Refurb smartphone market size predicted to grow by USD 45.98 billion!

Technavio has announced its latest market research report titled Refurbished Smartphone Market by OS and Geography – Forecast and Analysis 2022-2026

 

The “Refurbished Smartphone Market by Geography (APAC, North America, Europe, South America, and Middle East and Africa) – Forecast and Analysis 2022-2026″ report has been added to Technavio’s offering. The potential growth difference for the market between 2021 and 2026 is USD 45.98 bn.

 

The market is anticipated to witness positive growth during the forecast period due to the circular economy and sustainability. In addition, the growing number of online platforms dealing in refurbished smartphones is a refurbished smartphone market trend that is expected to have a positive impact in the coming years.

 

Key Market Dynamics:

  • Market Driver: The circular economy and sustainability is driving the growth of the market. Computers, smartphones, and other electronic appliances constitute a large amount of electronic waste. Countries are shifting towards a circular economy to mitigate the environmental impact of e-waste. Refurbished smartphones reduce the carbon footprint and recycling cost, which is anticipated to drive the growth of the market in focus during the forecast period.

 

  • Market Challenge: The easy availability of smartphones on e-commerce challenges the refurbished smartphone market during the forecast period. E-commerce sites such as Amazon.com, Inc. (Amazon), Walmart Inc., and eBay Inc. offer a wide range of smartphones at a discounted price. In addition, they partner with local banks to offer discounts through credit and debit cards. They also offer discounts during festivals and summer seasons, which attract a large number of consumers. Therefore, a rise in e-commerce brands may negatively impact the demand for refurbished smartphones.

 

Read the full report here:

https://www.prnewswire.com/news-releases/usd-45-98-billion-growth-in-refurbished-smartphone-market–circular-economy-and-sustainability-to-drive-the-market-at-13-69-cagr–17-000-technavio-reports-301555760.html

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