Refurbished mobile market to hit $100B by 2029

Refurbished mobile market to hit $100B by 2029

The global market for refurbished mobile phones is on a significant upswing, projected to surpass USD 100 billion by 2029 from USD 64.91 billion in 2023, growing at a CAGR of 7.80% from 2024 to 2029. This surge is fueled by eco-conscious and cost-aware consumers, alongside advancements in refurbishment technology that enhance device quality and reliability.

In 2023, the refurbished phones segment captured the largest market share and is expected to continue its lead. Mid-priced phones, priced between USD 200-350, are particularly popular for their balance of affordability and quality. The Asia-Pacific region is witnessing remarkable growth, driven by its large population, increasing smartphone penetration, and the demand for cost-effective devices.

Market dynamics are influenced by consumers’ access to premium features at lower costs and the assurance of warranties and support services. However, challenges persist in altering consumer perceptions and ensuring regulatory compliance and data security. The rise of online marketplaces and a focus on quality and certification are notable trends, with the Asia-Pacific region leading the charge due to its vast market, technological adoption, and a burgeoning ecosystem of tech-enabled firms and e-commerce platforms.

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