refurbished and used mobile pho

The refurbished and used mobile phone market will reach $143.8 billion at a CAGR of 10.2% from 2022 to 2031

refurbished and used mobile pho

Refurbished and Used Mobile Phones Market 2022

Refurbished and Used Mobile Phones Market 2022 Global Trends, Market Share, Industry Size, Growth, Sales, Opportunity, and Market Forecast to 2031

NEW YORK, NY, US, Nov. 16, 2022 /EINPresswire.com/ – Refurbished & Used Mobile Phone Market SWOT Analysis Report 2022

The “Global Market of Refurbished and Used Mobile Phones” is expected to grow at a rate of 10.2% from 2021 to 2031. This market is expected to be worth $143.8 billion by the end of 2031. The main drivers for this growth are: Increasing demand for cheaper phones and environmental awareness growing among consumers.

In the modern world, having a mobile phone is not only a necessity but also a status symbol. The best smartphone out there can easily cost $1,000 or more, so it’s no wonder many people choose to buy refurbished and used phones instead. Refurbished phones are those that have been repaired and returned to like-new condition; It may have been used before, but it has been tested and approved to work properly. Used phones are simply those that have already been sold to a customer and are now being resold by retailers.

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Mobile phones have become a vital part of our lives, from supporting correspondence and attracting online business to the increasing growth of digitization. The rapid increase in online content has been responsible for the growth of the global market for refurbished and used mobile phones.

In addition, the increasing customer reliance on electronic devices in non-industrialized nations is driving the demand for refurbished and used cell phones. Besides, growing demand for low-end items, expanding reception of smartphones, and developing economies are expected to drive the growth of the refurbished and used mobile phone market worldwide.

The market for refurbished and used cell phones is growing rapidly as more and more people are becoming aware of the benefits of purchasing these types of phones. Refurbished phones are cheaper than new phones, so they are popular among budget shoppers. It is also very popular among people who want a high quality phone without having to pay the highest price for it. And since refurbished phones come with a warranty, buyers can be confident that their investment is protected.

Main companies-

• Apple Inc.
• Samsung
• Lenovo
• Huawei
• Xiaomi
• Yaantra
• Cashing
• Walmart
• Amazon
• eBay
• Paytm
Mobiru India Private Limited
• Ali Baba
• Chinarephone.com

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Key takeaways from the market study

• By type, the refurbished phones segment is expected to account for a leading global market share during the forecast period, and to expand at a strong CAGR of 11% until 2031.
• Mid-priced brands will be the dominant segment and will expand by about 3.1 times by 2031.
• By sales channel, online e-commerce is currently leading the market and this segment is likely to expand at a strong CAGR of approximately 11% until 2031.
• Asia Pacific is expected to lead the market growth, closely followed by Europe. South Asia and the Pacific is expected to emerge as the fastest growing regional market over the decade.
• The market in India is expected to grow at a compound annual growth rate of approximately 16% until 2031.
• In the UK, sales of refurbished and used mobile phones are expected to grow at a compound annual growth rate of approximately 11% over the next ten years.

E-waste includes complex mixtures of materials that negatively affect the environment. Therefore, mobile phone makers can focus on recycling and reusing old products to maintain a sustainable environment and reduce e-waste.

Smartphones have changed the world significantly in a short period of time. It has become central to people’s lives, from communications to commerce and consumption of digital content. However, the recycling rate for portable products is lower than other major electronic categories because most people dispose of used devices or simply store them.

In most of the developed countries like USA, Germany, France, UK and Italy, people are very tech savvy and always prefer advanced features and technologies in their electronic gadgets. Due to the shorter upgrade cycle for most cell phones, people in these countries are not willing to spend a large amount on new cell phones. As a result, they are moving towards refurbished and used cell phones.

Refurbished and used mobile phones with advanced technologies and features at low costs attract consumers in most developed as well as developing countries. Thus, a shorter upgrade cycle for mobile phones and the increasing interest of individuals in advanced mobile phones at lower costs is expected to fuel the growth of the global refurbished and used mobile phones market over the coming years.

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Key questions answered in this report –

What is the largest regional market for refurbished and used mobile phones?
What are the upcoming trends for the global refurbished and used mobile phones market?
What are the key factors driving the growth of the Refurbished and Used Mobile Phones Market?
What are the top players operating in the refurbished and used mobile phones market?
What are the key regions in the global refurbished and used mobile phones market?
Who are the key players/companies in the global Refurbished and Used Mobile Phones Market?

I ask you to read more-

Smartphone Market – https://www.persistencemarketresearch.com/market-research/refurbished-and-used-mobile-phones-market.asp

Consumer Electronics Market – https://www.persistencemarketresearch.com/market-research/consumer-electronics-market.asp

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