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Refurbished and Used Mobile Phones market Size
WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 28, 2024 /EINPresswire / -- According to the report published by Allied Market Research, the global refurbished and used mobile phones market was estimated at $52 billion in 2021 and is expected to hit $145.9 billion by 2031, registering a CAGR of 11.2% from 2022 to 2031. The report provides a detailed analysis of the top
investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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A refurbished and used mobile phones refers to a handset that has been returned by the consumer to the manufacturer which may or may not have kind of fault, which is then repaired by the manufacturer and is sold with a refurb tag. Before sending the device out into the market, the manufacturer ensures that the device has been thoroughly checked, and tested, and is functioning well. A refurbished phone choice depends on who refurbished the phone. There are two types of refurbished phones, including manufacturer-refurbished and seller-refurbished phones. The growth of online platforms offering refurbished smartphones has increased market penetration, especially in emerging economies. The easy availability of refurbished and used mobile phones on e-commerce platforms and the discounts offered to attract new customers. Therefore, a rise in e-commerce platforms creates a demand for refurbished and used mobile phones.
Rise in consumer dependency on smartphone devices globally and increase in the number of companies providing EMI options for phone drive the growth of the market. In addition, the cost-efficient benefits of refurbished and used mobile phones are fueling the growth of the refurbished and used mobile phones market size . However, the scarcity of top models and limitation in warranty period of refurbished and used mobile phones limit the growth of the market. Conversely, rise in adaption of e-commerce platforms among buyers and sellers is anticipated to provide numerous opportunities for the expansion of the market during the forecast period.
KEY FINDINGS OF THE STUDY
By type, the refurbished phones segment accounted for the largest refurbished and used mobile phones market share in 2021.
Region-wise, North America generated the highest revenue in 2021.
On the basis of application, the individual segment generated the highest revenue in 2021.
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The global refurbished and used mobile phones market is analyzed across type, price range, application, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By type, the used phone segment held the largest share in 2021, garnering more than half of the global refurbished and used mobile phones market revenue, and is projected to maintain its dominance by 2031. The refurbished phone segment, on the other hand, would showcase the fastest CAGR of 12.5% during the forecast period.
By price range, the low price (below $200) segment contributed to more than half of the global refurbished and used mobile phones market share in 2021 and is projected to rule the roost by 2031. The mid-price ($200 to $500) segment, on the other hand, would display the fastest CAGR of 13.2% throughout the forecast period. The premium (above $500) segments are also analyzed in the report.
By application, the individual segment accounted for the highest share in 2021, generating around one-third of the global refurbished and used mobile phones market revenue. The same segment would also showcase the fastest CAGR of 12.2% from 2022 to 2031. The businesses segments are also analyzed in the report.
By region, Asia-Pacific held the major share in 2021, garnering more than two-thirds of the global Refurbished and used mobile phones market revenue . The same region would also showcase the fastest CAGR of 13.4% from 2022 to 2031. The other provinces assessed through the report include North America, Europe, and LAMEA.
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The key market players analyzed in the global refurbished and used mobile phones market report include Apple Inc., Amazon, Samsung, Verizon Communications, Inc, Cashify, Walmart, eBay, Paytm, Huawei, and AT&T Inc. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of“Market Research Reports” and“Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.