The refurbished smartphone market size is projected to grow by USD 45.98 billion during 2021-2026, progressing at a CAGR of 13.69% during the forecast period. According to a Technavio report, 49% of the growth will originate from APAC. The market is concentrated, and the degree of concentration will accelerate during the forecast period.
The global refurbished smartphone market is concentrated due to the presence of various established vendors. Market vendors compete based on innovation and product quality. Intense competition and declining profit margins are some of the significant risk factors for market vendors. Therefore, to survive and succeed in such a competitive environment, it becomes imperative for vendors to distinguish their product offerings through clear and unique value propositions.
APAC will account for 49% of market growth. The main markets in APAC for refurbished smartphones are China, India, and Indonesia. The market in this region will grow more quickly than the markets in Europe, the Middle East, and North America. The growth of the refurbished smartphone market in APAC will be aided by the expansion of the telecom infrastructure, rising smartphone prices, and the lack of disruptive features in android smartphones.