Refurbished Mobile Phones Market By Type (Company-Owned, Consumer-Owned), Brand (Low-Priced, Mid-Priced, Premium), & Region For 2024– 2031
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Download Sample Ask for Discount Request CustomizationRefurbished Mobile Phones Market By Type (Company-Owned, Consumer-Owned), Brand (Low-Priced, Mid-Priced, Premium), & Region For 2024– 2031
Refurbished Mobile Phones Market Valuation – 2024-2031
The Refurbished Mobile Phones Market is bolstered by its ecologically beneficial appeal, offering eco-conscious consumers a long-term option to acquire new gadgets, helping to the reduction of electronic waste and supporting a cleaner future. According to the analyst from Market Research, the Refurbished Mobile Phones Market size is growing at a faster pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period. i.e. 2024 to 2031.
The factors driving the market for refurbished mobile phones are accessibility, which enables people to purchase cutting-edge technology at a lower cost, closing the digital divide, and sustainability.
Refurbished Mobile Phones MarketDefinition/Overview
Refurbished mobile phones are previously owned devices that have been returned to the manufacturer or retailer, repaired as necessary, and restored to full functionality. These phones go through rigorous testing and inspection to guarantee they fulfill quality standards before being resold to consumers at a lesser price than brand-new devices.
Furthermore, the applications of refurbished mobile phones cover a wide range of customer demands and preferences. They provide budget-conscious customers with a cost-effective way to gain access to advanced smartphone functions. They also appeal to ecologically aware customers by decreasing electronic waste through the reuse and recycling of old gadgets.
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What are the Drivers Influencing the Growth of the Refurbished Mobile Phones Market?
Refurbished phones are significantly cheaper than new models. As mobile phones have grown more commonplace, there has been a greater desire for low-cost alternatives. This is especially important in emerging nations and among price-conscious consumers who want to utilize high-end, flagship models without having to pay the premium price for a new gadget. This possibility to purchase a high-quality, refurbished phone at a fraction of the original price is a powerful inducement that promotes market expansion.
The high speed of technological progress in mobile phones means that new models are released regularly. However, many consumers might discover that minor changes between generations do not warrant the cost of updating. This has resulted in a rising market for refurbished devices that are only one or two generations behind the most recent release while still providing great performance and cutting-edge features at a lesser cost. Also, the quality of refurbishing has greatly increased, with many phones going through thorough testing and repairs to guarantee they meet high standards, making them practically indistinguishable from new handsets.
Furthermore, the growing awareness of environmental issues and the importance of sustainable purchasing practices has made refurbished phones increasingly popular. Refurbishing phones extends their lives, lowering e-waste and the environmental effect of new gadget manufacturing. Many people purchase refurbished phones to reduce their carbon footprint. Governments and organizations are also encouraging refurbished devices as part of a larger campaign to promote recycling and sustainability in the technology industry.
What are the Main Challenges Faced by the Refurbished Mobile Phones Market?
The fundamental difficulty for the refurbished phone market is to overcome consumer cynicism about product quality and reliability. Many potential purchasers are concerned about the state of a refurbished phone, believing that it has considerable wear and tear, hidden faults, or a shorter lifespan than a new gadget. There is also concern regarding the warranty and after-sales service, which may be less thorough than what is available with new products. Building consumer trust and shifting views of refurbished phone quality is a significant hurdle for market growth.
Furthermore, the lack of established techniques for phone refurbishment is another substantial challenge for the market. The quality of refurbished phones varies greatly depending on the seller and the refurbishment process. This discrepancy leads to a variety of consumer experiences, affecting the overall market reputation.
Category-wise Acumens
What Factors Contribute to the Increasing Demand for Company-owned Mobile Phones?
According to analyst, the company-owned segment is expected to exhibit the highest growth within the Refurbished Mobile Phones Market during the forecast period. Consumers often trust refurbished phones sold directly by makers or approved refurbishers more than those offered by third-party sellers. This trust stems from the notion that the company has the original production details and exclusive hardware knowledge to correctly restore the phone. Also, company-owned refurbished phones generally include a warranty and after-sales assistance, reflecting the trust and security that one would expect when purchasing a new device. These factors strongly influence consumer preferences for the company-owned segment.
Company-owned refurbished phones undergo rigorous testing, repair, and certification procedures that meet the brand’s standards. This ensures a high degree of quality and dependability, which closely mirrors the performance of new equipment. Many customers seek these certificates to prove the device’s condition, making company-owned refurbished phones more enticing. Customers may be confident that their purchase will last and perform properly due to the strict refurbishment procedure.
