Used and Refurbished Smartphone Market is expected to grow at a CAGR of 10. 23% during the forecast period 2022 to 2027. The market is driven by improvements in methods of collection, grading, repairing of smartphones, and its online/offline selling.
New York, Feb. 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Used and Refurbished Smartphone Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06227801/?utm_source=GNWKey Highlights Refurbished and used devices continue to provide cost-effective alternatives to both consumers and businesses that are looking to save money when purchasing a smartphone. Customers can get up to USD 350 discount on Apple iPhones. For Instance, Apple Inc., on its official website, is offering refurbished iPhone X 256GB, which was originally released in September 2017, at a price point of USD 699 (a discount of USD 350 over its original price). A higher percentage of refurbished devices are sold with warranties. Also, phones can be insured with proof of purchase. This greatly helps overcome consumer hesitancy to purchase refurbished devices. For instance, Samsung sells certified pre-owned devices, typically at least one model-year-old, at solid discounts. The big upside of directly buying from Samsung is getting a full one-year warranty. Third-party vendors/platforms, such as T-Mobile, Verizon, Amazon, etc., provide attractive offers to customers for refurbished smartphones. For instance, Amazon has a "renewed" refurbished electronics section where customers can find many last-generation devices at solid discounts. Amazon Warehouse is often a better choice for discounted phones. It doesn’t technically have "refurbished" phones but instead sells opened-and-returned brand-new (or gently used) products. The impact of the outbreak of COVID-19 may boost the cheaper refurbished smartphone segment, which had been shrinking for the past few years, as consumers cut back on discretionary spending and buy phones only for immediate needs. Even if sales reopen fully across retail channels, significant demand may not pick up until later this year. Key Market Trends Growing Popularity of E-Commerce Platforms for Used and Refurbished Smartphones to Drive the Market The growing popularity of e-commerce platforms for used and refurbished smartphones is expected to drive the market demand. Mobile specialists such as Carphone Warehouse and Direct Mobiles stock a huge range of refurbished iPhones. Alternatively, popular sites such as Amazon and eBay also offer a wide variety of refurbished smartphones. Verizon has certified pre-owned devices, and it only sells pre-owned Samsung phones. Buying certified from the carrier gives the customer a bit of security, as Verizon offers a 90-day warranty period. The market witnessed several players making strategic investments and acquisitions to tap into the growing secondary smartphone market. For instance, to diversify and expand its association with offline retailers, in July 2021, the popular re-commerce platform Cashify announced that it would help offline retailers sell refurbished smartphones online. Cashify also acquired UniShop, which is an omnichannel retail solution platform, to enable businesses to start a full-fledged online store. This new service line will be rebranded as PhoneShop. Moreover, in November 2021, Meridiam invested EUR 15 million in CertiDeal, a prominent French circular economy digital platform selling top-of-the-range smartphones, tablets, and other devices refurbished in-house in France. Further, in Jan 2022, Flipkart Group announced the acquisition of Yaantra, an electronics re-commerce company, for an undisclosed amount as part of efforts to strengthen its re-commerce business and enhance its re-commerce business after-sale offerings for its customers in the smartphones segment. Asia Pacific is Expected to Register a Significant Growth Rate The Asia Pacific region is one of the significant markets for refurbished smartphones, owing to the highly developing telecom sector and large customer base. Furthermore, the region is increasingly investing in the mobile network. Countries, like China, India, Japan, Australia, Singapore, and South Korea, are increasingly investing in the development of the domestic telecom market, which is also expected to drive the refurbished smartphones market in the region. Demand for used and refurbished smartphones at entry-level price point will be driven by demand in developing countries like India and Indonesia, where smartphones are penetrating even to rural areas as local governments are pushing for digital and mobile economy. For instance, the Digital India program is a flagship program of the Government of India with a vision to transform India into a digitally empowered society. According to Cashify’s white paper summary 2021 conducted for the pre-owned smartphone in India, Xiaomi became the top-selling smartphone brand in the pre-owned segment, with a market share of around 26%, followed by Apple with a 20% share in 2020. Redmi Note 5 Pro was the top smartphone model in the refurbished smartphones 2020 at 21% share, followed by Apple iPhone 6 and Redmi Note 4 at 11%. Moreover, the demand for second-hand smartphones is surging in the country, as parents are looking for affordable devices that can be used to get their children to take online classes. As online classes are likely to become the new norm over the forecast period, the sales of pre-owned phones and refurbished devices are expected to grow in one of the largest smartphone markets. All these developments in the region are expected to drive the demand for refurbished smartphones during the forecast period. Competitive Landscape Used and Refurbished Smartphone Market is consolidated in nature as Samsung and Apple Smartphones currently dominate the market. Major players include Samsung Electronics Co., Ltd., Apple Inc., Amazon.com, Inc., among others. A few recent developments are: January 2022 - Flipkart acquired refurbished electronics seller Yaantra. Through this acquisition, the company enhances its capabilities in the growth of the digital economy in India. The company further enables wider access to affordable refurbished smartphones making it convenient for the customers. Further, the Yaantra team may help Flipkart build capabilities in this domain and accelerate its re-commerce scale-up plans. January 2021 - Demand for pre-owned smartphones and laptops has entirely recovered to calendar first-quarter levels, according to OLX, a consumer-to-consumer online marketplace. The second wave caused a 14% drop in demand in March and April, but demand has fully rebounded in May. Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst supportRead the full report: https://www.reportlinker.com/p06227801/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________
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