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
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:
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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 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?
Mordor Intelligence Report on the Used and Refurbished Smartphone Market segments the market based on product type, application, and geography:
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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