Used And Refurbished Smartphone Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Used And Refurbished Smartphone Market in 2021?

The global market for used and refurbished smartphones witnessed significant growth in 2021, with a market size of USD 32.4 billion. The Compound Annual Growth Rate (CAGR) for the market during the same year was 9.8%. This growth can be attributed to the increasing demand for affordable smartphones, rising environmental concerns, and advancements in smartphone refurbishment technologies.

COVID-19 Impact on the Used And Refurbished Smartphone Market

The COVID-19 pandemic had a mixed impact on the used and refurbished smartphone market. On one hand, the market experienced a surge in demand as consumers sought more affordable alternatives to new smartphones due to economic uncertainties. This led to an increased supply of used and refurbished smartphones in the market. However, logistical challenges and disruptions in supply chains resulted in some setbacks for the market during the peak of the pandemic.

Used And Refurbished Smartphone Dynamics

The dynamics of the used and refurbished smartphone market are influenced by various factors such as consumer preferences, technological advancements, pricing strategies, and environmental sustainability. With the growing awareness about e-waste and the need for sustainable consumption, the demand for refurbished smartphones is expected to continue to rise in the coming years. Additionally, the entry of new players in the market and the availability of certified refurbished devices are expected to drive market growth.

Segments and Related Analysis

The used and refurbished smartphone market can be segmented based on various factors such as product type, distribution channel, and region. Product type segmentation may include refurbished iPhones, Android smartphones, and other devices. Distribution channel segmentation can include online retailers, brick-and-mortar stores, and e-commerce platforms. Region-wise segmentation may cover North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

By Region Analysis

The used and refurbished smartphone market varies significantly by region. In North America, the market is driven by a high demand for premium refurbished devices and a strong e-commerce infrastructure. Europe, on the other hand, has a well-established market for certified refurbished smartphones, with strict regulations ensuring quality and authenticity. Asia Pacific is witnessing rapid growth in the market due to a large consumer base and increasing awareness about refurbished devices. Latin America and the Middle East & Africa are emerging markets with untapped potential for refurbished smartphones.

Key Market Players and Competitive Landscape

Some of the key players in the used and refurbished smartphone market include Apple, Samsung, Amazon Renewed, Best Buy, Gazelle, and Back Market. These companies compete based on product quality, pricing, warranty offerings, and customer service. The competitive landscape is evolving with the entry of new players and the adoption of innovative refurbishment technologies. Partnerships with OEMs and e-commerce platforms are also becoming common strategies among market players to expand their reach and customer base.

Recent happenings in the Used And Refurbished Smartphone Market

In recent times, the used and refurbished smartphone market has witnessed several developments, including strategic partnerships between refurbishment companies and e-commerce platforms, the launch of new buyback programs by smartphone manufacturers, and advancements in refurbishment technologies such as AI-powered diagnostics and repair. Additionally, the market has seen a growing trend of consumers opting for refurbished devices as a sustainable and cost-effective alternative to new smartphones.