The refurbished and used mobile phones market is set to undergo substantial growth, with forecasts predicting a leap from US$51.9 billion in 2022 to an impressive US$123.9 billion by 2030. This robust expansion is expected to occur at a Compound Annual Growth Rate (CAGR) of 11.5% between 2023 and 2030, according to the latest analysis by Fairfield Market Research.
Key Market Trends Fueling Growth:
- Increasing Popularity of Used Smartphones: The global rise in consumer dependency on smartphones, which have become essential for communication, work, entertainment, and productivity, is a major driver of the market. Consumers are increasingly seeking cost-effective options, leading to a surge in demand for refurbished and used devices.
- Dominance of Used Phones: Used phones hold the largest market share due to their lower cost, accessibility, and broad appeal to budget-conscious consumers. Their affordability and availability make them a preferred choice for many buyers.
- Mid-Price Segment Dominance: Phones in the mid-price range ($200 to $500) are leading the market due to their affordability and broad consumer appeal. They cater to a wide range of budget-conscious buyers, making them the most accessible and sought-after segment.
- Individual Applications Leading: Individual applications, serving diverse personal needs such as personal use, communication, entertainment, and productivity, hold the largest market share. This versatility makes them the dominant choice among consumers.
- North America Leads Market: North America is the largest market in the refurbished and used mobile phones market due to its tech-savvy population, strong demand for the latest technology, and the presence of established refurbishment programs and trusted resale channels.
- Asia Pacific Experiencing Rapid Growth: Asia Pacific is experiencing the fastest CAGR in the refurbished and used mobile phones market due to its large and diverse consumer base, increasing digital penetration, and growing environmental awareness.
Challenges and Opportunities:
Challenges:
- Scarcity of Top Models in Refurbished Markets: High-demand flagship models may not be readily available in refurbished condition, limiting consumer choices.
- Limitation in Warranty Period: The short warranty period of refurbished and used smartphones can deter potential buyers concerned about device reliability.
Opportunities:
- 5G Adoption: The adoption of 5G technology in the refurbished and used mobile phones market is a significant trend. Older 4G devices becoming available in the refurbished market offer a wider range of affordable choices for consumers.
- Manufacturer-backed Refurbishment Programs: Leading smartphone manufacturers are establishing refurbishment programs to refurbish and certify their own devices, boosting consumer confidence in refurbished products.
- E-commerce Integration: E-commerce platforms have become central to buying and selling pre-owned smartphones, offering consumers a convenient and transparent way to access a wide range of refurbished devices.
Fairfield Market Research recommends that companies in the refurbished and used mobile phones market focus on offering certified refurbishment services, building online marketplaces, or participating in trade-in programs. They can also target sustainability-conscious consumers and explore partnerships with manufacturers for supply chain integration to enhance profit margins and sustainability credentials.
The future of the refurbished and used mobile phones market appears promising, driven by increasing consumer demand for cost-effective and environmentally friendly options, as well as advancements in phone durability and reliability.
Global Refurbished and Used Mobile Phones Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Type Coverage, By Price Range Coverage, By Application Coverage, By Geographic Coverage, By Company) https://www.fairfieldmarketresearch.com/report/refurbished-used-mobile-phones-market
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About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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This press release first seen on Brilad
COMTEX_443837428/2840/2023-11-21T21:58:27
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Smart Herald journalist was involved in the writing and production of this article.