Increasing usage of electronic products and rapidly changing technologies are e-waste volumes in both, developed as well as developing regions. In the recent past, it has been observed that, people replace electronic goods such as smartphones and other electronic gadgets if the device breaks down, slows down, or if a new model is available in the market. These factors are increasing e-waste massively across the world. The need to curtail e-waste is expected to positively affect the growth of the global refurbished and used mobile phones market during the forecast period.
- As per the U.S. EPA, electronic waste grew 120% between 1999 and 2009. Only 25% of the 2.4 million tons of disposed electronics were collected for reuse or recycling. Considering the same scenario, countries in the North American region, such as the U.S and Canada, are putting in place strict regulations regarding e-waste, which is expected to pilot the growth of the refurbished and used mobile phones market.
- The Solid Waste Disposal Act (SWDA) is an Act of Congress passed in 1965. The objective of SWDA is to reduce waste, and protect human and environmental health.
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- Apple Inc.,
- Samsung Electronics.
- Lenovo Group Limited
- Redeem UK Ltd.
- Synergy Telecom Inc.
- NIPPON TELEPHONE INC.
- Verizon Communications, Inc.
- Hutchison 3G UK Limited
- BestBuy.com, LLC
- AT&T Inc.
- Green Dust Pvt. Ltd.
- Kempf Enterprises Ltd
Adoption of Sustainability Driving Refurbished and Used Mobile Phones Market
Refurbished phones usually have extremely minor defects, which is why they are sold at lower prices. If these minor defected products are dumped, it causes environmental issues. As such refurbished phones indirectly aid sustainability by allowing the utilization of old resources and saving efforts of manufacturing new products, which is positively supporting the growth of the refurbished and used mobile phones market.
For instance, Samsung Electronics America Inc., a manufacturer of electronic goods, incited the U.S. Note7 Refund and Exchange Program. Under this program, Galaxy Note 7 is either exchanged with other Samsung smartphones or the customer can opt for a product refund. Such green initiative programs assist the company in examining its own product delivery, and deliver quality with building brand image in the market.
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Emerging Certified Pre-owned Market for Smartphones
The pre-owned business is designed for customers who are looking for quality tested and certified pre-owned electronic goods with optimum value. In a pre-owned market, sellers strictly inspect smartphones for issues that may have developed when the phone was originally shipped from the factory.
It has been observed that, several sellers from pre-owned markets are selling electronic goods at low costs, with aftersales services and decent warranty periods. The emergence of the pre-owned market for smartphones, and the entrance of players and original equipment manufacturers (OEMs) are major factors that are driving the growth of the global refurbished and used mobile phones market.
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Lack of Consumer Trust Restricting Growth of Refurbished and Used Mobile Phones Market
Refurbished phones are categorized as used hand phones, owing to which, customers have pre-conceived notions about the quality of the phone, and tend to avoid purchasing such refurbished phones. Further, lack of awareness about the quality check process creates a purchasing dilemma, which results in consumer misconception about the quality and features of refurbished phones.
Hence, consumers in most countries prefer to buy latest smartphones with advanced features and latest technologies, rather than buying a refurbished phone. This is a major reason negatively impacting the growth of the refurbished and used mobile phones market.
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Asia Pacific Excluding Japan Refurbished and Used Mobile Phones Market to Display High Growth Potential
The refurbished and used mobile phones market in Asia Pacific Excluding Japan is expected to witness high growth during the forecast period. In Asia Pacific, e-Commerce has transformed the way business is done in several countries. It is forecasted that, in the coming years, e-Commerce is expected to boom in the Asia Pacific region.
e-Commerce vendors are finding lucrative business opportunities to expand as refurbished phone traders and service providers. Emergence of e-Commerce portals as refurbished phone providers is expected to open new growth and business opportunities for the refurbished and used mobile phones market. In addition, tier-1 and tier-2 cities in Asia Pacific are witnessing high mobile phone switching rates, owing to various attractive offers and discounted prices.
Refurbished and Used Mobile Phones Market - Analysts’ Viewpoint
A comprehensive view of the refurbished and used mobile phones market has led our analysts to conclude that, the market is growing at a remarkable rate. Asia Pacific Excluding Japan holds a large share of the global refurbished and used mobile phones market.
Among the brand segments, the mid-priced brands segment is expected to grow rapidly, as consumers are willing to spend on refurbished phones that cost between US$ 200 to 400, rather than spending more than US$ 500 on a new phone. Partnerships and collaborations with resellers are some strategies key players are opting for to boost their sales of refurbished and used mobile phones
Refurbished and Used Mobile Phones Market: Segmentation
PMR’s research study on the global refurbished and used mobile phones market offers a detailed market taxonomy, wherein, key segments have been discussed in detail. The segmentation of the refurbished and used mobile phones market has been offered on the basis of type, brand, and region. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the study.
Key Questions Answered in Report
- How much is the refurbished and used mobile phones market worth?
The global refurbished and used mobile phones market is expected to be worth US$ 26.1 Bn in the year 2021, thereby terming itself as the market with good ROI.
- What will be the sales forecast for the refurbished and used mobile phones market?
The refurbished and used mobile phones market is slated to reach US$ 47 Bn by the year 2031.
- What was the last 5 year market CAGR?
The refurbished and used mobile phones market witnessed a CAGR of 8% between 2015 and 2020.
- What are the key trends of the refurbished and used mobile phones market?
The developing economies are excessively dependent on electronic gadgets. This is one of the ongoing trends in the refurbished and used mobile phones market. Also, advanced features are being made available at low prices, which bolsters the demand for refurbished and used mobile phones further.
- What is driving the demand for refurbished and used mobile phones?
Mid-priced brand refurbished and used mobile phones are reported to account for higher revenue as compared to low-priced brand. This is the factor basically driving the demand for refurbished and used mobile phones.
- What is the market share of top 5 players?
The top 5 players (Apple, Inc., Lenovo Group Ltd., Samsung Electronics Co. Ltd., AT&T Inc., and HYLA Mobile) account almost 50% of the market share.
- What are the top 5 countries driving demand?
The top 5 countries driving the demand for refurbished and used mobile phones include India, China, Japan, South Korea, and Philippines.
- What is the North America’s market Outlook?
North America will witness linear transition in terms of production but flat curve in terms of consumption.
- At what percentage XYZ is going to register growth in Europe?
Europe will go steady with 7% growth rate in terms of production.
- What are the key market statistics in Korea and Japan?
Japan and Korea will continue to be amongst the top 5 players with regards to production as well as consumption of refurbished and used mobile phones.