Used and Refurbished Smartphone Market Overview
The global used and refurbished smartphone market was valued at 251.09 million units in 2021, and it is expected to reach 459.86 million units by 2027, registering a CAGR of 10.23% between 2022 and 2027. Multiple product launches in the premium smartphone segment, more brand options, new price points, and the overall aspirational value of an upgraded smartphone are some of the significant factors rapidly driving the second-hand smartphone industry to increase its market in multiple geographies globally. An increase in the upgrade cost has been one of the prominent reasons for the market’s growth. An increase in the prices of premium smartphones led to multiple consumers holding on to their phones much longer than expected. However, at the same time, this factor also raised the average selling price of a pre-owned device.
Download a free sample here – Used and Refurbished Smartphone Market
Key Highlights of the Used and Refurbished Smartphone Market
- As e-waste is the world’s fastest-growing solid-waste stream, increasing at a rate three times faster than general waste in the country such as Australia, the market sentiments have switched over to buying refurbished smartphones which have gained traction among several players such as Boost Mobile, Cole’s, and Phoenix Cellular.
- In January 2022, Flipkart Group announced the acquisition of Yaantra, an electronics re-commerce company, for an undisclosed amount as part of efforts to strengthen its re-commerce business and enhance its re-commerce business after-sale offerings for its customers in the smartphones segment.
- In November 2021, Meridiam invested EUR 15 million in CertiDeal, a prominent French circular economy digital platform selling top-of-the-range smartphones, tablets, and other devices refurbished in-house in France.
Used and Refurbished Smartphone Market – Geographical Overview
- The growing advancements in smartphone features and the expanding scope of the 5G smartphones are some of the major factors driving the growth of North America’s used and refurbished smartphone market. The United States is one of the most advanced markets for smartphone vendors globally. The region has a history of developing innovative smartphones, especially with vendors, like Apple, that have changed the market dynamics of the global smartphone market.
- According to GSMA, North America will surpass 1 billion 5G connections by 2022 and 2 billion by 2025, driven by continued network investments from operators and the expanding range of 5G smartphones at varying price points. By 2025, North America will have become the first region where 5G accounts for more than 50% of total connections.
- The refurbished smartphones market in the region has been witnessing increasing investments. For instance, in May 2021, within three years of launching in North America, Back Market, a dedicated refurbished electronics marketplace, announced an investment round of USD 335 million led by General Atlantic, with the support of Generation Investment Management and existing investors Aglaé Ventures, Goldman Sachs Growth Equity, Eurazeo, and Daphni.
Check our other latest research on –
- Smartphones Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)
- Smartphone Camera Lens Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)
Recent Developments in the Used and Refurbished Smartphone Market
- April 2022 – Samsung’s Renewed online store enables its customers to own previously purchased and refurbished Galaxy S21 series, being added to the pre-owned lineup. The Renewed store offers lucrative deals on relatively current Samsung devices. Users who could not afford the S21 range due to initial high prices can now get their devices at a more affordable price. Samsung is offering the product at USD 225.
- March 2022 – The iPhone 12 and iPhone 12 Pro models were introduced to Apple’s official Certified Refurbished store. A new battery, a new outer shell, authentic Apple part replacements (if necessary), and a one-year warranty are included with products purchased from Apple’s Certified Refurbished store.
Related Research and Links
- Global Smartphone Display Panel Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)
- Global Mobile Analytics Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)
List of Key Players in the Used and Refurbished Smartphone Market
- Samsung Electronics Co. Ltd
- Apple Inc.
- Amazon.com Inc.
- Verizon Communications Inc.
- AT&T Inc.
- Reboxed Limited
- NIPPON TELEPHONE INC.
- Best Buy Co. Inc
- Woot Inc. (Amazon.com Inc.)
- Paytm (One97 Communications)
- Back Market
- Flipkart Internet Private Limited (Walmart Inc.)
*List Not Exhaustive
Mordor Intelligence has segmented the Used and Refurbished Smartphone Market based on geography:
- Geography (Market Size & Forecast based on Shipment (million units), 2020-2027)
- North America
- Asia Pacific
- Rest of the World
About Mordor Intelligence
Mordor Intelligence is a market intelligence and advisory firm. Our mission is to map complex business ecosystems across the globe to better predict butterfly effects. To date, we have partnered with 4000+ enterprises across 20 industries, to deliver precise data and actionable insights in over 6000 projects. Our domain-specific teams of research experts continuously track markets, enabling our clients to gain a competitive edge through high-quality market intelligence.
We offer fully tailored intelligence solutions to meet the unique business requirements of any organization. Our deep industry expertise coupled with cross-functional analyst teams ensures we can support the intelligence requirements of even the most specific of business problems.
Company Name: Mordor Intelligence Private Limited
Contact Person: Sai Teja
Email: Send Email
Phone: +1 617-765-2493
Address:5th Floor, Rajapushpa Summit, Nanakramguda Rd, Financial District, Gachibowli
State: Telangana 500008