Over the past decade, the global refurbished and used smartphone market has grown rapidly. As of 2021, it was estimated to be worth USD $52.34 billion, and experts believe it will reach USD $146.43 billion by 2030.
Many factors contribute to the rise of refurbished and second-hand phone sales across the globe. These include:
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The cost savings. Refurbished phones are usually much cheaper than their brand-new counterparts.
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Sustainability. Refurbished phones contribute to a circular economy, reducing electronic waste and greenhouse gas emissions.
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Current innovations. With advancements in refurbishing technology, the quality and efficiency of refurbished devices are improving every year.
Over the next few years, it is also expected that the refurbished phone market will undergo a positive and transformative shift. Experts believe the rise of artificial intelligence tools can play a key role in the refurbishing process, especially for diagnostics.
This article will cover the current trends and growth of the refurbished phone market. It also delves into the potential future innovations and predictions for the refurbished industry. If you’re interested in buying a refurbished phone, understanding the market is a great way to make an informed decision.
Future Growth of the Market
The refurbished phone market is expected to more than double in value by 2032. Market growth is undeniable, and it’s only increasing around the world. For example, European demand for professionally refurbished devices is growing.
Statistics show that more than half of Europeans are willing to buy a refurbished device. Similarly, the demand for refurbished phones is also growing in the Middle East, Africa, China, and India.
The increasing demand not only highlights the success of the market but also outlines how and why there will be future innovations in the market. As the refurbished smartphone market is set to skyrocket, people can expect to see advancements driven by technological innovation, cost-efficiency and sustainability.
Why the Market is Growing
The refurbished and used handset market is also flourishing in Australia. The growth is being driven by four key factors, according to Mobility Foresights. These include:
Increased demand for affordability
As the Australian population is facing a cost-of-living crisis, more shoppers are becoming more cost-conscious. Data shows that Australians nationwide are changing their spending and retail habits to save money where possible.
This is one of the major growth drivers for the refurbished and used phone market in the country. With smartphone prices continuing to climb, especially for flagship and premium models, and the pressure to keep up with the annual model refresh, consumers are looking for cost-effective alternatives.
Buying a professionally refurbished or second-hand phone allows consumers to save some money while still accessing the latest cutting-edge tech. Refurbished phone businesses have also evolved over the past few years, with many now offering the same support through warranties and guarantees that consumers are familiar with from manufacturers and authorised retailers.
Focus on Sustainability
Statistics show that across Australia, the demand for eco-friendly and ethical goods has been gaining momentum. Sustainability has become a key criterion for Australian consumers when making purchasing decisions.
This focus on sustainability is also seen in the rising growth of the refurbished smartphone market. As consumers become more conscious of the environmental impact of the technology industry and the global e-waste crisis, they are looking toward more sustainable alternatives for buying new devices.
Many businesses, including professional refurbished retailers, telecommunication companies, and manufacturers, are implementing recycling programs to encourage refurbishing.
Governmental regulations
Many governments and regulatory bodies around the world are starting to implement initiatives that aim to cut down electronic waste. They’re doing this through encouraging a circular economy where electronic devices are recycled and reused, and offering tax incentives to businesses that participate.
Refurbishing process technological advancements
Another key driver of the market’s growth is the advancements in the refurbishing process. Over the past decade, the tools and diagnostic software for bringing a used phone to like-new condition have significantly improved, helping increase people’s trust in refurbished devices.
The growth of online platforms, such as Amazon, in selling refurbished phones has also helped drive the expansion of the refurbished phone market. This is because these platforms introduce quality control, and as a result, the refurbishing process evolves and becomes more standardised.
Future Innovations and Predictions
With the refurbished smartphone market expected to expand over the next decade, consumers can expect advancements in the industry, too. Below, we’ve listed the future innovations on the horizon and our predictions for where the market is headed.
Future innovations
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The rise of artificial intelligence will be transformative for the refurbished smartphone market. AI-powered tools have the potential to provide comprehensive diagnostics that detect issues with greater precision and efficiency than humans.
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As refurbishing tools advance, so do the recycling tools used by refurbishers. Statistics show that the refurbishing process is getting more efficient and can recycle up to 90% of faulty device parts, where previously they could only recycle 50-60%. This will be a huge factor to consider for eco-conscious consumers.
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In the past, software support was a point of concern for refurbished devices. Now, it’s become industry standard for manufacturers to support their phones for at least 5-7 years, minimising the issue.
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Another future innovation is the development of industry standards and certifications. Although Australia has standards for products, there is no framework specifically for refurbished smartphones. This development could help further build trust between retailers and consumers and help refurbished markets expand.
Our predictions
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There will be a bigger push for refurbished flagship and high-end models as people will want access to devices supporting new artificial intelligence tech.
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There will be further development of online platforms dedicated to selling refurbished smartphones with consumer protections in place.
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Certification programs from major brands like Apple and Samsung will become more common, and also further validate the refurbished phone market.
The Benefits of Buying Refurbished
The refurbished smartphone market is growing rapidly for a reason. It’s because refurbished devices offer great cost savings, and also because many more high-end models are becoming available soon after release.
Buying a high-end smartphone refurbished can potentially save you hundreds of dollars, which you can then reallocate for software or accessories. Better yet, you could save that money for a future upgrade.
Professionally refurbished phones also come with a guarantee that not even factory new devices have—a qualified technician inspects the phone. This extra level of care can help catch (and repair) defects that may go overlooked during the manufacturing process when the phone is new.
Buying a refurbished phone and the refurbishing process also help:
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Reduce electronic waste
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Lower the carbon footprint of the smartphone industry
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Contribute to resource conservation
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Support a circular economy
Buy The Latest Smartphones at OzMobiles
Experience the best the refurbished phone market has to offer by shopping with OzMobiles. Our team prides itself on providing the best deals on the latest refurbished smartphones and accessories. If you find a better deal elsewhere, we’ll beat it by $10* (terms and conditions apply).
Our goal is to help contribute to a greener Earth—one refurbished phone at a time. Every time we sell a phone, whether it’s a refurbished iPhone or Android device, it’s another device saved from landfill. When you choose OzMobiles, you’re supporting a business committed to sustainability. Even our packaging is made from 100% recyclable materials.
All the phones we sell, from our refurbished Samsung Galaxy range to iOS devices, come with a free 12-month warranty and a 30-day risk-free return period. So, if you have any concerns or have a change of heart, you can rely on the OzMobiles team for support.
If you have any questions about our refurbishment process or the devices we sell, reach out and contact us today. The OzMobiles team would love to hear from you and help you find the perfect device to suit your needs.
