players like Samsung opt for customized solutions, such as Tizen OS. The shift towards circular economy models is a significant driver fueling this market expansion.
APAC is forecasted to hold the largest market size by region in 2024
In the APAC region, the refurbished smartphone market has experienced substantial growth, primarily driven by China, India, and Indonesia. Factors such as telecom infrastructure development, escalating new smartphone prices, and the absence of groundbreaking Android features have fueled this trend. Consequently, consumers in APAC increasingly opt for refurbished models from prominent brands like Apple Inc. and Samsung Electronics Co. Ltd., thereby propelling market expansion.
The Refurbished Smartphone Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
In the dynamic world of technology, the refurbished smartphone market has emerged as a significant player in the connectivity landscape. Network operators continue to prioritize sustainable tech ecosystems, recognizing the importance of upgraded specifications and reducing e-waste. Brands in the premium smartphone segment are increasingly offering value-oriented solutions to cater to various consumer segments, including emerging markets and budget-conscious buyers. Millions of units of refurbished smartphones are shipped annually, contributing to the overall shipment volume. HomeLane and Alliance Urbanrise, among other players, are leading the charge in this sector. The market's growth is further fueled by the availability of brand options, catering to diverse purchasing power and preferences. As we move towards advanced technologies like 5G and 4G, the demand for refurbished smartphones, especially second-hand devices, is on the rise. Players like ReFit Global, Cashify, and Counterpoint Research are providing innovative solutions to ensure the refurbished smartphones meet the highest standards. This not only benefits the environment but also offers affordable devices and budget-friendly options for middle-class populations.
Market Research Overview
In the current business landscape, the refurbished smartphone market is gaining significant traction, particularly in the context of the circular economy and sustainability efforts. This market caters to various segments, including enterprises implementing work-from-home policies, budget-conscious buyers, and emerging markets. Refurbished devices, such as those from Expon Capital's Gurugram repair facility, offer upgraded specifications, extended warranties, and additional functionality at a lower cost than new premium smartphones from Big Tech brands like Apple. The refurbishment process involves remanufacturing used tech products, ensuring reliable performance through specialized retailers like The iOutlet. This circular approach not only reduces e-waste but also provides value-oriented solutions for socially conscious consumers. Companies like ControlZ, ACF Investors, and ReFit Global employ refurbishment technologies to offer high-end refurbished devices, often with self-isolation measures and 5G connectivity. Moreover, trade-in volume from self-isolation measures and work-from-home scenarios has led to an increase in the availability of low-budgeted smartphones. Network operators and sellers offer financing options, credit, and trade-in programs to encourage the purchase of refurbished devices. As a result, the refurbished smartphone market is expected to reach million units in shipment volume, generating a substantial revenue stream through B2B sales and employee use.
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