Refurbished Smartphone Market Analysis APAC,North America,Europe,South America,Middle East and Africa - US,Canada,China,India,UK - Size and Forecast 2024-2028

Refurbished Smartphone Market Forecast 2024-2028 

The refurbished smartphone market size is estimated to increase by USD 55.06 billion between 2023 and 2028. The market size is forecast to grow at a CAGR of 13.73%. The growth of the market depends on several factors, including increasing focus on circular economy and sustainability in the electronics industry, growth in the smartphone repair industry, and increased product launches to accelerate market growth. A refurbished smartphone is a used smartphone that is sold by the original smartphone manufacturer and retailer. However, unlike secondhand smartphones, the refurbished smartphone is often repaired as per a certain standard.

What will be the size of the Refurbished Smartphone Market During the Forecast Period?

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Market Segmentation

By OS Segment

The market share by the Android segment will be significant during the forecast period. One of the most widely used mobile operating systems (OS) in the world is Android. Because it is inexpensive and has many features, the reconditioned Android operating system is becoming more and more popular with customers all over the world. 

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The Android segment was the largest and was valued at USD 24.05 billion in 2018. The growing focus on circular economy models is one of the major factors driving the segment. The growth in circular businesses is leading to partnerships and interactions between sellers and refurbished in the market. Further, most of the established companies, such as Samsung, have started selling their smartphones on their official websites. As the demand for refurbished Android smartphones increases, other companies are expected to launch their websites for selling these smartphones. The demand for the Android operating system is expected to further increase and fuel the market during the forecast period. 

By Price Range Segment  

The low-priced segment was the dominant segment in 2023 and is expected to contribute to the market. This is due to its rapidly growing e-commerce platform and favorable EMI alternatives for customers buying low-range vintage mobile phones. Additionally, the proliferation of semiconductors and the entry of new competitors have lowered the cost of manufacturing portable playback devices. The low-priced phones are most preferred by consumers in emerging countries such as India and Brazil, which have low per capita income. Therefore, due to increased demand for low-priced phones, the market is expected to witness high growth during the forecast period.

Regional Overview

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APAC is estimated to contribute 47% to the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.  Over the past few years, the market in APAC has grown significantly. China, India, and Indonesia are the major revenue-generating countries in the region. The growth of the market in the region is driven by various factors, including the development of telecom infrastructure, the growing price of smartphones, and the lack of disruptive features in Android smartphones. As leading smartphone prices remain at the higher end, a large number of consumers in APAC prefer refurbished models of popular brands such as Apple Inc. and Samsung Electronics Co. Ltd. 

In addition, the key companies operating in the regional market are Samsung Electronics Co. Ltd. and Reboxed Ltd. Globally, APAC is an emerging market where the market consists of both smartphone manufacturers and retailers. Notably, Amazon consumers were requested to contribute their old smartphones or mobile phones for refurbishment. Therefore, such strategic imperatives are expected to increase the growth in APAC during the forecast period.

Market Dynamics and Customer Landscape

The market is experiencing significant growth driven by various market drivers and emerging trends. Technological advancements, particularly in the realm of online platforms and e-commerce, have facilitated the accessibility and affordability of refurbished smartphones. With the rise of buy-and-sell platforms and partnerships between manufacturers and distributors, consumers now have more channels to access refurbished devices, fueling market expansion. Moreover, the increasing adoption of 5G handsets and the evolving tech ecosystem are driving demand for upgraded smartphones, leading to a larger pool of devices available for refurbishment. These factors contribute to the growth of the refurbished smartphone market as consumers seek cost-effective alternatives to new devices.

Additionally, partnerships and mergers in the industry, such as those involving Global Service Exchange (GSX) and ecoATM, streamline the refurbishment process and enhance distribution channels, further propelling market growth. The focus on sustainability and reducing e-waste also plays a crucial role, as refurbished smartphones contribute to the circular economy by extending the lifecycle of electronic devices. Furthermore, the chip shortages affecting new smartphone production have led to a greater emphasis on refurbishment as a means to meet consumer demand. As the second-hand smartphone industry continues to thrive and e-waste awareness increases, the refurbished smartphone market is expected to witness sustained growth, driven by affordability, technological advancements, and a shifting consumer preference towards sustainable purchasing habits.

