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% |
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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.
| 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.
| 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.
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| Countries | Value CAGR (2024 to 2034) |
|---|---|
| United States | 7.30% |
| Germany | 7.90% |
| Japan | 17.70% |
| India | 19.50% |
| Australia | 9.10% |
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.
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.
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.
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.
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.
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
The refurbished smartphone industry value is set at USD 80,415.90 million in 2024.
The market is estimated to increase at a 12.40% CAGR through 2034.
The market is expected to be worth USD 258,824.2 million by 2034.
Refurbished smartphone is highly preferred in the market.
The market in India is predicted to expand at 19.50% CAGR through 2034.
| Market Size in 2024 | USD 9,809.5 million |
|---|---|
| Market Value in 2034 | USD 35,109.9 million |
| Value-based CAGR from 2024 to 2034 | 13.60% |
| Estimated Market Size (2023) | USD 17,854.1 million |
|---|---|
| Projected Market Value (2033) | USD 47,303.2 million |
| Value-based CAGR (2023 to 2033) | 10.2% |
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Refurbished Smartphone Market
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