Asia Pacific Refurbished and Used Mobile Phones Market Growth, Size, Share, Demand, Trends and Forecasts to 2032
Asia Refurbished and Used Mobile Phones Market size was estimated at USD 27.53 Billion in 2021 and is expected to reach USD 50.56 billion in 2022 and is expected to hit around USD 78.09 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 12.53% from 2022 to 2030.
Our recently published report, “Asia-Pacific Refurbished and Used Mobile Phones Market”, offers a comprehensive and deep evaluation of the market stature. Also, the market report estimates the market size, revenue, price, market share, market forecast, growth rate, and competitive analysis.
Asia-Pacific Refurbished and Used Mobile Phones Market: Overview
A refurbished phone is a used phone sold to a network, manufacturer, or retailer by an individual. The phones are then examined, fixed, and certified to satisfy specified requirements. The mended phones are also for sale at a discounted price. The availability of new smartphone technology has increased the overall cost of smartphones. As a result, buyers in developing nations are cautious about spending large sums on the latest mobile phones and prefer to use used models. A year or two-year-old restored model would provide about the same usefulness, and the technology is up to the current standard.
Used phones are cell phones that have been used by users and then sold to other customers via re-commerce platforms on the market. Used phones are rarely the consumer’s first option when purchasing a phone because they need to examine its operating condition and functions. As a result, the popularity of refurbished phones has grown because they already have all of the inspections, and the user does not have to spend extra time ensuring the quality. In addition, used phones are less expensive than new counterparts on the market, encouraging middle-class users to choose used phones that are in good condition and affordable.
Asia Refurbished and Used Mobile Phones Market: Growth Drivers
The popularity of refurbished smartphones
The number of smartphones integrated with cutting-edge technology has risen in Asia over the last five years. The proliferation of new smartphone technologies has increased the total cost of smartphones. As a result, clients in developing countries are hesitant to spend huge sums on new phones and prefer to purchase refurbished and used phones. A year or two-year-old reconditioned and used mobile device would supply them with roughly the same utility, and the technology is up to date.
Furthermore, the rising supply-demand mismatch in the Asia market for newly released devices gives a platform for selling refurbished and used mobile phones. Consumers are willing to accept refurbished and used models launched in the last one or two years because they offer the same experience as new gadgets. The increased popularity and acceptance of refurbished and used mobile phones are expected to fuel market growth over the projected period.
Growth of e-commerce websites
E-commerce is virtual stores where goods & services do not require physical space and are sold through websites. Easy accessibility and heavy discounts & offers provided by these online platforms boost the sales of refurbished and used mobile phones. In addition, presently, online shopping has become a macro trend, owing to the high internet penetration rate. Furthermore, online sales have witnessed significant growth in the Asia region during the last few years. In addition, the availability of information about mobile phones and their date of refurbishment, specification, and facility of home delivery by e-commerce contributes to the growth of the e-commerce segment for refurbished and used mobile phones.
E-commerce is becoming a popular medium for purchase, owing to the easy availability of mobile phones and the benefits they provide, such as information about the product and home delivery facility to customers. In addition, e-commerce channels in the Asia region have become a critical source of revenue for multiple companies, owing to their key factors of increasing consumer reach. Furthermore, an increase in e-commerce sales, improvements in logistics services, and ease in payment options boost the market’s growth.
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Prominent Players:
The Asia refurbished and used mobile phones market is segmented as follows:
By Type Analysis
By Pricing Range Analysis
By Sales Channel Analysis
By Application Analysis