GCC Countries Refurbished and Used Mobile Phones Market 2024–2033

Reports Description

According to Custom Market Insights (CMI), The GCC Countries Refurbished and Used Mobile Phones Market size was estimated at USD 3.59 Billion in 2021 and is expected to hit around USD 8.08 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 9.60% from 2022 to 2030.

Our recently published report, “GCC Countries Refurbished and Used Mobile Phones Market”, offers a comprehensive and deep evaluation of the market stature. Also, the market report estimates the market size, revenue, price, market share, market forecast, growth rate, and competitive analysis. 

GCC Countries Refurbished and Used Mobile Phones Market: Overview

A refurbished phone is a used phone sold to a network, manufacturer, or retailer by an individual. The phones are then examined, fixed, and certified to satisfy specified requirements. The mended phones are also for sale at a discounted price. The availability of new smartphone technology has increased the overall cost of smartphones. As a result, buyers in developing nations are cautious about spending large sums on the latest mobile phones and prefer to use used models. A year or two-year-old restored model would provide about the same usefulness, and the technology is up to the current standard.

Used phones are cell phones that have been used by users and then sold to other customers via re-commerce platforms on the market. Used phones are rarely the consumer’s first option when purchasing a phone because they need to examine its operating condition and functions. As a result, the popularity of refurbished phones has grown because they already have all of the inspections, and the user does not have to spend extra time ensuring the quality. In addition, used phones are less expensive than new counterparts on the market, encouraging middle-class users to choose used phones that are in good condition and affordable.

GCC Countries Refurbished and Used Mobile Phones Market: COVID–19 Impact Analysis

The lack of raw materials like semiconductors in GCC Countries during the pandemic, owing to the closure of international borders, to contain the spread of the COVID-19 virus had negatively impacted the supply chains and hampered the export and imports of essential raw materials and smartphones across the globe. This created a new opportunity for the vendors operating in GCC countries’ refurbished and used mobile phones market. In addition, the increased demand for second-hand phones during the pandemic is expected to have a long-term impact on the GCC Countries’ market owing to the changes in consumer buying and consumption behavior.

Therefore, the COVID-19 pandemic had a slightly negative impact on the market’s revenues. However, it boosted the demand for refurbished and used phones across the globe and positively impacted the market by creating a tremendous growth opportunity for the vendors operating in GCC Countries’ refurbished and used mobile phones market.

GCC Countries Refurbished and Used Mobile Phones Market: Growth Drivers

The popularity of digital media and eCommerce

The GCC Countries’ market for refurbished and used mobile phones is expanding due to the explosive rise of digital content. From enabling communication to facilitating e-commerce to accelerating the increase in digitalization, smartphones have become an essential aspect of people’s life. Consumers adept with technology are moving toward expensive and cutting-edge machinery nowadays. Due to the short upgrade cycle, many customers are not interested in using their new devices for extended periods.

As they have their desired qualities and are available reasonably priced, a substantial portion of the community expresses interest in old mobile phones. In the Gulf region, there is also a surge in businesses offering EMI alternatives for phones and mobile phone accessories, such as BNPL (Buy Now, Pay Later). It is quickly becoming one of the most popular ways to pay for reconditioned equipment online in these areas. BNPL start-ups collaborate with digital wallet service providers to increase their market share.

Increasing R&D

To keep up with consumers’ increasing technical expectations, smartphone makers in emerging economies of the Middle East continually engage in R&D to produce high-end mobile phones. Therefore, the market for refurbished and used mobile phones is also anticipated to grow due to this issue. Moreover, the demand for refurbished and used mobile phones is expected to be driven by fast urbanization, the expansion of mid-price brand sales, and the increased desire for high-end features at competitive rates. Along with this, it is also thought that the swift adoption of government efforts and regulations regarding green initiatives and e-waste management is fueling demand in the GCC Countries’ market for refurbished and used mobile phones.

