Refurbished Smartphones

Refurbished Smartphones

Global Refurbished Smartphones Market to Reach US$132.5 Billion by 2030

The global market for Refurbished Smartphones estimated at US$59.2 Billion in the year 2023, is expected to reach US$132.5 Billion by 2030, growing at a CAGR of 12.2% over the analysis period 2023-2030. Android Operating System-based Smartphones, one of the segments analyzed in the report, is expected to record a 12.6% CAGR and reach US$84.5 Billion by the end of the analysis period. Growth in the iOS Operating System-based Smartphones segment is estimated at 11.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$16.1 Billion While China is Forecast to Grow at 16.5% CAGR

The Refurbished Smartphones market in the U.S. is estimated at US$16.1 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$29.0 Billion by the year 2030 trailing a CAGR of 16.5% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 9.1% and 10.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.7% CAGR.

Global Refurbished Smartphones Market - Key Trends and Drivers Summarized

Why Are Refurbished Smartphones Gaining Popularity?

Refurbished smartphones have gained significant popularity as a cost-effective and environmentally friendly alternative to new devices. These smartphones are pre-owned devices that have been restored to their original condition through a rigorous process of testing, repair, and quality assurance. The appeal of refurbished smartphones lies in their lower price point compared to new models, making them an attractive option for budget-conscious consumers. Additionally, purchasing refurbished devices is considered a more sustainable choice, as it reduces electronic waste and promotes the circular economy by extending the lifespan of smartphones. As consumers become more environmentally aware and seek to maximize value for money, the demand for refurbished smartphones continues to rise.

What Are the Key Factors Contributing to the Growth of the Refurbished Smartphone Market?

Several key factors are contributing to the growth of the refurbished smartphone market. The rapid pace of technological advancements in the smartphone industry often leads to consumers upgrading their devices frequently, resulting in a large supply of pre-owned phones that can be refurbished and resold. Additionally, the increasing cost of new smartphones has driven consumers to seek more affordable alternatives, boosting the demand for refurbished devices. The rise of online platforms and marketplaces dedicated to selling refurbished electronics has also made it easier for consumers to purchase these devices with confidence, further fueling market growth. Moreover, manufacturers and retailers are increasingly offering certified refurbished programs, providing consumers with additional assurance of the quality and reliability of refurbished smartphones.

What Challenges Does the Refurbished Smartphone Market Face?

The refurbished smartphone market faces several challenges, including consumer perceptions of quality and reliability, competition from new low-cost smartphones, and regulatory issues. Some consumers may be hesitant to purchase refurbished devices due to concerns about the condition and longevity of the products. To address this challenge, companies in the market are focusing on stringent quality control processes, offering warranties, and providing transparent information about the refurbishment process. Another challenge is the competition from new, budget-friendly smartphones, which offer consumers an alternative to refurbished devices. Additionally, the market must navigate regulatory hurdles related to the resale of electronic devices, particularly concerning data privacy and environmental standards. Despite these challenges, the market continues to grow as consumers increasingly recognize the value and benefits of refurbished smartphones.

What Is Driving Growth in the Refurbished Smartphone Market?

The growth in the refurbished smartphone market is driven by several factors. The rising cost of new smartphones is a significant driver, prompting consumers to seek more affordable alternatives. Additionally, growing environmental awareness and the desire to reduce electronic waste are encouraging consumers to choose refurbished devices, which offer a sustainable option without compromising on quality. The expansion of online platforms and the increasing availability of certified refurbished programs are also contributing to market growth by making it easier for consumers to purchase these devices with confidence. Furthermore, the continuous improvement in the refurbishment process, resulting in high-quality products, is driving consumer trust and adoption. These factors, combined with the ongoing demand for smartphones, are expected to sustain the growth of the refurbished smartphone market.

Select Competitors (Total 35 Featured) -

• Apple Inc.
• eBay Inc.
• Gazelle
• Mobex
• MusicMagpie
• Quick Mobile LLP
• Reboxed Ltd.
• ReFit Global Pvt. Ltd.
• Samsung Electronics Co., Ltd.
• Swappa, LLC
• Swappie Oy
• The iOutlet
• Verizon Communications Inc.
• Walmart Inc.
• Xtracover Technologies Private Limited
• ;

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.