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Written by sujeet rai » Updated on: November 19th, 2024
IMARC Group's report titled "Refurbished and Used Mobile Phones Market Report by Type (Refurbished Phones, Used Phones), Price Range (Low Price (Below $200), Mid-Price ($200 to $500), Premium (Above $500)), Distribution Channel (Offline, Online), and Region 2024-2032", The global refurbished and used mobile phones market size reached US$ 64.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 125.2 Billion by 2032, exhibiting a growth rate (CAGR) of 7.74% during 2024-2032.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/refurbished-used-mobile-phones-market/requestsample
Factors Affecting the Growth of the Refurbished and Used Mobile Phones Industry:
The growing awareness among the masses about environmental issues is leading to a preference for sustainable products and practices. Many people are seeking refurbished and used mobile phones to align their purchasing decisions with their environmental values. This demand encourages retailers and manufacturers to expand their offerings of refurbished devices. Furthermore, the production of new mobile phones consumes a considerable amount of energy, ranging from manufacturing processes to transportation and distribution. Refurbishing existing devices requires less energy compared to manufacturing new ones, leading to lower carbon emissions and reduced energy consumption overall.
Advancements in technology are leading to the development of more durable and resilient mobile phone designs and materials. Modern smartphones are built to withstand greater wear and tear, resulting in devices with longer usable lifespans. This increased durability contributes to a larger supply of used phones that can be refurbished and sold to secondary markets. Moreover, advancements in manufacturing techniques and component design are making mobile phones easy to repair. Repairing damaged or faulty components is becoming more cost-effective and feasible, enabling refurbishment specialists to extend the lifespan of used devices through repairs and replacements.
These platforms provide a convenient and accessible marketplace for buyers and sellers of refurbished and used mobile phones. Buyers can encompass a wide selection of devices, compare prices, and make purchases from the comfort of their homes, eliminating the need to visit physical stores. In addition, e-commerce platforms offer a diverse selection of refurbished and used mobile phones from various sellers and vendors, which allows buyers to choose from different brands, models, conditions, and price points as per their specific needs and preferences.
Leading Companies Operating in the Global Refurbished and Used Mobile Phones Industry:
Refurbished and Used Mobile Phones Market Report Segmentation:
By Type:
Refurbished phones represent the largest market share as it is a cost-effective alternative to brand new devices, appealing to budget-conscious people looking for reliable functionality without the premium price tag.
By Price Range:
Mid-price ($200 To $500) holds the biggest market share due to the availability of a wide range of mobile phone models and brands in this range.
By Distribution Channel:
Offline accounts for the majority of the market owing to its tangible experience, such as physical inspection of the device, functionality test, and interaction with knowledgeable staff that provides a sense of trust and assurance to buyers.
Regional Insights:
Asia Pacific enjoys the leading position in the refurbished and used mobile phones market on account of the thriving smartphone industry that fosters a robust ecosystem for refurbishing and reselling mobile phones.
Global Refurbished and Used Mobile Phones Market Trends:
Mobile phone manufacturers and retailers are offering trade-in programs that allow people to exchange their old devices for credit towards the purchase of a new phone. These programs incentivize buyers to upgrade their phones regularly, resulting in a regular supply of used devices entering the refurbished market.
Furthermore, rising collaborations between mobile phone manufacturers, retailers, and e-commerce platforms are driving opportunities for refurbishment companies to expand their reach and distribution channels and leverage existing networks and customer bases to increase sales and market penetration, which is propelling the growth of the market.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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