Countries like Argentina, Brazil, India, Russia, Mexico, Thailand, Philippines and others are emerging as key markets for refurbished and used cell phones. Consumers in developing countries are price sensitive and inclined to choose products that offer good value for money, a major factor in the growth of the market in Asia-Pacific. The global market for refurbished and used cellphones is largely disorganized, with few players such as Samsung, Apple and Lenovo venturing into this space. These factors are expected to fuel the growth of the global refurbished and used cell phone market.
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According to the report’s findings, factors such as government e-waste regulations and the adoption of refurbished and used cellphones in institutional and commercial sectors are expected to fuel the growth of the refurbished and used cellphone market. Based on these factors, the global market for refurbished and used mobile phones is expected to grow at a CAGR of ten% during 2019-2029.
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Key takeaways from refurbished and used cell phone market research
- Refurbished and used cell phones are adopted by various startups, industries, institutes and trade offices to keep costs down.
- Lack of sales and distribution channels limits the growth of the refurbished and used mobile phone market
- PMR reports that the demand for mid-priced refurbished and used branded mobile phones is expected to increase at a striking CAGR during the forecast period.
- Compared with other regions, sales of refurbished and used cellphones are expected to be high in the Asia-Pacific region. Significant market potential exists in APEJ countries, such as China and India.
- The trend of selling old phones for coupons on new purchases attracts consumers, making the consumer-owned segment dominant in the market.
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“Electronic waste consists of complex mixtures of materials, which have a negative impact on the environment. Therefore, mobile phone players should focus on recycling and reuse of old products to maintain a sustainable environment and reduce e-waste, ”says analyst PMR.
Smartphone players enter refurbished and used phone business
Key players such as Apple Inc, Samsung Electronics and Lenovo are now also focusing on selling refurbished and used mobile phones in the market.
The report provides valuable company-level insights and focuses on the business and marketing strategies of players in the emerging markets. The major market players presented in the report are Apple Inc, Samsung Electronics, Lenovo Group Limited, and Amazon. Level I participants in the refurbished and used mobile phone market hold 50% -60% market share. Product innovation has been the mainstay of the refurbished and used mobile phone market to improve market presence and end user experience.
- In January 2019, Apple Inc. has added refurbished iPhone X Plus models to its website. Apple has started selling refurbished iPhone Xs in all three storage capacities, including 64GB for $ 679 and 256 GB for US $ 809.
- August 2019 saw the launch of the refurbished Note 9, Note 10 and Note 10+ smartphones.
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More Valuable Information About Refurbished & Used Mobile Phones Market
A new market research report published by Persistence Market Research (PMR) on the Global Refurbished and Used Mobile Phones Market includes global industry analysis for 2014–2018 and the assessment of opportunities for 2019-2029. The report provides valuable analysis of the global market on the basis of type (company-owned and consumer-owned), brand (low-cost brands, mid-price brands, and high-end brands), across seven major regions.
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