U.S. Refurbished and Used Mobile Phones Market 2024–2033

Reports Description

According to Custom Market Insights (CMI), The U.S. Refurbished and Used Mobile Phones Market size was estimated at USD 8.08 Billion in 2021 and is expected to reach USD 10.44 Billion in 2022 and is expected to hit around USD 23.61 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 12.90% from 2022 to 2030.

Our recently published report, “U.S. 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.

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U.S. Refurbished and Used Mobile Phones Market Overview

A refurbished phone is a second hand phone sold by an individual to a carrier, manufacturer, or retailer. The phones are tested, repaired, and certified to verify that they meet the specifications. The fixed phones are also for sale at a reduced price. Due to the proliferation of new smartphone technologies, the total cost of smartphones has risen. As a result, shoppers in developing countries are hesitant to spend huge sums on new cellular telephones and instead go for second hand devices. A year or two-year-old refurbished model would give roughly the same utility, and the technology is up to date.

Used phones are mobile phones that have been used by consumers and then sold to other customers through market re-commerce platforms. Because customers must inspect the phone's functioning condition and functionality, used phones are rarely the customer's first choice when acquiring a phone. As a result, refurbished phones have increased in popularity since they already have all of the inspections, and the customer does not have to spend extra time guaranteeing the quality. In addition, used phones are less expensive than new versions on the market, enabling middle-class customers to pick in excellent condition and inexpensive used phones.

U.S. Refurbished and Used Mobile Phones Market: COVID–19 Impact Analysis

The lack of raw materials like semiconductors in the U.S. 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 the U.S. refurbished and used mobile phones market. Furthermore, the increased demand for second-hand phones during the pandemic is expected to have a long-term impact on the U.S. market due to changes in consumer buying and consumption behavior.

Therefore, the COVID-19 pandemic had a slightly negative impact on the revenues of the market; 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 the U.S. refurbished and used mobile phones market.

U.S. Refurbished and Used Mobile Phones Market: Growth Drivers

Increase in smartphone adoption to accelerate the market’s growth

In the U.S., the number of mobile phones equipped with innovative technology has risen in the previous five years. However, the availability of new smartphone technologies has increased the ultimate cost of smartphones. As a result, customers in developing countries are hesitant to spend significant sums on new mobile and are seeking refurbished and used mobile phones for usage. A year or two-year-old refurbished and used mobile model would offer them almost the same utility, and the technology is up to the mark with the current benchmark.

Moreover, the increasing supply-demand gap for newly launched devices in the market provides a platform for selling refurbished and used mobiles. Consumers are comfortable settling for refurbished and used models that have been released in the past one or two years as they would provide a nearly the same experience as the new devices. The increasing popularity and consumer acceptance of refurbished and used mobiles are expected to boost market growth during the forecast period.

Increasing investment and product development

The U.S. refurbished and used mobile phones market is seeing increased investment. For instance, Back Market, a dedicated refurbished consumer electronic marketplace, announced an investment round of USD 335 million led by General Atlantic in May 2021, with the assistance of Generation Investment Management and investment firms Aglaé Ventures, Goldman Sachs Growth Equity, Eurazeo, and Daphni.

Product economic growth in the U.S. trade-in service providers has occurred in recent years due to businesses and customers trying to update and upgrade their devices due to changes in the workplace and workforce. For instance, in February 2021, Phobia, a mobile carrier, and consumer technology brand trade-in service, was named a commerce provider to three new firms: Hyperion Partners, Amazon Canada, and Drone Nerds. As a result, in 2020, the company's revenue will have nearly doubled. This momentum was maintained in 2021 as the firm expanded its operations.

U.S. 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 U.S. 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 phone market trends, based on price point, the mid-priced segment gained a significant share in the U.S. 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 September 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.

Country Landscape

Throughout the projection period, the U.S. will likely remain one of the most appealing regions, accounting for the bulk of market revenue. The U.S. stands out for its 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 a more excellent 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 need 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.
• Others

The U.S. refurbished and used mobile phones market is segmented as follows:

By Type

• Refurbished Phones
• Used Phones

By Price Point

• Low-priced
• Mid-priced
• Premium

By Sales Channel

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

By Application

• Individual
• Businesses

• Northeast Region
• West Coast
• Mid West
• Southeast
• Southwest