The refurbished smartphone market is valued at USD 80,415.90 million in 2024 and is anticipated to surpass a valuation of USD 258,824.2 million by 2034. The refurbished smartphone market size is projected to expand at a phenomenal CAGR of 12.40% from 2024 to 2034.
Customers are becoming more conscious of environmental concerns, especially those pertaining to technological waste. As a result, they are thinking about how their purchases affect the environment. Refurbished smartphones provide a sustainable option because they prolong the life of electrical gadgets and cut down on the demand for new manufacturers. Customers contribute to reducing electronic waste and the environmental impact of smartphone manufacture and disposal by selecting reconditioned smartphones. This focus on sustainability fuels the market’s expansion and increases demand for refurbished smartphones.
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Financing alternatives are expanding to increase the accessibility of refurbished smartphones for customers. Installment plans and finance arrangements are available for consumers to acquire used equipment, which helps to spread the cost and make them more reasonable. This trend propels the market’s expansion by making refurbished smartphones more accessible to a wider range of customers.
Key Takeaways from the Refurbished Smartphone Market Report
- The market size stood at US$ 71,735.90 million in 2023.
- The refurbished smartphone segment is projected to hold 54.60% of the market share in 2024.
- The individual user segment is in line to capture 59.40% of the market share in 2024.
- The market size in the United States is projected to rise at 7.30% CAGR through 2034.
- The market size in Germany is anticipated to develop at 7.90% CAGR through 2034.
- The market size in India is estimated to surge at a 19.50% CAGR through 2034.
- The market size in Australia is expected to increase at 9.10% CAGR through 2034.
Competitive Landscape
Numerous prominent firms compete for higher share and customer attention in the highly contested refurbished smartphone market. Top smartphone companies like Apple and Samsung dominate the industry with their own refurbished programs, capitalizing on their brand image and consumer loyalty to take a sizable share. These OEMs often restore their gadgets to high standards, giving buyers confidence in the reconditioned equipment.
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Key Players:
- 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
Recent Developments
- In March 2024, Orange Belgium partnered with Recommerce to develop a store for reconditioned smartphones. The firm offers a two-year guarantee on its items.
- In November 2023, Cashify initiated an all-new campaign in India. Rajkummar Rao, a Bollywood celebrity, is part of the campaign. The campaign’s premise is that upgrading to one’s ideal phone is sensible and affordable when using reconditioned smartphones.
- In August 2023, ReFit Global debuted an online marketplace for refurbished smartphones. The firm sells its items for a staggering 50% cheaper price.
Note from the Analysts
“Implementing sustainability initiatives, cutting-edge technology, and strategic partnerships in response to shifting customer tastes and rising demand are necessary. Businesses must react quickly to market changes to stay competitive and seize new possibilities.” Says a Lead Analyst at Future Market Insights (FMI).
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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