Key Market Driver

The market is witnessing significant growth, primarily driven by the flourishing smartphone repair industry. The widespread adoption of smartphones, coupled with their delicate screens and complex components, has led to an increased demand for repair services. Consumers are increasingly turning to expert repair facilities to salvage functional devices, particularly as smartphones become more integral to daily life. Additionally, the declining costs of cell phones and the introduction of yearly upgrade plans by carriers have influenced consumer behavior, with some prioritizing replacements over repairs. Despite this trend, the smartphone repair industry continues to thrive, offering cost-effective solutions to extend the lifespan of devices and reduce electronic waste.

Furthermore, emerging markets, particularly those with aggressive smartphone upgrade cycles, are contributing to the growth of the refurbished smartphone market. The availability of high-specification devices at affordable prices from Chinese brands has fueled faster upgrade cycles in these regions. This dynamic environment creates opportunities for the refurbishment sector to provide refurbished smartphones as a more affordable alternative to brand-new devices. As consumer preferences evolve and technological advancements continue, the refurbished smartphone market is poised for further growth, driven by the convergence of repair services, affordability concerns, and the increasing accessibility of high-quality refurbished devices in both developed and emerging markets.

Significant Market Trends

Rising demand from developing countries is an emerging trend shaping market growth. Emerging markets, growing demand for cheaper products, and the prevalence of smartphones in developing countries are driving the demand. In addition, rapid urbanization in developing countries, increasing brand sharing of mid-range, and rising demand for advanced features at low prices are expected to drive the market. In addition, increasing consumer reliance on electronic devices in developing countries is necessary to support demand in the market.

Further, smartphone makers in developing countries are investing resources in new jobs to produce high-quality mobile phones that can quickly meet the mechanical requirements of their customers. Moreover, such factors are expected to boost the growth of the market during the forecast period.

Major Market Restrain

Trust issues is a significant challenge hindering the market. The warranties are typically far less than those on new phones, they do not always include the newest technology, and they might have flaws (scratches, dents). The smartphone might not have software updates. Many fully operational phones become obsolete each year due to the end of support for security updates. If the software is not updated, the device may become insecure and can be easily hacked.

However, some refurbished phone dealers install new batteries, but this is not always the case. Devices that have been in use for several years have already lost some of their battery capacity; thus, buying such refurbished phones can lead to customer dissatisfaction. Hence, trust issues associated with smartphones may hamper the market during the forecast period.

Market Customer Landscape

The Market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

Who are the Major Refurbished Smartphone Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Amazon.com Inc. - The company offers refurbished smartphones such as Nokia C32, POCO F1, and Lava Agni 2 5G.

Apple Inc. - The company offers refurbished smartphones such as iPhone SE, iPhone 13 mini, and iPhone 13

AT and T Inc. - The company offers refurbished smartphones such as Google Pixel 8 Pro, Motorola Razr, and Sonim XP10.

The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

• Alibaba Group Holding Ltd.
• Back Market
• Best Buy Co. Inc.
• Clues Network Pvt. Ltd.
• eBay Inc.
• Gadgetwood E Services Pvt. Ltd.
• HOMES SOLUTION LTD.
• Manak Waste Management Pvt. Ltd.
• Qarmatek Services Pvt. Ltd.
• Quikr India Pvt. Ltd.
• Reboxed Ltd.
• Samsung Electronics Co. Ltd.
• Smart Cellular
• Swappie Oy
• TROCAFONE SA
• Verizon Communications Inc.
• Walmart Inc.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market report forecasts market by revenue at global, regional & country levels and provides an analysis of the latest trends and opportunities from 2018-2028

