Refurbished Smartphone Market

Refurbished Smartphone Market Outlook (2024 to 2034)

The refurbished smartphone market size expects a considerable valuation bump, from USD 80,415.90 million in 2024 to USD 258,824.2 million by 2034. The updated report points to a CAGR of 12.40% CAGR from 2024 to 2034. That is a slight rise from the earlier CAGR of 11.90% observed between 2019 and 2023.

Attributes	Details
Market Size, 2023	USD 71,735.90 million
Market Size, 2024	USD 80,415.90 million
Market Size, 2034	USD 258,824.2 million
Value CAGR (2024 to 2034)	12.40%

Key Market Highlights

Online Platform Pop-ups Lead to Increased Sales

Shopping for second-hand smartphones is made easy through online platforms. Online marketplaces are leading to increased sales of refurbished smartphones. Consumers get an easy and convenient way to browse and compare products with these platforms.

The availability of these products on online marketplaces has democratized access to these devices. Also, online marketplaces provide customer reviews and buyer protection policies. They also have secure payment options. This enhances the trust and confidence of consumers in the product.

Affordable Devices are in High Demand

While new high-end smartphones with over-the-chart prices hit the market, affordable devices are in high demand. This is because middle-class populations are rising and creating a demand for more budget-friendly options. Affordability is appealing to various consumers like students and other budget-conscious buyers. It also lures in customers in emerging markets, where purchasing power has historically been low.

Various brands offer high-end refurbished smartphones at lower prices. This propels sales and helps the market to expand. Consumers are seeking value-oriented solutions. As such, affordable refurbished phones are in high demand.

Social and Environmental Impact Branding Increases Adoption

Sellers are reforming their marketing and branding strategies. They are highlighting the contributions one can make by buying refurbished devices. Efforts to reduce electronic waste are appealing to socially conscious consumers. Sustainability efforts are gaining ground too.

As such, brands are spreading awareness to increase engagement in addressing environmental issues. These factors are driving sales while creating a positive impact on the environment. Pre-owned smartphones are being purchased at significant discounts. Also, brands are collaborating with celebrities to increase awareness about social responsibility.

Refurbished Smartphone Market Trends Analysis

• Refurbishment technologies are improving over time. This is enabling an increase in the availability of high-end refurbished devices in the market.
• Various retailers and manufacturers are offering trade-in programs. This lets consumers exchange their old devices for credit to buy a refurbished version of the product.
• Some providers are offering easy financing options to buy refurbished phones. This increases sales by catering to a wide consumer demographic that values affordability.
• B2B sales of refurbished smartphones are increasing. Businesses buy in bulk for employee use. It also contributes to sustainability initiatives and adds to the revenue stream significantly.
• Specialized retailers that exclusively sell refurbished mobile devices are increasing. The iOutlet is a prime example. The company specializes in refurbished iPhones.

Refurbished Smartphone Market Opportunity Analysis

• Businesses offer value-added services. This includes customization options or extended warranties. Thus, consumers are given additional functionality and not just the device.
• Brands are entering low-income economies. This can appeal to consumers with budgetary constraints. Online platforms are highly helpful for this.
• As circular economy concepts gain ground, businesses have an opportunity. They have the opportunity to launch take-back programs or remanufacturing processes. This has the potential to lead to a more sustainable and resilient supply chain too.
• Secondary parts and components generated by refurbishment processes are being utilized. They are being repurposed or recycled for use in other devices, leading to less wastage in the electronics industry and also creating new prospects for growth.
• Collaborations with designers are seen enthusiastically. Businesses are launching custom-designed products that appeal to collectors or individuals seeking unique devices.

Category-wise Insights

Refurbished Smartphone Segment Bags the Top Share as the Leading Product Type

Segment	Refurbished Smartphone (Product Type)
Value Share (2024)	54.60%

The refurbished smartphone segment is expected to lead the market share in 2024. Smartphones are getting more expensive. As such, consumers are resorting to refurbished smartphones primarily due to their affordability. They save money while getting a high-quality device. Refurbished smartphones are sold after rigorous testing and quality assurance.

This increases consumer trust and drives sales. Also, consumers are becoming more conscious of protecting the planet. They are therefore choosing refurbished devices to reduce their environmental footprint. As the accessibility through online platforms and physical retail stores increases, the segment is bound to flourish.

Individual User Application Segment Gains the Leading Share in the Market

Segment	Individual User (Application)
Value Share (2024)	59.40%

The individual user segment is anticipated to capture the majority of the market share in the application segment. When consumers think about upgrading to a new device, the cost factor plays an important role. Individual users therefore gravitate toward refurbished smartphones to get high-quality devices without breaking the bank. This application of the device is at the top because individual users are seeking relatively recent and advanced technology.

Country-wise Insights

Countries	Value CAGR (2024 to 2034)
United States	7.30%
Germany	7.90%
Japan	17.70%
India	19.50%
Australia	9.10%

Shift in Consumer Preferences Supports the Refurbished Smartphone Market the United States

The demand for refurbished smartphones in the United States is anticipated to escalate at 7.30% CAGR through 2034. In America, smartphones proliferate. People are swapping their phones more often, which means there are more used ones for sale. People are getting interested in smartphones that are good for the environment, like refurbished ones.

This is making more people want the product in the United States. Businesses that fix up old phones are working with phone companies to offer cheaper options for getting a new phone. This is helping the market develop in the country.

