Refurbished and Used Mobile Phones Market be valued at US$ 143.8 Bn by 2031

NEW YORK, Jan. 28, 2022 /PRNewswire/ -- According to Persistence Market Research analysis, the global refurbished and used mobile phones market is projected to increase at a CAGR of 10.2% and be valued at US$ 143.8 Bn by 2031. Adoption of refurbished and used mobile phones has been increasing due to improvements in the methods of repairing smartphones, grading, collection, and online/offline selling.

Cellphones have become a vital piece of our lives, from supporting correspondence, drawing-in online business, to augmenting the growth of digitalization. Rapid increase in online content has been responsible for the growth of the global refurbished and used mobile phones market.

Additionally, rising clients' reliance on electronic devices in non-industrial nations is propelling demand of refurbished and used mobile phones. Alongside, developing demand for low-estimated items, expanding reception of smartphones, and growing economies are expected to drive worldwide refurbished and used mobile phones market growth.

Major market players are jumping into the refurbished market bandwagon to gain increased market share and profits:

• In November 2021, eBay announced the launch of eBay Refurbished, a new destination for like-new products. With this new offering, highly discounted inventory is sourced directly from top sellers and premium brands. Buyers can find refurbished items from brands such as Samsung, Apple, and Xiaomi, all backed with a one- or two-year warranty.

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Key Takeaways from Market Study

• By type, the refurbished phones segment is anticipated to account for a leading share in the global market during the forecast period, and expand at a robust CAGR of 11% through 2031.
• Mid-priced brands will be a dominating segment and expand almost 3.1X by 2031.
• By sales channel, online e-Commerce is currently leading the market, and the segment is likely to expand at a robust CAGR of nearly 11% through 2031.
• Asia Pacific is expected to lead market growth, closely followed by Europe. South Asia & Pacific is anticipated to emerge as the fastest-growing regional market over the decade.
• The market in India is expected to surge at a CAGR of almost 16% through 2031.
• In U.K., sales of refurbished and used mobile phones are expected to increase at a CAGR of close to 11% over the next ten years.

"E-waste includes complex mixtures of materials, which adversely impacts the environment. Therefore, mobile phone makers can focus on recycling and reusing old products to maintain a sustainable environment and reduce e-waste" says a Persistence Market Research analyst.