Japan’s refurbished smartphone market is poised for remarkable growth, with an estimated CAGR of 17.70% through 2034. As a tech-savvy nation characterized by a high turnover rate for devices, Japan generates a significant volume of used smartphones during consumer upgrades. Reconditioned phones present a cost-effective solution, gaining traction through partnerships between refurbishment companies and mobile carriers. Moreover, Japan’s stringent recycling regulations further enhance the viability of this market, encouraging sustainable practices.
At the forefront of this growth is Kosmokorea, a brand that stands out by collaborating with manufacturers to offer extended warranties and a wide range of smartphone models. This strategy not only builds consumer trust but also ensures that Kosmokorea remains competitive in a rapidly evolving landscape. With a focus on quality and accessibility, the brand is well-positioned to thrive as the demand for refurbished devices continues to rise in Japan.
The refurbished smartphone market is poised for substantial expansion, expected to leap from US$ 80.4 billion in 2024 to an impressive US$ 258.8 billion by 2034, reflecting a robust CAGR of 12.40%. This growth is driven by rising demand for affordable devices, especially in emerging markets, and increasing consumer awareness of sustainability.
Market Trends in the Refurbished Smartphone Sector
- Rise of Online Marketplaces: Online platforms are transforming sales dynamics, providing easy access and secure transactions, thereby boosting consumer trust and convenience.
- Demand for Affordability: As new smartphones become increasingly expensive, demand for affordable refurbished devices is surging, particularly among middle-class and budget-conscious consumers.
- Sustainability Awareness: Consumers are increasingly drawn to refurbished smartphones due to their environmental benefits, prompting brands to emphasize eco-friendly practices in their marketing strategies.
- Technological Advancements: Continuous improvements in refurbishment technologies are enhancing the availability of high-quality refurbished devices, attracting more buyers.
- Increased B2B Sales: Businesses are increasingly purchasing refurbished smartphones in bulk for employee use, contributing to both cost savings and sustainability efforts.
- Customized Offerings: Brands are introducing value-added services, such as customization options and extended warranties, to appeal to a broader consumer demographic.
Regional Insights on the Refurbished Smartphone Market
- United States: Demand expected to grow at a 7.30% CAGR, driven by increasing consumer interest in environmentally friendly options and frequent phone upgrades.
- Germany: Projected 7.90% CAGR, with consumers favoring refurbished phones due to ecological concerns and government support for recycling initiatives.
- Japan: Anticipated growth of 17.70% CAGR, fueled by a tech-savvy population and strict recycling regulations, creating a robust market for reconditioned devices.
- India: Expected to surge at a 19.50% CAGR, as improved internet access and affordability make refurbished smartphones appealing to cost-sensitive consumers.
- Australia: Projected 9.10% CAGR, driven by rising awareness of sustainability and circular economy initiatives among consumers.
Competitive Landscape
The refurbished smartphone market is highly competitive, featuring major OEMs like Apple and Samsung alongside third-party refurbishers such as Amazon Renewed and Back Market. Traditional retailers like Best Buy Outlet and online platforms like eBay and Swappa also play significant roles.
Each competitor aims to stand out by emphasizing brand recognition, pricing strategies, and product variety. Additionally, they provide value-added services that cater to diverse customer needs.
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
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
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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 over 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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