Consumers and organizations alike want to save money when purchasing cell phones. In this situation, both individuals and organizations may save money by using refurbished and used mobile devices. In addition, manufacturers support clients in locating cheap and cost-effective secondhand cell phones. Due to these considerations, the industrial 5G market is anticipated to expand rapidly, fueling demand for refurbished and used mobile phones and mobile phone accessories.

GCC Countries Refurbished and Used Mobile Phones Market: Segmentation Analysis

The refurbished and used mobile phones market is segmented based on type, price point, and region. Based on type, it is segmented into refurbished phones and used phones. Based on the price point, it is low-priced, mid-priced, and premium. 

According to refurbished and used mobile phones market analysis, based on type, the refurbished segment gained a significant share in the GCC Countries market in 2021 and is expected to sustain its market share during the projected period, the accessibility of refurbished smartphones will be greater than that of used mobile phones, and the populace will be eager to gain a hands-on experience with the new gadgets. Furthermore, introducing new smartphones in the region has pushed people to switch to using new phones, resulting in a glut of used phones in the market. High-performance phones’ growing popularity and affordability drive sales of refurbished and used mobile phones throughout the country.

According to refurbished and used mobile phones market trends, based on price point, the mid-priced segment gained a significant share in the GCC Countries market in 2021 and is expected to sustain its market share during the forecast period. A consistent increase in disposable income and growing interest in high-performing quality phones is increasing the support for the sales of mid-priced refurbished and used mobile phones during the forecast period. In addition, the increasing launch of new models of smartphones is affecting the price of the old models as it becomes more affordable for the population to purchase.

Report Scope

Key Insights: 

• Based on type segmentation, the refurbished phones segment is estimated to hold the largest market share during the forecast period.
• Based on price point, the mid-priced segment is the leading revenue-generating category during the forecast period.

Recent Development

• In July 2022, Apple, Inc. introduced all the models of refurbished iPhone 12 to be kept up for sale. Previously Apple was involved in selling iPhone 11 and its predecessor models.
• In April 2022 – Samsung’s Renewed online store enabled its customers to purchase the second-hand and refurbished Galaxy S21 series, added to the pre-owned lineup. Samsung is offering the product at USD 225.

Country Landscape

Throughout the projection period, the GCC Countries are likely to remain one of the most appealing regions, accounting for the bulk of market revenue. GCC Countries stand out for their high level of disposable money, increased interest in technology, and high demand for high-quality intelligent gadgets. These reasons contribute to a greater need for refurbished and used mobile phones. Furthermore, market development is driven by the rise of e-commerce platforms and more significant investment in the refurbishment sector. The introduction of 5G services throughout the region is growing smartphone sales, and it is expected that as the market for new smartphones expands further, the demand for refurbished and used phones will offer equivalent development potential.

Competitive Landscape

Our report offers quantitative and qualitative insights into the refurbished and used mobile phones market and significant development initiatives adopted by the key players. Further, it provides competitive details and market share analysis. The report further includes relevant financial information, products and services offered, SWOT analysis, and the players’ recent developments.

Prominent Players:

• Apple Inc.
• Amazon
• Samsung
• Verizon Communications, Inc.
• Cashify
• Walmart
• eBay
• Paytm
• Huawei
• Yaantra
• AT&T Inc.

The GCC Countries refurbished and used mobile phones market is segmented as follows:

By Type Analysis

• Refurbished Phones
• Used Phones

By Pricing Range Analysis

• Low-priced Refurbished and Used Mobile Phones (Less than $200)
• Mid-Priced Refurbished and Used Mobile Phones ($200-$500)
• Premium Refurbished and Used Mobile Phones (More than $500)

By Sales Channel Analysis

• Online/ e-Commerce Sales of Refurbished and Used Mobile Phones
• Refurbished and Used Mobile Phones Sold at Physical Retail Stores

By Application 

• Individual
• Businesses