Refurbished smartphone market to record a CAGR of 13.69%

The global refurbished smartphone market size is expected to grow by USD 45.98 billion from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 13.69% during the forecast period, according to Technavio.

The growing number of online platforms dealing in refurbished smartphones is a trend in the market. End-to-end online platforms enable buying and selling of refurbished smartphones. The growth of online platforms offering refurbished smartphones will increase market penetration, especially in emerging economies.

The easy availability of smartphones on e-commerce will challenge the market growth. E-commerce giants offer a wide range of smartphones at low prices. Moreover, they offer discounts during festivals and summer seasons, which attract a large number of consumers. Therefore, a rise in e-commerce brands can negatively impact the demand for refurbished smartphones.

Global Refurbished Smartphone Market: OS Landscape
By OS, the market has been segmented into Android and iOS. The Android segment will be the largest contributor to market growth during the forecast period. The popularity of refurbished Android OS is increasing due to the low cost and availability of a variety of features. The rising focus on circular economy models is driving segment growth. It is leading to partnerships and interactions between sellers and refurbishes in the refurbished smartphone market.

Global Refurbished Smartphone Market: Geographic Landscape
By geography, the market has been segmented into APAC, North America, Europe, South America, and the Middle East and Africa. APAC will account for 49% of the market’s growth during the forecast period. This growth is attributed to factors such as the growing price of smartphones, the development of telecom infrastructure, and the lack of disruptive features in android smartphones. Moreover, Market growth in this region will be faster than the growth of the market in other regions. China, India, and Indonesia are the key countries for the refurbished smartphone market in APAC.

CT Bureau