• OS Outlook
  • Android
  • iOS

• Price Range Outlook
  • Low-priced
  • Medium-priced
  • Premium

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The Refurbished Smartphone Market is experiencing significant growth driven by recent developments such as increased e-commerce platforms and Series C investments. Budget-conscious consumers are turning to refurbished devices amidst environmental worries and shorter product life cycles. With advancements in technology, smartphones research, and telecom devices research, refurbished phones offer cost-efficient solutions while addressing Electronic waste (e-waste) concerns. However, supply chain issues, chip shortages, and competition from new devices pose challenges. Brands, specialized refurbishing companies, and online platforms are key players in this competitive landscape. Regulatory challenges and consumer perception also influence the market dynamics. As consumers seek affordability, accessibility, and environmental awareness, innovations in device leasing, trade-in programs, and EMI options are reshaping the refurbished smartphone industry, emphasizing social responsibility and consumer education.

The Market, currently the largest market in consumer electronics, is propelled by technological advancements and increasing demand for cost-effective alternatives. Telecom research and the tech ecosystem contribute to this thriving sector, offering diverse brand options and competitive price points. Refurbished smartphones hold aspirational value for consumers seeking quality devices at lower prices, especially in regions with varying disposable incomes. With the rise of online gaming and work-from-home trends, enterprises and network operators are driving sales through online transactions. Despite concerns over e-waste, initiatives like Boost Mobile and manufacturer reconditioning are addressing sustainability. The advent of 5G smartphones and stringent regulations from entities like the EPA and GSMA shape this dynamic market, where brand loyalty, warranty terms, and after-sales service play pivotal roles in consumer awareness and business models.

In the realm of Technology, Media, and Telecom Research, one burgeoning sector that's gaining significant traction is the second-hand smartphone industry. Spanning across various geographies, this industry has witnessed a surge, especially with the widespread adoption of work from home setups, which has led to increased demand for affordable yet reliable devices. However, the exponential growth in this sector has also raised concerns regarding the e-waste stream and its environmental impact, prompting organizations like the US Environmental Protection Agency (EPA) to advocate for sustainable practices. Initiatives such as the Sustainable Materials Management Electronics Challenge aim to address these challenges and promote responsible disposal and recycling practices. The competitive rivalry within the online retail space for second-hand smartphones is fierce, with companies like PowerON Services and Global Service Exchange (GSX) vying for market dominance. One significant challenge faced by consumers and retailers alike is the prevalence of counterfeit products, which can tarnish brand reputation and pose risks to consumers.

Moreover, the industry grapples with limited supply and quality variability, exacerbated by rapid technological advancements that render older models obsolete quickly. Regulatory and legal challenges further complicate matters, necessitating compliance with various standards and regulations. Despite these hurdles, buy-and-sell platforms and networks and retailers offer cost efficiency benefits to consumers, who can access top models at a fraction of the original cost. Factors like warranty period and certified and branded devices provide assurance to buyers, mitigating concerns about faulty components and limited warranty. Innovative payment options such as EMI options for phones and Buy Now Pay Later (BNPL) schemes enhance affordability and accessibility, driving further adoption of used phones. As consumers prioritize battery life and performance, third-party service providers play a crucial role in refurbishing and maintaining devices to ensure longevity and customer satisfaction.

Amidst this dynamic landscape, conducting a Porter's five forces analysis helps elucidate the competitive dynamics and identify key players in the industry. By navigating through challenges and leveraging opportunities, stakeholders can navigate the evolving landscape of the second-hand smartphone market effectively.

Refurbished Smartphone Market Scope
Report Coverage	Details
Page number	157
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 13.73%
Market Growth 2024-2028	USD 55.06 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	12.81
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 47%
Key countries	US, Canada, China, India, and UK
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Alibaba Group Holding Ltd., Amazon.com Inc., Apple Inc., AT and T Inc., Back Market, Best Buy Co. Inc., Clues Network Pvt. Ltd., eBay Inc., Gadgetwood E Services Pvt. Ltd., HOMES SOLUTION LTD., Manak Waste Management Pvt. Ltd., Qarmatek Services Pvt. Ltd., Quikr India Pvt. Ltd., Reboxed Ltd., Samsung Electronics Co. Ltd., Smart Cellular, Swappie Oy, TROCAFONE SA, Verizon Communications Inc., and Walmart Inc.
Market dynamics	Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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