Countries such as Argentina, Brazil, India, Russia, Mexico, Thailand, the Philippines, and others are emerging as key markets for refurbished and used mobile phones. Consumers in developing nations are price-sensitive, and inclined toward products that provide good value for money, a major factor surging the market in Asia Pacific. The global refurbished and used mobile phones market is largely unorganized, with few players such as Samsung, Apple, and Lenovo venturing into this space. These factors are projected to fuel growth of the refurbished and used mobile phones market, globally.
As per report findings, factors such as government regulations on e-waste and adoption of refurbished and used mobile phones in institutional and commercial sectors are expected fuel the growth of the refurbished and used mobile phones market. On the back of these factors, the global refurbished and used mobile phones market is expected to expand at a CAGR of 10% during 2019-2029.
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Key Takeaways of Refurbished and Used Mobile Phones Market Study
- Refurbished and used mobile phones are adopted by various startups, industries, institutes, and commercial offices in order to cut costs.
- Lack of sales and distribution channels is restricting the growth of the refurbished and used mobile phones market
- PMR reports that, the demand for mid-priced branded refurbished and used mobile phones is projected to increase at a striking CAGR during the forecast period.
- As compared to other regions, the sales of refurbished and used mobile phones are projected to be high in the Asia Pacific region. Significant market potential exists in countries in APEJ, such as China and India.
- The trend of selling old phones for discount vouchers on new purchases is attracting consumers, making the consumer-owned segment dominant in the market.
“E-waste includes complex mixtures of materials, which adversely impacts the environment. Therefore, mobile phone players should focus on recycling and reusing old products to maintain a sustainable environment and reduce e-waste”, says the PMR analyst.
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Smartphone Players Entering Refurbished and Used Phones Business
Key players such as Apple Inc, Samsung Electronics, and Lenovo are now also focusing on selling refurbished and used mobile phones in the market.
The report provides valuable insights at the company level, and focuses on the business and marketing strategies of emerging market players. Key market players featured in the report are Apple Inc, Samsung Electronics, Lenovo Group Limited, and Amazon. Tier-I participants in the refurbished and used mobile phones market hold 50%-60% of market share. Product innovation has been mainstay in the refurbished and used mobile phones market in order to enhance market presence and end user experience.
- In January 2019, Apple Inc. added refurbished iPhone X Plus models to its website. Apple started selling refurbished iPhone X in all three storage capacities, including 64 GB for US$ 679 and 256 GB for US$ 809.
- August 2019 saw the launch of refurbished Note 9, Note 10, and Note 10+ smartphones.
More Valuable Insights on Refurbished and Used Mobile Phones Market
A new market research report published by Persistence Market Research (PMR) on the global refurbished and used mobile phones market includes global industry analysis for 2014–2018 and opportunity assessment for 2019–2029. The report provides valuable analysis of the global market on the basis of type (company-owned and consumer-owned), brand (low-priced brands, mid-priced brands, and premium brands), across seven major regions.
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About the ICT & Telecommunication Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the IT and Telecommunication team at Persistence Market Research helps its clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, 100+ reports specific for smartphones and used or refurbished smartphones, with studies majorly focusing on the benefits of using smartphones, the team provides end-to-end research and analysis on research development efforts, major trends, and drivers that are impacting market growth.