New York, United States , Sept. 04, 2024 (GLOBE NEWSWIRE) -- The Global Refurbished Smartphone Market Size is Expected to Grow from USD 81,850.50 Million in 2024 to USD 256,415.90 Million by 2034, at a CAGR of 12.10% during the forecast period 2024-2034.
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A refurbished smartphone is a previously owned device that has been professionally restored to functioning and often near-new condition. Refurbished smartphones often sell at a lower price than new handsets, giving them a more affordable option for consumers while also contributing to the sustainability of electronic things by extending their lifespan. Refurbished smartphones are economical and versatile, serving the personal, business, educational, and non-profit sectors. The refurbished smartphone market is growing due to a variety of factors, including cost savings, environmental concerns, and improved refurbishment technology. Customers are increasingly lured to refurbished phones as a cost-effective and environmentally friendly alternative to new gadgets, especially as awareness of e-waste develops. However, the growth of the refurbished smartphone market faces several constraints, including concerns about quality, limited warranties, and perceived value compared to new devices.
Browse key industry insights spread across 229 pages with 120 Market data tables and figures & charts from the report on the "Global Refurbished Smartphone Market Size, Share, and COVID-19 Impact Analysis, By Type (OEM Refurbished, Third-Party Refurbished, Others), By Operating System (Android, iOS), By Price Range (Low Range, Medium Range, Premium Range), By Distribution Channel (Offline, Online), By End-User (Individual Consumers, Business Users, Educational Institutions, Government and Public Sector, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2024 – 2034."
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The OEM refurbished segment is predicted to hold the largest market share through the forecast period.
Based on the type, the refurbished smartphone market is classified into OEM refurbished, third-party refurbished, and others. Among these, the OEM refurbished segment is predicted to hold the largest market share through the forecast period. This segment is distinguished for its high-quality assurance, brand credibility, and comprehensive warranties. Refurbished by the original manufacturers or their authorized partners, these products benefit from high trust levels and dependability, making them more appealing to consumers than third-party refurbished solutions.
The Android segment is anticipated to hold the highest market share during the projected timeframe.
Based on the operating system, the refurbished smartphone market is divided into Android and iOS. Among these, the Android segment is anticipated to hold the highest market share during the projected timeframe. The Android market is dominated by a wide range of Android devices, resulting in a greater number of reconditioned units available. Android smartphones' pricing makes them an appealing alternative for cost-conscious users, while the large range of devices caters to various preferences and budgets.
The low range segment is anticipated to hold the greatest share of the refurbished smartphone market during the projected timeframe.
Based on the price range, the refurbished smartphone market is categorized into low range, medium range, and premium range. Among these, the low-range segment is anticipated to hold the greatest share of the refurbished smartphone market during the projected timeframe. This supremacy derives mostly from the segment's price, which appeals to a diverse variety of consumers, including budget-conscious buyers and those in emerging nations. The enormous volume of low-priced models accessible for refurbishing and the increasing need for cost-effective alternatives further support the low-range segment's market position.
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Asia Pacific is estimated to hold the largest share of the refurbished smartphone market over the forecast period.
Asia Pacific is estimated to hold the largest share of the refurbished smartphone market over the forecast period. The Asia-Pacific region's superiority belongs to its enormous and growing customer base, strong smartphone penetration, and increased desire for inexpensive mobile devices.
North America is predicted to have the highest CAGR growth in the refurbished smartphone market over the forecast period. This expansion is driven by increasing consumer awareness of the advantages of reconditioned gadgets, such as cost savings and environmental impact. The region's superior technology infrastructure, robust e-commerce growth, and economic factors favoring economical and sustainable solutions contribute to increased demand.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the refurbished smartphone market include Decluttr, Blinq, MusicMagpie, The iOutlet, Amazon Renewed, Swappa, Quick Mobile Fix, GameStop, Gazelle, Back Market, Best Buy Outlet, Samsung Certified Pre-Owned, Apple Certified Refurbished, BuyBackWorld, Glyde, and Others.
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Recent Developments
- In March 2024, Orange Belgium launched a new webshop for refurbished devices, supported by partner Recommerce. With this new platform, Orange Belgium will expand its selection of used devices to include over 8,500 refurbished smartphone references.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the refurbished smartphone market based on the below-mentioned segments:
Global Refurbished Smartphone Market, By Type
- OEM Refurbished
- Third-Party Refurbished
- Others
Global Refurbished Smartphone Market, By Operating System
- Android
- iOS
Global Refurbished Smartphone Market, By Price Range
- Low Range
- Medium Range
- Premium Range
Global Refurbished Smartphone Market, By Distribution Channel
- Offline
- Online
Global Refurbished Smartphone Market, By End-User
- Individual Consumers
- Business Users
- Educational Institutions
- Government and Public Sector
- Others
Global Refurbished Smartphone Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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