Used phones are those that have been owned by customers before being sold online to other purchasers. Because they must be checked for functionality and functioning order, used phones are rarely the customer's first option when buying one. Refurbished phones are becoming more and more popular because the buyer does not have to spend extra time guaranteeing the quality because they already have all of the inspections. Furthermore, used phones are less expensive than newly released models, giving middle-class buyers access to competitively priced and well-maintained old phones.
U.S. Refurbished and Used Smartphone Market Driving Factors and Challenges
Drivers: The US market for refurbished and used smartphones serves a wide range of customers looking for less expensive options than brand-new ones. A sizeable portion of the population is cost-conscious, attracted by the possibility of obtaining premium smartphones at reduced costs. Buyers of secondary devices, who might need backup phones or gadgets for particular uses, also add to the demand in this sector. Additionally, buyers who care about the environment view reconditioned smartphones as a sustainable option that helps to cut down on electronic waste. Refurbished and used cellphones provide access to current technology at affordable price points in emerging nations, where cost is vital.
Challenges: There are several challenges facing the US market for reconditioned and secondhand smartphones. Trust from customers is a big obstacle. Purchasing refurbished or used electronics can be intimidating for many consumers who are concerned about the products' quality, longevity, and potential hidden defects. The competition from new smartphone models could potentially reduce demand for pre-owned cellphones. The rapid pace of technological advancement often leads to updates and new features that devalue older versions. Another challenge is supply variability. Secondhand smartphones are always coming off the market, but because of the wide variances in availability and condition of these devices, there may be discrepancies for both buyers and sellers.
Impact of COVID-19 on U.S. Refurbished and Used Smartphone Market
The US market for reconditioned and old smartphones has been significantly impacted by the COVID-19 outbreak. Many people are turning to refurbished and used cellphones as an affordable alternative to buying new gadgets as a result of the impending economic instability and changes in consumer spending habits. Consumer price sensitivity has increased as a result of the recession brought on by the epidemic, which has raised demand for affordable solutions. Further supporting the allure of refurbished and used smartphones are production delays and supply chain interruptions that have limited the availability of new handsets.
U.S. Refurbished and Used Smartphone Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Apple Inc., Amazon, Samsung, Verizon Communications, Inc., Cashify, Walmart, eBay, Paytm, Huawei, Yaantra, AT&T Inc., Others.
U.S. Refurbished and Used Smartphone Market Segmentation:
By Type: Based on the Type, U.S. Refurbished and Used Smartphone Market is segmented as; Refurbished, Phones, Used Phones.
By Price Point: Based on the Price Point, U.S. Refurbished and Used Smartphone Market is segmented as; Low-priced, Mid-priced, Premium.
By Sales Channel: Based on the Deployment Mode, U.S. Refurbished and Used Smartphone Market is segmented as; Online, Offline.
By Application: Based on the Application, U.S. Refurbished and Used Smartphone Market is segmented as; Individual, Businesses.
By Region: This research also includes data for Eastern, Western, Northern, Southern.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.