Refurbished and Used Mobile Phones Market IS Expected To Grow AT 8.9% CAGR By 2025

Persistence Market Research forecasts revenue from the global refurbished and used mobile phone market to increase from nearly US$ 19.7 Bn in 2017 to about US$ 38.9 Bn by 2025 end, representing a CAGR of 8.9% from 2017 to 2025. This increasing revenue growth can be attributed to a sudden price drop in electronic devices that is attracting new consumers to purchase refurbished mobile phones.

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Government regulation on electric waste in North America is fueling the market for refurbished and used mobile phones

E-waste is a major environmental concern, as it causes an adverse effect on the environment, which further creates the possibility of toxic metal leaching into groundwater. E-waste can cause water pollution that is bound to affect the health of living beings. So to cater to proper handling of e-waste, governments have put strict regulations on the handling and disposing of e-waste. As per the U.S. EPA, electronic waste grew 120% between 1999 and 2009. Only 25% of the 2.4 million tons of disposed electronics were collected for reuse or recycling. Considering the same scenario, countries in the North America region such as the U.S and Canada are enforcing strict regulations to regulating e-waste, which is anticipated to pilot the growth of the refurbished and used mobile phone market.

Increasing e-waste in the North America region propelling the use of refurbished and used mobile phones

According to the global e-waste monitor 2014, total e-waste generation in the Americas was 11.7 metric tons, among which 7.1 metric tons was contributed by the U.S. Increasing e-waste creates environmental effects such as leakage of toxic material into the ground water and this is a major problem of emerged economies. Owing to this, adoption of recycled and refurbished goods is expected to grow in the North America region during the forecast period.

Lack of consumer trust in refurbished and used mobile phones hampering the growth of this market

Refurbished phones are categorized as second hand phones, owing to which customers have a pre-conceived notion about the quality of these phones and avoid the purchasing of refurbished phones. Further, lack of awareness about the quality check process creates a purchasing dilemma, which results in consumer misconception about the quality and features of refurbished phones. These are the main reasons that are negatively impacting the growth of the refurbished and used mobile phone market.

Global Refurbished and Used Mobile Phone Market Attractiveness By Type, 2017–2025

In terms of value, the Company Owned segment is projected to be the most attractive in the global refurbished and used mobile phone market during the forecast period. The Company Owned segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to register a CAGR of 10.3% during the forecast period. In 2016, the Consumer Owned segment was valued at US$ 10.1 Bn and is expected to witness steady growth in terms of revenue throughout the forecast period.

Major phone manufacturing companies have started thinking of recycling products and extracting profitability

Companies such as SAMSUNG and Motorola are placing greater emphasis on green initiatives. These companies are participating in recycling and reusing their products to achieve sustainability. These companies are offering a separate section of refurbished goods on their respective websites to serve as a CSR activity and also to assist in increased sales of the defective or unlocked phones. Other top players are likely to follow suit, causing a big surge in the refurbished and used mobile phone market.

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