New York, April 19, 2023 (GLOBE NEWSWIRE) -- According to Persistence Market Research, the Europe Refurbished and Used Mobile Phones Market is predicted to increase rapidly at a CAGR of 9.4% from 2023 to 2033. The report predicts that the sales value of refurbished and used mobile phones in Europe will reach US$ 44.42 billion by the end of 2033.
Refurbished mobile phones are pre-owned devices that have been refurbished to a like-new condition by undergoing repairs, replacements, and testing. These phones may have undergone part replacements or repairs, as well as thorough cleaning and testing to ensure their proper functioning. Manufacturers or certified refurbishing companies typically sell refurbished phones, and they often come with a limited warranty.
Refurbished phones are reliable since they have undergone a thorough restoration to meet various quality standards and perform just like new phones. The sustainability trend in Europe is picking pace, which is a crucial factor that will benefit the market for refurbished and used mobile phones.
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Key Takeaways from Market Study
- By product type, refurbished phones account for 55.8% share of the European refurbished and used mobile phones market in 2023.
- Sales of refurbished phones are estimated to increase at a CAGR of 10.6% through 2033.
- Under the pricing range, mid-priced brands are estimated to see demand grow at a CAGR of 11.4% in Europe.
- By sales channel, online/e-commerce in Europe is estimated to expand at a CAGR of 10.4% in this market.
- The United Kingdom is set to account for 11.1% share of the refurbished and used mobile phones market in Europe, followed by Germany with a market share of 10.2%.
“The European market for refurbished and used mobile phones is growing fast, driven by factors such as rising smartphone adoption, affordable device availability, and increasing demand for eco-friendly products. With greater environmental awareness, many consumers now prefer refurbished and used phones to minimize their carbon footprint. Moreover, these devices are often more affordable than new ones, making them appealing to cost-conscious shoppers,” says a Persistence Market Research analyst.
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Demand for Refurbished Phones in Europe Being Driven by Environmental & Economic Benefits, Cost Savings, and Availability
Demand for refurbished and used mobile phones in Europe is driven by the increasing popularity of sustainable consumerism. This is due to the fact that Europe is becoming increasingly aware of the environmental and economic benefits of buying used and refurbished products over new ones.
Cost savings associated with buying used and refurbished mobile phones is a major factor driving demand in the market. Consumers are also drawn to the fact that refurbished and used mobile phones are often in good condition and come with a warranty, making them a great value for money. Finally, the availability of certified refurbished and used mobile phones in Europe is increasing, making them more accessible to consumers.
Market Key Players:
Important Key Companies for refurbished and used mobile phones in Europe are Apple Inc., Samsung, Google, Lenovo, Huawei, Xiaomi, Motorola, Nokia, Sony, OnePlus, LG, HTC and more
Recent Developments:
in 2021 : Amazon launched a new "Renewed" programme that enables customers to buy refurbished and used gadgets from the website at a discount. With this action, Amazon has strengthened its position as a major participant.
in 2020 : Apple introduced a new iPhone trade-in programme that enables users to exchange their old iPhones for Apple Store credit. Apple has been able to increase its market footprint thanks to this strategy.
More Valuable Insights on Offer
Persistence Market Research’s report consists of insights into the refurbished and used mobile phones market in Europe based on
- Product type (refurbished phones, used phones),
- Pricing range (low-priced brands [less than US$ 200], mid-priced brands [US$ 200 to US$ 500], premium-priced brands [more than US$ 500]),
- Sales channel (online/e-Commerce sites, physical retail stores [organized retailers, unorganized retailers]),
- Across Western Europe and Central & Eastern Europe.
For additional information on how the European refurbished and used mobile phones market will shape up in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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