The Used and Refurbished Smartphone Market is anticipated

Hyderabad, March 10, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Used and Refurbished Smartphone Market Share-2023-2028”, the used and refurbished market is expected to register a CAGR of 10.23%. Premium phones have witnessed higher prices, resulting in consumers keeping their devices for long periods of time. This upgrade cost increase has been a major factor contributing to the growth of the market. The increased demand has also raised the average selling price of previously owned units.

The mobile device industry also had to confront several problems, such as supply issues and reduced customer demand due to high inflation rates. In the coming decade, smartphones are expected to continue acting as a main hub until they are replaced by ubiquitous voice assistants, wearable screens, and ambient interfaces, thanks to emerging trends such as 5G and AI cloud computing. 

Used and Refurbished Smartphone Market Analysis - What is driving the growth of the used and refurbished smartphone market? 

Supply chain concerns and chip shortages are also helping to propel the refurbishing sector. Businesses are turning to refurbished electronics suppliers to meet this demand, which is projected to drive the refurbished electronics industry, particularly smartphones. 

  • The growth of online platforms offering refurbished smartphones has increased market penetration, especially in emerging economies. 
  • The easy availability of smartphones on e-commerce platforms and the discounts offered during the festival and summer seasons may attract new customers. 
  • Therefore, a rise in e-commerce platforms creates a demand for used and refurbished smartphones. 
  • An increase in buy and sell platforms has, in turn, increased visibility and helped sellers to get the right price for their old phones. 
  • It has standardized the secondary smartphone market and has also increased competition among different players in the market. 
  • Amazon, the world's largest online retailer, has a dedicated section for refurbished devices. 
  • Customers can sell their old smartphones to Amazon in exchange for a discount on a new gadget. 
  • The business inspects them and makes any required repairs to seem and function as new. 
  • These devices are then sold in the refurbished sector. They are even backed by a vendor or manufacturer's limited warranty. 

How is the growth being addressed? 

The market witnessed several players making strategic investments and acquisitions to tap into the growing secondary smartphone market. In January 2022, Flipkart Group acquired Yaantra, an electronics recommerce company, for an undisclosed amount as part of its efforts to strengthen its recommerce business and enhance its after-sale offerings for its customers in the smartphone segment. 

North American trade-in service providers witnessed business growth in the last few years due to companies and consumers updating and upgrading their devices due to the changes in the workplace and workforce. For instance, in February, Phobio, a trade-in service for mobile operators and consumer electronics brands, was named a trade-in provider to three new companies: Hyperion Partners, Amazon Canada, and Drone Nerds. 

As markets across North America become increasingly tech-savvy, the demand for used and refurbished smartphones has seen a tremendous surge. The continual advancement in smartphone features and 5G capabilities have proved to be major market drivers. Furthermore, with leading vendors like Apple at the forefront of innovation, the United States remains one of the most cutting-edge smartphone markets in the world. 

According to GSMA, North America was expected to surpass 1 billion 5G connections by 2022 and 2 billion by 2025, driven by continued network investments from operators and the expanding range of 5G smartphones at varying price points. By 2025, North America is expected to become the first region where 5G accounts for more than 50% of total connections. 

Who are the key players in the Used and Refurbished Smartphone Market? 

The competitive rivalry among the used and refurbished smartphone providers is very high, owing to the presence of various smartphone brands across the world. Some major smartphone giants include: 

  • Samsung Electronics Co. Ltd 
  • Apple Inc. 
  • Amazon.com Inc. 
  • Verizon Communications Inc. 
  • AT&T Inc.
  • Reboxed Limited 
  • Nippon Telephone Inc. 
  • Best Buy Co. Inc. 
  • Woot Inc. (Amazon.com Inc.) 
  • Paytm (One97 Communications) 
  • Back Market 
  • FoneGiant.com 
  • Flipkart Internet Private Limited (Walmart Inc.) 

Recent Developments in the Used and Refurbished Smartphone Market:

  • September 2022: Fairphone, the Dutch social enterprise building a market for ethical smartphones, started marketing its refurbished smartphone, Fairphone 3, New Life Edition, through its website to promote longevity in smartphones and reduce e-waste and save valuable resources.
  • May 2022: Phixman partnered with Detel to sell refurbished luxury smartphones at a nominal price with a warranty and all accessories. It also provides services at a reasonable price at all centers within PAN India. 
  • April 2022: Samsung’s renewed online store enables customers to own previously purchased and refurbished Galaxy S21 series, added to the pre-owned lineup. The renewed store offers lucrative deals on relatively new Samsung devices.  

Briefly, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand the industry.  Get a glance at the https://www.mordorintelligence.com/industry-reports/used-and-refurbished-smartphone-market

About Mordor Intelligence  

Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.   

Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry. 

