Latin America Refurbished and Used Mobile Phones Market Competitive Landscape: Major Players, Competitor Market Shares, And Player Strategies - By CMI
Latin America Refurbished and Used Mobile Phones Market size was estimated at USD 3.04 Billion in 2021 and is expected to reach USD 4.3 billion in 2022 and is expected to hit around USD 8.79 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 12.77% from 2022 to 2030.
Our recently published report, “Latin America 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.?
Latin America Refurbished and Used Mobile Phones Market: Overview
A refurbished phone is a secondhand phone sold by an individual to a network, 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. Because of the availability 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 the latest mobile phones and instead go for secondhand 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 cell 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 consumer’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 counterparts on the market, enabling middle-class customers to pick in excellent condition and inexpensive used phones.
Latin America Refurbished and Used Mobile Phones Market: Growth Drivers
Introduction of technology
The advent of new technologies in the electronics and communication field provides a chance for mobile companies to introduce new mobile phone models in the market. The features, specifications, and software of mobile phones are designed to improve performance and provide a unique experience to the consumer. The availability of such mobile phones in the market entices the consumer’s interest and encourages them to go for the new product.?
The increasing introduction of new mobiles in the market and the growth rate of purchases of new phones by consumers are affecting the sales of refurbished and used mobile phones. The new phones are also restraining growth, and the increasing awareness of new phones discourages consumers from going for refurbished ones.
Increasing sustainability
Environmental degradation is one of the biggest threats that the earth is facing. The increasing rate of environmental degradation is causing an adverse effect that is giving rise to the adoption of eco-friendly products in the Latin American market. Latin America produces 145,000 tons of waste every year, and the harmful chemical in the plastic contaminates the water, leading to several human diseases. Therefore, sustainability is one of the most important goals for humanity to maintain, and it would help reduce environmental damage.?
The refurbishment of mobile phones is the best way to reduce the amount of electronic waste in the environment, and it encourages price-sensitive consumers to purchase mobile. In addition, the availability of refurbished products in the Latin American market is helping to increase awareness and sales by promoting their product detail in the market.
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Prominent Players:
The?Latin America refurbished and used mobile phones?market is segmented as follows:
By Type Analysis
By Pricing Range Analysis
By Sales Channel Analysis
By Application Analysis
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