According to the latest research report titled, “Used and Refurbished Smartphone Market (2024 – 2029)” by Mordor Intelligence, the Used and Refurbished Smartphone Market is estimated at USD 349.40 million in 2024 and growing at a CAGR of 7.61% during the forecast period.
The global market for used and refurbished smartphones has experienced a significant surge, catering to budget-conscious consumers seeking affordable alternatives. Fueled by both cost-effectiveness and environmental concerns, this market offers renewed or pre-owned devices, effectively extending product life cycles and fostering a more sustainable tech ecosystem.
Numerous factors are propelling the growth of the second-hand smartphone industry across various regions. These include the introduction of multiple product launches in the premium smartphone segment, a wider array of brand options, the emergence of new price points, and the overall aspirational value associated with upgrading to a newer smartphone.
Report Summary
- Market Size (2024): USD 349.40 million
- Market Size (2029): USD 504.10 million
- CAGR (2024 – 2029): 7.61%
- Study Period: (2019-2029)
- Forecast Units: Value (USD million)
- Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends
- Market Drivers: Trend Toward Premium Phones (Rise in Upgrade Costs), Growing Popularity of E-commerce Platforms for Used and Refurbished Smartphones and Telecom Operators Focusing on Used Phones with Attractive Plans
Which are the Top Companies in the Used and Refurbished Smartphone Market?
The competitive rivalry amongst the used and refurbished smartphone providers is very high, owing to the presence of various smartphone brands across the globe. In November 2023 – Reboxed announced that it secured GBP 1.6 million (USD 2.03 million) in seed funding led by ACF Investors.
Prominent 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.
- Alibaba Group Holding Limited
- Paytm (One97 Communications Limited)
- Back Market
- FoneGiant
- Flipkart Internet Private Limited (Walmart Inc.)
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Key Highlights from the Used and Refurbished Smartphone Market Report
1. Rise of E-Commerce Platforms Fuels Used and Refurbished Smartphone Market Growth
- The growing popularity of e-commerce platforms for used and refurbished smartphones may be attributed to several factors.
- Consumers are increasingly seeking cost-effective alternatives to new devices, and these platforms offer more affordable options.
- The rise of environmentally conscious consumers has fueled interest in extending the lifespan of electronics by purchasing pre-owned devices.
- The convenience of online transactions and the ease of comparing prices and conditions further contribute to the appeal of e-commerce for used smartphones.
- According to Monetate, global consumers spend the most money on online purchases made through mobiles.
- Between July 2022 and September 2023, the average order value from mobile purchases peaked in April 2023. Shoppers spent an average of USD 105.45 on online orders that month.
- The global online retailer Amazon has a dedicated section for refurbished devices. Users can easily sell their old smartphones to Amazon in exchange for a discount on a new gadget.
- In addition, the business inspects them and makes the mandatory repairs to make them seem and function like new ones. These devices are then sold in the refurbished sector and backed by a vendor or manufacturer’s limited warranty.
The supply chain issues and chip shortages are also helping propel the refurbishing sector forward. Organizations are turning to refurbished electronics suppliers to meet this requirement, which is anticipated to augment the refurbished electronics industry, particularly smartphones.
2. Anticipating Surge: North America’s Upcoming Market Growth
The North American market for used and refurbished smartphones is experiencing robust growth, propelled by the surge in smartphone features and the expanding adoption of 5G technology. Renowned for its innovation in smartphone development, particularly with leaders like Apple, the United States stands out as a key player in this market.
Walmart reported a significant presence of refurbished smartphones in the U.S. market as of September 2023. Among these, the iPhone 11 (64GB) emerged as the top-selling reconditioned device, priced at approximately USD 264, followed by the Samsung Galaxy G998U S21 Ultra (128GB) at USD 365.
According to GSMA, North America is expected to surpass 1 billion 5G connections by 2022 and 2 billion by 2025, driven by substantial investments in network infrastructure by operators and the increasing availability of 5G-enabled smartphones across different price ranges. By 2025, North America is projected to become the first region where 5G connections exceed 50% of the total, further illustrating the region’s leading role in the adoption of this transformative technology.
What are the Latest Developments in the Used and Refurbished Smartphone Market?
- In December 2023 – Smartphone refurbishing startup ControlZ aims to invest nearly USD 2 million in its Gurugram repair facility again in 2024. The company aims to repair 1 lakh units at the facility in 2024 and scale it to 5 lakh units by 2025.
- In September 2023 – Expon Capital’s portfolio company, REFURBED, which achieved 1 billion in GMV since its founding in June 2023, announced a USD 57 million (EUR investment led by existing investors with significant participation from All Iron and several new backers).
Mordor Intelligence Report on the Used and Refurbished Smartphone Market segments the market based on product type, application, and geography:
- By Geography (Market Size & Forecast based on Value (USD million), 2024-2029)
- North America
- Europe
- Asia-Pacific
- Rest of the World
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the used and refurbished smartphone industry. Get a glance at the Used and Refurbished Smartphone Market Report (2024 – 2029)
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