Global Refurbished and Used Mobile Phones Market Report and Forecast 2024-2032

Global Refurbished and Used Mobile Phones Market Outlook

The global refurbished and used mobile phones market size was valued at USD 62.48 billion in 2023. The market is further projected to grow at a CAGR of 6.5% between 2024 and 2032, reaching a value of USD 110.72 billion by 2032.

Key Takeaways

• In 2022, India was the leading country in refurbished smartphones market.

• Refurbished Apple devices made up more than 80% of all refurbished device purchases around the globe.

• Number of smartphone users have increased year-on-year at nearly 5%, where China has the highest number of smartphone users

• As of 2023, there are approximately 6.92 billion smartphone users worldwide, with USA having more than 260 million smartphone users.

Refurbished and used mobile phones are devices that have been previously owned or used by someone else and then resold or recycled. Refurbished phones are usually restored to their original condition and functionality by the manufacturer or a third-party service provider, while used phones are sold as they are, without any repairs or updates. Both types of phones offer a cheaper alternative to buying new phones, but they may also have some drawbacks, such as lower battery life or limited warranty.

The refurbished and used mobile phones market is expected to grow at a significant rate in the coming years, due to the increasing demand for smartphones, especially in emerging markets, where affordability is a key factor. In addition, the rising environmental awareness and social responsibility among consumers, who prefer to reuse and recycle their old phones rather than discarding them is positively impacting the refurbished and used mobile phones market outlook.

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Key Trends and Developments

Emergence of online platforms, rising popularity of trade-in and buyback programs, and increased focus on reducing electronic waste are boosting the market growth

Global Refurbished and Used Mobile Phones Market Trends

The refurbished and used mobile phones market is growing rapidly due to various factors such as increasing smartphone penetration, cost savings, and availability of quality devices. Purchase of refurbished and used mobile phones is expected to rise dramatically over the coming years due to the rising popularity of consumer electronics, refurbished phones, and used phones through various online and offline sales channels. The growth of smartphone adoption, burgeoning emerging markets, and increased consumer demand for low-cost items are all factors that have further increased the refurbished and used mobile phones market value.

One of the key trends in refurbished and used mobile phones industry has been an increase in costs of new mobile phones with limited feature upgrades. As the costs of new mobile phones increase, more individuals are buying refurbished and used mobile phones at lower costs. Refurbished phones are thoroughly tested, increasing their reliability while used phones are available in relatively new condition and can be verified by buyers. Furthermore, the shorter replacement cycles and frequent launch of new models by the leading smartphone brands, which create a surplus of older devices that can be refurbished and resold is aiding in refurbished and used mobile phones market growth.

Moreover, the refurbished and used mobile phones market size has been increasing due to emergence of online platforms and channels that facilitate the trade and distribution of refurbished and used phones, such as e-commerce sites, online auctions, and peer-to-peer networks. The easy availability of refurbished and used mobile phones on online platforms from reliable sellers and networks, with complete details and multiple images and videos are encouraging buyers to purchase used mobile phones. For example, Apple's official website offers certified refurbished iPhones with a one-year warranty and the Apple Certified Refurbished promise. These factors have led to refurbished and used mobile phones market expansion.

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Market Segmentation

Global Refurbished and Used Mobile Phones Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Refurbished phones are expected to hold significant market share due to availability of repaired smartphones at lower prices and warranty

The development in refurbished and used mobile phones market can be credited to the increasing affordability, accessibility, and sustainability of refurbished and used phones, as well as the technological advancements and innovations in the smartphone industry.

Refurbished phones are those that have been returned to the manufacturer or a third-party vendor for repair or replacement of faulty components, and then resold to the market with a warranty. This segment accounted for the largest refurbished and used mobile phones market share and is projected to maintain its dominance throughout the forecast period. The high demand for refurbished phones is attributed to the availability of quality products at lower prices, the assurance of warranty and after-sales service, and the preference for certified and branded devices. The major players in this segment include Apple, Samsung, Huawei, Xiaomi, and OnePlus.

According to refurbished and used mobile phones market insights, the used phones segment is expected to witness the fastest growth rate in the forecast period due to the increasing penetration of online platforms that facilitate the exchange and resale of used phones, such as eBay, Amazon, and Gazelle. The growing consumer awareness about the environmental benefits of reusing and recycling phones, and the emergence of new business models, such as device leasing and trade-in programs, are also expected to boost the demand for used phones.

The medium-priced and low-priced segments contribute significantly to the market due to wide availability of mid-priced cell phones on online websites

The low-priced segment includes refurbished and used mobile phones that are sold for less than USD 100. This segment accounts for the largest share of the market, as it caters to the demand from emerging regions such as Asia Pacific, Latin America, and Africa, where most of the population have low purchasing power and prefer affordable devices. The low-priced segment is driven by the growth of online platforms, trade-in programs, and financing schemes. Some of the key players in this segment are Samsung, Huawei, Xiaomi, and Oppo.

According to pricing range, the medium-priced segment is anticipated to contribute significantly to the used and refurbished mobile phones market as it caters to the demand from developed regions such as North America and Europe, where consumers are looking for mid-range devices with decent features and performance. Moreover, due to the wide selection of mid-priced cell phones on online websites with a variety of payment options, the segment is growing. Flagship models, such as iPhone 8, iPhone X, and Samsung Galaxy S9 after a few years tend to be priced in the medium range in refurbished and used format, enabling consumers interested in high-end phones to purchase them at a lower cost.

The premium segment in the refurbished and used mobile phones market includes the mobile phones that are sold for more than USD 400. This segment accounts for the smallest share of the market, as it caters to the demand from niche segments such as enthusiasts, collectors, and early buyers, who are willing to pay a premium for high-end devices with advanced features and specifications. The premium segment declined by 5% year-on-year due to the saturation of the smartphone market and the lack of innovation and differentiation among flagship models. Some of the key players in this segment are Apple, Samsung, Google, and Huawei.

Competitive Landscape

Market participants are actively engaged in offering refurbished and used phones online to cater to increasing consumer demand for affordable and quality smartphones.

Other key players in the global refurbished and used mobile phones market include Apple Inc., Flipkart Internet Private Limited, Reboxed Limited, FoneGiant.com, Kempf Enterprises Limited, and Nippon Telephone Inc., among others.

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Global Refurbished and Used Mobile Phones Market Analysis by Region

Asia Pacific is the dominating region due to the increased accessibility of refurbished and used mobile phones in countries, like India and China

Asia Pacific is anticipated to maintain a dominant position in the refurbished and used mobile phones market during the forecast period, led by countries like China, Indonesia, and India. The expansion of telecom infrastructure, rising costs of new smartphones, and increased accessibility of refurbished and used mobile phones are supporting the growth of the regional market. Used mobile phones are becoming more socially acceptable and improvements in used mobile phone quality are encouraging more consumers to purchase these mobile phones. The growing trend of owning separate phones for work and personal purposes is also increasing the demand for the refurbished and used mobile phones market by companies looking to purchase low-cost phones to assign to workers.

North America is a major market for refurbished and used mobile phones, owing to the high penetration of smartphones, the presence of leading manufacturers and carriers, and the growing environmental awareness among consumers. The USA is the largest market in the region, followed by Canada. According to refurbished and used mobile phones market report, Europe is another significant market for refurbished and used mobile phones, due to the increasing demand for affordable and quality devices, the rising adoption of e-commerce platforms, and the stringent regulations on electronic waste disposal. The UK, Germany, France, Italy, and Spain are some of the key markets in the region.

Key Highlights of the Report