Europe Refurbished and Used Mobile Phones Market Competitive Landscape: Major Players, Competitor Market Shares, And Player Strategies - By The CMI
Europe Refurbished and Used Mobile Phones Market size was estimated at USD 5.91 Billion in 2021 and is expected to reach USD 6.74 billion in 2022 and is expected to hit around USD 13.41 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 9.78% from 2022 to 2030.
Our recently published report, “Europe 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.
Europe Refurbished and Used Mobile Phones Market: Overview
A refurbished phone is a used phone that a customer sells to a network, manufacturer, or retailer. After that, the phones are checked, fixed, and certified to ensure they fit the criteria. The repaired phones are offered to the consumers for purchase at a discounted price.
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.
Europe Refurbished and Used Mobile Phones Market: Growth Drivers
Increase in smartphone adoption to accelerate the market’s growth
Teenagers and college students stand out in terms of the everyday usage of smartphones in the European region. On their cellphones, they set alarms to wake them up in the morning, look through Instagram and respond to Snapchat messages, listen to music even in the shower, watch Netflix when they have free time, play games, place food orders, and buy. One gadget has almost all the features of a camera, TV, MP3, phone, radio, computer, and instant messaging, yet it is incredibly portable and always connected to the Internet.
The dependency on smartphones is increasing among teenagers and youngsters; professionals and almost everyone depend on their gadgets to complete their work and responsibility. Hence, the smartphone has created a big part of nearly everyone’s life, driving the demand for smartphones. This provides the opportunity to refurbish and use mobile companies to launch mobiles in different price ranges and target all types of consumers. The availability of smartphones in different price ranges is expected to foster market growth.
The lower price of refurbished phones
Modern shoppers in Europe who are well-educated are gravitating toward high-quality, advanced high-performance mobile phones and gadgets. However, due to the brief upgrade cycle, many buyers prefer to commit more time to their new devices. As a result, a sizable portion of the population is demonstrating a preference for secondhand mobile phones, which have their desired features at an affordable price. It is widely acknowledged that factors driving the global market for refurbished and used mobile phones include increasing economies, growing demand for low-priced commodities, and growing consumer acceptance of smartphones.
In addition, increasing consumer dependency on electronic devices in developing countries of the European region is increasing the demand in the global market for refurbished and used mobile phones. Manufacturers of smartphones in developing nations are investing resources in new work to produce high-quality mobile phones that will quickly satisfy customer mechanical demands. Additionally, such a factor is anticipated to promote the global market for refurbished and used mobile phones. The increasing price of new models of smartphones is forcing consumers to settle for used and refurbished phones, which would offer nearly the same performance and at economic pricing.
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Prominent Players:
Europe refurbished and used mobile phones market is segmented as follows:
By Type Analysis
By Pricing Range Analysis
By Sales Channel Analysis
By Application Analysis