Pune, Sept. 24, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “The Refurbished Smartphone Market size was valued at USD 71.67 billion in 2023 and is expected to grow to USD 187.86 billion by 2032 and grow at a CAGR of 11.3% over the forecast period of 2024-2032.”
Growing Appeal of the Refurbished Smartphone Market
The refurbished smartphone market is expanding rapidly, driven by consumer interest in sustainability and budget-friendly tech. These extensively tested and restored devices provide an affordable alternative to new models, appealing to eco-conscious buyers. North America leads in resale trends, while Europe benefits from recycling policies, and the Asia-Pacific region sees rising demand due to urbanization and a growing middle class. This market presents significant economic potential and supports global sustainability goals.
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Key Companies:
- Gazelle (Refurbished iPhone)
- Decluttr (Certified Refurbished Smartphone)
- Back Market (Refurbished Samsung Galaxy)
- Amazon Renewed (Renewed iPhone 13)
- Best Buy Outlet (Refurbished Pixel Phones)
- Apple Certified Refurbished (Certified Refurbished iPhone 12)
- Samsung Certified Pre-Owned (Certified Pre-Owned Galaxy S21)
- Swappa (Used & Refurbished Phones)
- BuyBackWorld (Refurbished Samsung Galaxy S20)
- GameStop (Refurbished Xbox Smartphone)
- Glyde (Refurbished iPhone 11)
- Blinq (Refurbished OnePlus Devices)
- Quick Mobile Fix (Refurbished Google Pixel)
- MusicMagpie (Refurbished Smartphone)
- The iOutlet (Refurbished iPhone XR)
- Others
Refurbished Smartphone Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 71.67 Billion |
| Market Size by 2032 | USD 187.86 Billion |
| CAGR | CAGR of 11.3% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Refurbished Phones, Used Phones) • By Pricing Range (Low-priced Refurbished and Used Mobile Phones (Less than $200), Mid-Priced Refurbished and Used Mobile Phones ($200-$500), Premium Refurbished and Used Mobile Phones (More than $500) • By Sales Channel (Online/ e-Commerce Sales of Refurbished and Used Mobile Phones, Refurbished and Used Mobile Phones Sold at Physical Retail Stores) • By Application (Individual, Businesses) |
| Key Drivers | • Expansion of online sales is driving growth in the refurbished smartphone Market. |
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The Rise of Affordable Quality in the Refurbished Smartphone Market
In 2023, refurbished phones captured 53% of the refurbished smartphone market, driven by consumers' demand for affordable alternatives to expensive flagship models. These thoroughly tested and repaired devices appeal to budget-conscious buyers, particularly in cost-sensitive regions like Asia-Pacific and Africa. Leading companies, such as Apple and Samsung, are enhancing consumer trust with initiatives like Apple's Certified Refurbished program. As e-commerce platforms grow and refurbishment processes improve, the demand for high-quality refurbished smartphones is expected to continue its upward trajectory, solidifying their market dominance.
In 2023, the refurbished smartphone market was led by the individual consumer segment, which accounted for 62% of revenue. Price-sensitive consumers, particularly students and young professionals, seek budget-friendly, high-quality devices without the cost of new models. Enhanced refurbishment processes, like Samsung's "Certified Re-Newed" program and Apple's "Certified Refurbished" initiative, ensure reliability. E-commerce giants like Amazon and Flipkart further boost market growth by offering certified, affordable options, appealing to consumers’ desire for practicality and quality.
Emerging Trends in the Refurbished Smartphone Market
In 2023, North America dominated the refurbished smartphone market with a 33% share, driven by consumer demand for affordable, high-quality devices and growing environmental awareness. Key players like Apple and Amazon facilitate access through programs like Apple's "Certified Refurbished" and Amazon’s "Renewed." Initiatives such as Back Market’s collaboration with Verizon enhance the appeal of refurbished phones. Canada's emphasis on sustainability further supports market growth, highlighting the region's commitment to integrating refurbished devices into eco-friendly practices.
The Asia-Pacific region is set to be the fastest-growing market for refurbished smartphones from 2024 to 2032, fueled by rising demand for affordable technology and increased environmental awareness. Countries like China and India are leading this growth, with companies like Huawei, Xiaomi, Flipkart, and Amazon enhancing refurbishment practices. Strategic initiatives and a focus on sustainability are driving consumer interest in certified refurbished devices.
Recent Development
- In March 2024, Orange Belgium introduced a new online store for secondhand smartphones in collaboration with Recommerce. The company offers a two-year warranty for its products. It is striving to lessen CO2 emissions.
- In August 2023 ReFit Global introduced a digital platform for reconditioned smartphones. The company offers its products at an incredible 50% discount.
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Key Takeaways
- Companies can use market intelligence to inform their decisions on product offerings, pricing strategies, and marketing efforts.
- The report offers guidance for businesses to align strategies with market forecasts and consumer behavior, paving the way for future growth.
- Understanding how successful collaborations work can help companies establish mutually beneficial partnerships that boost their market visibility.
- Understanding the significance of technology for refurbishment and the enhancement of quality can stimulate innovation, resulting in improved products and higher levels of customer contentment.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Refurbished Smartphone Production Volumes, by Region (2023)
5.2 Refurbished Smartphone Design Trends (Historic and Future)
5.3 Refurbished Smartphone Fab Capacity Utilization (2023)
5.4 Supply Chain Metrics
6. Competitive Landscape
6.1 List of Major Companies, By Region
6.2 Market Share Analysis, By Region
6.3 Product Benchmarking
6.3.1 Product specifications and features
6.3.2 Pricing
6.4 Strategic Initiatives
6.4.1 Marketing and promotional activities
6.4.2 Distribution and supply chain strategies
6.4.3 Expansion plans and new product launches
6.4.4 Strategic partnerships and collaborations
6.5 Technological Advancements
6.6 Market Positioning and Branding
7. Refurbished Smartphone Market Segmentation, by Type
7.1 Chapter Overview
7.2 Refurbished Phones
7.3 Used Phones
8. Refurbished Smartphone Market Segmentation, by Pricing
8.1 Chapter Overview
8.2 Low-priced Refurbished and Used Mobile Phones (Less than $200)
8.3 Mid-Priced Refurbished and Used Mobile Phones ($200-$500)
8.4 Premium Refurbished and Used Mobile Phones (More than $500)
9. Refurbished Smartphone Market Segmentation, by Sales Channel
9.1 Chapter Overview
9.2 Online/ e-Commerce Sales of Refurbished and Used Mobile Phones
9.3 Refurbished and Used Mobile Phones Sold at Physical Retail Stores
10. Refurbished Smartphone Market Segmentation, by Application
10.1 Chapter Overview
10.2 Individual
10.3 Businesses
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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