Furthermore, manufacturers have direct access to original parts and the most recent software upgrades, ensuring that refurbished devices are as similar to new ones as possible in terms of hardware and software. This access not only enhances the quality of refurbished phones but also extends their lives by ensuring they are compatible with the most recent apps and security features. Also, manufacturers can provide comprehensive support and warranties, increasing the appeal of company-owned refurbished phones.
How does the High Retail Price of New Premium Brands Propel the Growth in the Market?
The premium brand segment is estimated to hold the largest share of the Refurbished Mobile Phones Market during the forecast period. New models from luxury manufacturers are expensive, making them less accessible to a wider audience. Refurbished editions of these premium phones are appealing because they allow customers to own a high-end smartphone for a fraction of the price of a new one. The desire to have advanced features, higher build quality, and prominent brand names without paying a high price fuels the market for refurbished luxury smartphones.
Premium brand phones tend to have higher value retention over time than low and medium-priced handsets. This makes them a more appealing investment for both buyers and sellers. Consumers are more likely to buy refurbished premium equipment because they know it will retain its worth if they decide to sell it later. This perceived value retention helps luxury brands dominate the refurbished market.
Furthermore, premium brands are usually associated with higher-quality manufacture, superior materials, and longer-lasting durability. Consumers believe that even when refurbished, a premium brand phone will provide superior functionality, a longer lifespan, and better overall performance than its lower-cost rivals. This trust in quality and endurance influences consumer choice for refurbished premium brand phones, cementing their market dominance.
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Country/Region-wise Acumens
How Does High Smartphone Penetration Influence the Market in the Asia Pacific Region?
Asia Pacific is estimated to dominate the Refurbished Mobile Phones Market during the forecast period. Asia Pacific has some of the world’s largest and fastest-growing smartphone markets, including China, India, and Indonesia. High smartphone penetration rates, combined with quick technical adoption, drive a strong cycle of upgrades. Many people in these countries want to change their phones every few years, resulting in a vast supply of used smartphones that can be refurbished. Also, the desire to have access to cutting-edge technology at a reasonable price fuels the demand for refurbished phones.
Furthermore, the region represents a diverse spectrum of economic origins, from high-income countries to emerging markets. Cost sensitivity is a prevalent attribute among these various economies, making refurbished phones an appealing alternative for users seeking high-quality smartphones without paying a premium price. The refurbished market is a tempting option for budget-conscious consumers, especially in emerging markets where the price difference between new and used items can be large.
What Factors Contribute to the Growth of Refurbished Mobile Phones in North America?
North America region is estimated to exhibit substantial growth within the market during the forecast period. The North American market has experienced an increase in reputable shops and certified programs that sell refurbished mobile phones with warranties and quality assurance guarantees. This has considerably increased consumer trust in purchasing refurbished gadgets, reducing concerns about dependability and after-sales assistance. Major carriers, electronics stores, and manufacturer-certified programs ensure that refurbished gadgets satisfy high-quality requirements, with many being indistinguishable from new ones. These assurances, together with the convenience of purchasing from reputable suppliers, have contributed significantly to the expansion of the refurbished phone market in North America.
Furthermore, consumers in North America are more aware of and recognize the importance of sustainability and environmental responsibility. This has sparked rising interest in refurbished mobile phones as a means of reducing e-waste and the environmental effect of new device manufacturing. Consumers believe that purchasing refurbished things contributes to a circular economy in which products are reused and repurposed rather than discarded.
Competitive Landscape
The Refurbished Mobile Phones Market is competitive, with a wide range of manufacturers contending for market dominance through innovation, product differentiation, and strategic collaborations.
Some of the prominent players operating in the Refurbished Mobile Phones Market include
Apple, Samsung, Amazon, Verizon, Walmart, eBay, Cashify, ShopX, Gazelle, EcoATM, Decluttr, Swappa, ReCellular, The Mobile Outfitter, Back Market, SmartEco, and Renewd.
Latest Developments
- In February 2022, Flipkart, a homegrown eCommerce platform, launched a ‘Sell Back Programme which allows consumers to sell their used mobile phones and redeem the right buy-back value in the form of a Flipkart e-gift voucher.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2018-2031 |
| Growth Rate | CAGR of ~ from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| HISTORICAL PERIOD | 2018-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Players | Apple, Samsung, Amazon, Verizon, Walmart, eBay, Cashify, ShopX, Gazelle, EcoATM, Decluttr, Swappa, ReCellular, The Mobile Outfitter. |
| CUSTOMIZATION | Report customization along with purchase available upon request |
Refurbished Mobile Phones Market By Category
Type
- Company-Owned
- Consumer-Owned
Brand
- Low-priced Brands
- Medium-priced Brands
- Premium Brands
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Research Methodology of Market Research
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support
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