Apple Refurbished Store, Amazon Renewed, and Best Buy are prominent in the United States. These companies have a wide consumer base. They focus on competitive pricing and certification processes to lure in buyers.

Ecological Concerns Propel the Refurbished Smartphone market in Germany

Sales in Germany are put forth to rise at 7.90% CAGR until 2034. German consumers prefer products that do not lead to excessive wastage. Refurbished phones are in demand because they make old phones useful again instead of letting them go to waste. The government also helps out by making rules and giving rewards to companies that recycle waste or reuse old products. As the concerns for protecting the planet rise, the market is bound to flourish.

Rebuy and Asgoodasnew are located in Germany. These brands emphasize the environmental benefits of using refurbished products.

Vast Presence of Used Smartphones Bolsters Growth in Japan

Market growth in Japan is estimated at a 17.70% CAGR till 2034. Since Japan is big on tech, there are tons of used phones around when people upgrade. Reconditioned smartphones are cheaper and help deal with all these extra phones. Companies that fix up old phones partner with mobile carriers and stores to make them easier to purchase. Japan also has strict rules about recycling, which helps support the refurbished phone market.

Kosmokorea is a popular brand in Japan. The brand partners with manufacturers and provides extended warranties on its products. With a wide range of smartphone models, the brand thrives in Japan.

Low Costs and High Digitalization Rates Surge Refurbished Smartphone Market Growth in India

Demand in India is in line to proliferate at 19.50% CAGR through 2034. In India, more people are getting smartphones because they're cheaper now, and internet access is also better in the country. Many people in India can't afford expensive phones, so refurbished ones offer a way for them to get one with payment plans.

Buying these phones online is easy now because of numerous digital platforms. People in India see smartphones as a symbol of status, and refurbished ones let them have a big-brand phone without spending too much.

Market stakeholders like Cashify and ShopClues are present in India. These brands offer doorstep pickup and delivery. They also offer discounts and promotions to attract cost-sensitive consumers.

Rise of Circular Economy Initiatives Helps the Market in Australia

Sales in Australia are anticipated to increase at 9.10% CAGR till 2034. In Australia, people are getting more worried over their choices and how they impact the environment. Circular economy concepts are rising in Australia, creating a conducive environment for the market.

Being a smaller economy than the United States and China, low-income individuals and underprivileged communities are demanding refurbished smartphones. As the focus on environmental sustainability is elevating, the market is expanding here.

Mobile Monster and Mobileciti are prominent brands in Australia. These companies emphasize customer service to build trust and boost sales. They offer a wide range of brands and models for various consumer groups.

Competitive Landscape

The refurbished smartphone market is fiercely competitive, with prominent OEMs such as Apple and Samsung. It also features third-party refurbishers such as Amazon Renewed and Back Market. Also, conventional stores such as Best Buy Outlet, and online platforms like eBay and Swappa are present in the market.

Each player seeks to differentiate itself by focusing on aspects such as brand recognition, price, and product diversity. They also offer value-added services that appeal to various customer groups.

Recent Developments

• In March 2024, Orange Belgium launched a new webshop for refurbished smartphones in partnership with Recommerce. The company provides a 2-year warranty on its products. It aims to reduce CO2 emissions.
• In August 2023, ReFit Global launched an online marketplace for refurbished smartphones. The company sells its products at an astounding 50% lower prices.
• Cashify launched a new campaign in India in November 2023. The campaign features Bollywood star Rajkummar Rao. The campaign conveys the message that refurbished smartphones are a smart and budget-friendly way to elevate to one’s dream phone.

Key Players in the Refurbished Smartphone Market

• Gazelle
• Decluttr
• Back Market
• Amazon Renewed
• Best Buy Outlet
• Apple Certified Refurbished
• Samsung Certified Pre-Owned
• Swappa
• BuyBackWorld
• GameStop
• Glyde
• Blinq
• Quick Mobile Fix
• MusicMagpie
• The iOutlet

Key Coverage in the Refurbished Smartphone Market Report

• Adjacent Study on the Refurbished and Used Smartphone Market and Refurbished Laptop Market
• Analysis of the Rising Trend of Second-hand and Refurbished Phones
• Potential of India’s Used Smartphone Market
• Insights into the European Demand for Refurbished Smartphones
• Future of the Refurbished Smartphone Market

Refurbished Smartphone Market Segmentation

By Product Type:

• Refurbished Smartphones
• Company Owned
• Consumer Owned
• Used Smartphones
• Trade-ins
• Buyback

By Application:

• Individual User
• Businesses

By Sales Channel:

• Thrift Stores/Resale Stores
• Online Market Places
• Other Channels

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific (APAC)
• Middle East & Africa (MEA)
• Japan

Frequently Asked Questions

What is the Worth of the Refurbished Smartphone Market?

The refurbished smartphone industry value is set at USD 80,415.90 million in 2024.

What is the Probable CAGR of the Refurbished Smartphone Industry?

The market is estimated to increase at a 12.40% CAGR through 2034.

What is the Future Stance for the Refurbished Smartphone Industry?

The market is expected to be worth USD 258,824.2 million by 2034.

Which is the Top Product Type in the Refurbished Smartphone Industry?

Refurbished smartphone is highly preferred in the market.

Which Country is Rising at a High CAGR in the Industry?

The market in India is predicted to expand at 19.50% CAGR through 2034.