New York, NY -- (SBWIRE) -- 12/08/2017 -- Persistence Market Research (PMR), in its recent report, projects the global refurbished and used mobile phone market to register an impressive expansion at 8.9% CAGR during the forecast period 2017 to 2025. Global sales of refurbished and used mobile phones are estimated to account for revenues worth US$ 19,715.1 Mn in 2017; by 2025-end this number is expected to reach nearly US$ 40,000 Mn.
Global leading manufacturers of mobile phones are emphasizing on green initiatives, by reusing and recycling their products for adopting sustainability
With rapid changes in technology, new innovative gadgets with updated features are being introduced in the market, resulting into reduction in customer usage cycle of mobile phones
Premium-brand Refurbished and Used Mobile Phones to Remain Sought-After in the Market
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Premium brand refurbished and used mobile phones are expected to remain sought-after in the market, with sales expanding at a high single-digit CAGR through 2025. Sales of mid-priced brand refurbished and used mobile phones will account for comparatively higher revenue than low-priced brand, and comparatively lower revenue than premium brand by 2025-end.
By market type, although consumer-owned is projected to remain dominant in the market, company-owned segment is projected to witness fastest expansion through 2025, in terms of value. Sales of refurbished and used mobile phones in company-owned and consumer-owned markets will collectively account for 277 Mn units by 2025-end.
The U.S. will Remain Dominant in North America's Refurbished and Used Mobile Phone Market
According to the U.S. EPA, electronic waste witnessed 120% increase in the past decade, and only 25% were collected for recycling or reuse. In order to overcome these issues, the North American countries such as Canada and the U.S. have imposed strict regulations for regulating e-waste. In addition, surging environmental effects of e-waste such as leakage of toxic materials has become a major problem in North America, which in turn has fuelled adoption of refurbished and recycled goods in the region. These factors are estimated to drive growth of the refurbished and used mobile phone market in North America. The U.S. is expected to be the most lucrative country for growth of the market in North America, with sales expanding at 7.5% CAGR through 2025.
However, categorization of refurbished phones as second-hand phones, generating preconceived notions among North American customers regarding quality of phones. This is expected to hinder growth of the refurbished and used mobile phone market in the region.
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Japan to Remain the Largest Market for Refurbished and Used Mobile Phones in APAC
In Asia Pacific (APAC), Japan will remain the largest market for refurbished and used mobile phones. In addition, the market in China will register fastest expansion at a high double-digit CAGR through 2025. There has been a tremendous surge in demand for smartphones across developing countries of APAC, owing to increasing adoption of efficient communicating devices by ever-growing population in these economies. Increasing presence of emerging players such as Reboot, Overcart and Greendust.com in APAC countries, such as India, are opening new avenues for online business of refurbished goods. This is further assisting manufacturers of mobile phones in handling over restock situations. The aforementioned factors are estimated to foster growth of the refurbished and used mobile phone market in APAC.
Owing to limited availability of supply chain for refurbished phones in APAC countries, maintaining proper distribution channel for these phones is difficult. In addition, refurbished market is partially under organized sector, which further incurs challenges in building a strong distribution channel for refurbished or recycled goods. Factors such as these are expected to curb growth of the market in APAC.
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