Other Trending Reports you may like:

  • https://www.mordorintelligence.com/industry-reports/china-refurbished-smartphone-market
  • https://www.mordorintelligence.com/industry-reports/global-smartphone-display-panel-market 
  • https://www.mordorintelligence.com/industry-reports/commercial-satellite-imaging-market

Attachment

  • Used and Refurbished Mobile Market Report

The Used and Refurbished Smartphone Market is anticipated

TIN LIÊN QUAN

Particleboard Market Expected to Grow at 5.2% CAGR Till

NEW YORK, March 10, 2023 (GLOBE NEWSWIRE) -- IndexBox, a leading market research firm, has released its latest report on the global wooden particle board...

The Global Passenger Cars Market is projected to register a

Hyderabad, March 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Global Passenger Cars Market”-2023-2028, is expected to...

The Saudi Arabian Foodservice Market is anticipated to

Hyderabad, March 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Saudi Arabia Foodservice Market-2023-2028', the Saudi...

Personal Floatation Devices Market

The paramount competitors covered in the global personal floatation devices market report include United Moulders Limited, Absolute Outdoor Inc., Marine...

Photovoltaic Market Driven by Decreasing Costs of PV

Chicago, March 08, 2023 (GLOBE NEWSWIRE) -- The Photovoltaic Market by Component (Modules, Inverters, BOS), Material (Silicon, Compounds), Installation...

The Medical Aesthetic Devices Market is projected to

Hyderabad, March 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Medical Aesthetic Devices Market-2023-2028”, the...

Chillers Market Expected to Hit US$ 4.8 Billion by 2026

Chicago, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The global chillers Market is projected to grow from USD 4.1 billion in 2021 to USD 4.8 billion by 2026, at a...

Global Pulmonary Embolism Market Size - Forecasts to 2028

The paramount competitors covered in the global pulmonary embolism market report include Abbott, F. Hoffmann-La Roche Ltd., Mylan N.V., Teva...

THỦ THUẬT HAY

Trở thành "chuyên gia" công nghệ với 60 phím tắt sau - Phần 1

Thao tác trên máy tính của bạn sẽ nhanh hơn với hơn 60 phím tắt sau - trọn bộ từ Windows, Mac cho đến các phần mềm văn phòng như Microsoft Office.

Cách ứng tiền Mobi cực nhanh và đơn giản chỉ trong ‘một nốt nhạc’

Bạn đang muốn tiếp tục sử dụng các dịch vụ của MobiFone mà không bị gián đoạn trong những trường hợp khẩn cấp? Vậy thì ứng tiền MobiFone là dịch vụ không thể thiếu dành cho bạn. Để giúp bạn tiện lợi hơn trong việc ứng

Những mẹo xóa vết xước màn hình điện thoại đơn giản

Thật vậy, chẳng cần đến những thủ thuật xóa bỏ vết xước cao siêu cũng như đòi hỏi công cụ chuyên nghiệp, người dùng có thể tự mình xóa bỏ vết xước màn hình điện thoại hay laptop bằng những mẹo vặt vô cùng đơn giản như

Hướng dẫn cách hiển thị thông tin thời tiết ngay trên màn hình khóa trên iPhone

Thời tiết thất thường làm bạn khó chịu, bạn muốn được cập nhật thông tin thời tiết hàng giờ hàng ngày nhưng phải thực hiện quá nhiều thao tác. Hãy cầm chiếc iPhone, cài đặt hệ điều hành iOS 12 và làm theo hướng dẫn

Hướng dẫn cài đặt và sử dụng Recuva khôi phục dữ liệu hiệu quả

Recuva là một trong những phần mềm khác của hãng Piriform - cha đẻ của ứng dụng CCleaner. Recuva đã được đánh giá là một trong những phần mềm khôi phục dữ liệu hiệu quả và chuyên nghiệp nhất. Nó đã nhận được sự phản

ĐÁNH GIÁ NHANH

Đánh giá iPhone 4s sau 5 năm sử dụng: Cũ nhưng có kĩ?

iPhone 4s là một chiến binh mạnh của Apple trong thời kì đầu của smartphone, và sau 5 năm sử dụng liệu rằng chiếc điện thoại này có còn mang lại...

Cảm nhận thiết kế OPPO F9: dành cho những người yêu cái đẹp

OPPO F9 đã có một bước tiến lớn so với các thế hệ trước và so với các đối thủ nhờ thiết kế màn hình “giọt nước” độc đáo. Đây cũng là chiếc điện thoại OPPO dòng F đầu tiên có camera kép để cạnh tranh sòng phẳng với những

Trên tay HTC U11 Eyes: Màn hình 6 inch, camera selfie kép, Snapdragon 652

Trong những năm gần đây, HTC đã điều chỉnh chiến lược là giảm bớt số lượng dòng sản phẩm của họ ra mắt trong một năm. Theo CEO hãng thì mục tiêu gần như là tập trung vào các sản phẩm cao cấp.