Concerns Around Electronic Waste Propel Demand in the Refurbished Smartphone Market; FMI Analysts Predict Market Valuation to Surpass USD 258,824.2 million by 2034.
The used and refurbished smartphone market has surged globally, providing affordable alternatives for budget-conscious consumers. Driven by cost-effectiveness and environmental worries, this market offers renewed or pre-owned devices, extending product life cycles and contributing to a sustainable tech ecosystem.
NEWARK, DE / ACCESSWIRE / July 23, 2024 / The refurbished smartphone market is valued at USD 80,415.90 million in 2024 and is anticipated to surpass a valuation of USD 258,824.2 million by 2034. The refurbished smartphone market size is projected to expand at a phenomenal CAGR of 12.40% from 2024 to 2034.
Customers are becoming more conscious of environmental concerns, especially those pertaining to technological waste. As a result, they are thinking about how their purchases affect the environment. Refurbished smartphones provide a sustainable option because they prolong the life of electrical gadgets and cut down on the demand for new manufacturers. Customers contribute to reducing electronic waste and the environmental impact of smartphone manufacture and disposal by selecting reconditioned smartphones. This focus on sustainability fuels the market's expansion and increases demand for refurbished smartphones.
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Financing alternatives are expanding to increase the accessibility of refurbished smartphones for customers. Instalment plans and finance arrangements are available for consumers to acquire used equipment, which helps to spread the cost and make them more reasonable. This trend propels the market's expansion by making refurbished smartphones more accessible to a wider range of customers.
Key Takeaways from the Refurbished Smartphone Market Report
The market size stood at USD 71,735.90 million in 2023.
The refurbished smartphone segment is projected to hold 54.60% of the market share in 2024.
The individual user segment is in line to capture 59.40% of the market share in 2024.
The market size in the United States is projected to rise at 7.30% CAGR through 2034.
The market size in Germany is anticipated to develop at 7.90% CAGR through 2034.
The market size in India is estimated to surge at a 19.50% CAGR through 2034.
The market size in Australia is expected to increase at 9.10% CAGR through 2034.
"Implementing sustainability initiatives, cutting-edge technology, and strategic partnerships in response to shifting customer tastes and rising demand are necessary. Businesses must react quickly to market changes to stay competitive and seize new possibilities." says Sudip Saha Managing Director and Co-Founder at Future Market Insights.
Competitive Landscape
Numerous prominent firms compete for higher share and customer attention in the highly contested refurbished smartphone market. Top smartphone companies like Apple and Samsung dominate the industry with their own refurbished programs, capitalizing on their brand image and consumer loyalty to take a sizable share. These OEMs often restore their gadgets to high standards, giving buyers confidence in the reconditioned equipment.
Recent Developments
In March 2024, Orange Belgium partnered with Recommerce to develop a store for reconditioned smartphones. The firm offers a two-year guarantee on its items.
In November 2023, Cashify initiated an all-new campaign in India. Rajkummar Rao, a Bollywood celebrity, is part of the campaign. The campaign's premise is that upgrading to one's ideal phone is sensible and affordable when using reconditioned smartphones.
In August 2023, ReFit Global debuted an online marketplace for refurbished smartphones. The firm sells its items for a staggering 50% cheaper price.
Key Players in the Refurbished Smartphone Market
Gazelle
Decluttr
Back Market
Amazon Renewed
Best Buy Outlet
Apple Certified Refurbished
Samsung Certified Pre-Owned
Swappa
BuyBackWorld
GameStop
Glyde
Blinq
Quick Mobile Fix
MusicMagpie
The iOutlet
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Refurbished Smartphone Market Segmentation
By Product Type:
Refurbished Smartphones
Company Owned
Consumer Owned
Used Smartphones
Trade-ins
Buyback
By Application:
Individual User
Businesses
By Sales Channel:
Thrift Stores/Resale Stores
Online Market Places
Other Channels
By Region:
North America
Latin America
Western Europe
Eastern Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
Japan
About the Consumer Product Division at Future Market Insights
The consumer product team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analysing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting' at the ET Inspiring Leaders Awards 2022.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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