The market for used and refurbished mobile phones has skyrocketed in the last couple of years with technology becoming a necessity with each passing day. The expansion of e-commerce and retail chains has made the availability of used and refurbished mobile phones easy and the easy accessibility has triggered strong growth in the global refurbished and used mobile phones market. It has been observed by the analysts of Persistence Market Research (PMR) that the market will witness a strong growth rate of 9.8% from 2018 to 2026. In 2017, the market was worth US$ 19,067.2 Mn and it has been estimated to surpass US$ 44,100 Mn by the end of 2026.
The trend of purchasing used and refurbished has been highly observed in developing regions and mostly in countries such as China and India where the population as well as the penetration of phones is extensively high. In India, millions of mobile phone users still purchase second-hand phones as they prefer buying refurbished or used phones with the features they need in less price than settling for a new phone at a comparatively higher price with lower specifications.
Together with affordability, less time to be invested in upgrading smartphones, is also fuelling the demand for refurbished and used mobile phones at present. High prices of new phones is expected to trigger the demand for used and refurbished phones as with technology becoming ubiquitous, new and advanced features are being added to the phone every day. Growing desire to upgrade to a new model has given the used and refurbished market an impetus and is expected to maintain its pace over the coming years.
Rising ICT Expenditure to Have Positive Influence on Market Growth
To meet the growing demand of the consumers from across the globe, the companies offering refurbished and used mobile phones are collaborating with e-Commerce companies and product suppliers for increasing their business revenue and adopt new innovation strategies.
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These initiatives are expected to enable the vendors of used and refurbished mobiles phones to reach out to new potential customers in emerging markets and also explore and venture into untapped markets. The growing expenditure on ICT on the global level has increased the adoption of connected devices for Internet usage. The incessant launches of new communication and IT technologies over the last couple of years has increased the adoption of refurbished and used mobile phones as well, especially in developing regions.
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Exploding Global e-Waste Volume to Increasingly Impose Used and Refurbished Phones as a Preferred Consumer Choice
The use of electronics has increased substantially over the last few years, giving rise to a changed and advanced environment in which communication, information access, and entertainment have a new face. The burgeoning used of gadgets and constantly evolving technical environment has given rise to a mass of e-Waste as the replacement rate of electronics is very high. The adoption of refurbished and used mobile phones is expected to help in addressing this concern and the concerns of e-Waste will have a positive impact on the adoption of refurbished and used mobile phones.