By The circular economy and sustainability are important drivers of the refurbished smartphone market. The growing emphasis on circular economy and sustainability is driving up demand for refurbished smartphones. Countries such as the United States, China, Japan, Germany, and India generate a large amount of electronic waste, such as computers, smartphones, and other electronic appliances. As a result, many countries are shifting toward a circular economy in order to reduce the environmental impact of e-waste. Smartphone refurbishment lowers the carbon footprint and recycling costs. During the forecast period, such factors are expected to drive market growth.
Refurb Phones
The circular economy and sustainability are central to the smartphone market. The growing emphasis on circular economy and sustainability is driving up demand for refurbished smartphones. Countries such as the United States, China, Japan, Germany, and India generate a large amount of electronic waste, such as computers, smartphones, and other electronic appliances. As a result, many countries are shifting toward a circular economy in order to reduce the environmental impact of e-waste. Smartphone refurbishment lowers the carbon footprint and recycling costs. During the forecast period, such factors are expected to drive market growth.
From 2021 to 2026, the global refurbished smartphone market is expected to grow by USD 45.98 billion. According to Technavio, the market’s growth momentum will accelerate at a CAGR of 13.69% during the forecast period.
A growing number of online platforms selling refurbished smartphones is a market trend. End-to-end online platforms allow for the purchase and sale of refurbished smartphones. The expansion of online platforms selling refurbished smartphones will boost market penetration, particularly in emerging economies.
From 2021 to 2026, the global refurbished smartphone market is expected to grow by USD 45.98 billion. According to Technavio, the market’s growth momentum will accelerate at a CAGR of 13.69% during the forecast period.
Trends and Challenges in the Global Refurbished Smartphone Market
A growing number of online platforms selling refurbished smartphones is a market trend. End-to-end online platforms allow for the purchase and sale of refurbished smartphones. The expansion of online platforms selling refurbished smartphones will boost market penetration, particularly in emerging economies.
Smartphones’ easy availability on e-commerce will pose a challenge to market growth. E-commerce behemoths sell a wide variety of smartphones at low prices. Furthermore, they provide discounts during festivals and summer seasons, which draw a large number of customers. As a result, an increase in e-commerce brands may have a negative impact on the demand for refurbished smartphones.
Geographical Distribution of the Global Refurbished Smartphone Market
The market is divided into APAC, North America, Europe, South America, and the Middle East and Africa. During the forecast period, APAC will account for 49% of market growth. This increase is attributed to factors such as rising smartphone prices, the development of telecom infrastructure, and the lack of disruptive features in Android smartphones. Furthermore, market growth in this region will be faster than growth in other regions. In APAC, the key countries for the refurbished smartphone market are China, India, and Indonesia.
Companies Profiled in the Global Refurbished Smartphone Market
- Alibaba Group Holding Ltd.
- AT and T Inc.
- Apple Inc.]
- Back Market
- Best Buy Co. Inc.
- CHINAREPHONE
- eBay Inc.
- FoneGiant.com
- Gadgetwood E-Services Pvt. Ltd.
- Manak Waste Management Pvt Ltd.
- NIPPON TELEPHONE INC.
- One97 Communications Ltd.
- Qarmatek Services Private Ltd.
- Quikr India Pvt. Ltd.
- Reboxed Ltd.
- Samsung Electronics Co. Ltd.
- Smart Cellular
- Verizon Communications Inc.
- Walmart Inc.
- Amazon.com Inc.
Global Refurbished Smartphone Market: What our Reports Offer
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data for 2021, 2022, till 2026
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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