You are here: Home » Companies » News
Business Standard

India's refurbished smartphone market expected to reach $10 bn by 2026

A new breed of tech-enabled startups and players like Cashify, HyperXchange and Yaantra (owned by Flipkart), among others, are fuelling the growth of the used smartphone market in India

smartphone industry | smartphone users in India | smartphone use

IANS  |  New Delhi 

smartphone, mobile, consumer, digital, online, telecom, internet, connectivity

The refurbished or used smartphone market in India is expected to reach $10 billion by 2026, a new report showed on Thursday.

Overall used electronics market is likely to grow at a 16 per cent compound annual growth rate (CAGR) to be worth $11 billion by 2026, according to Bengaluru-based market research firm Redseer.

"The growing popularity of e-commerce platforms for used and refurbished smartphones is driving the market demand," said Siddharth Surana, Engagement Manager, Redseer Strategy Consultants.

Also, due to the pandemic, large numbers of unorganised channels got disrupted by organised digital recommerce players which led to the requirement of used electronics.

"Refurbished products are a growing resource for consumers to try out new products from their favourite brands and to be more sustainable and price-conscious in their buying behaviour" Surana added.

A new breed of tech-enabled startups and players like Cashify, HyperXchange and Yaantra (owned by Flipkart), among others, are fuelling the growth of the used smartphone market in India.

In 2021, India witnessed the purchase of over $15 billion worth of new smartphones online.

With the number of smartphone users reaching the 550 million mark, it is estimated that on average, a re-commerce app user sells more than two smartphones from each household when the need to upgrade to new devices rises, said the report.

New-age tech players are addressing pain points, offering better experiences to consumers via strong network effects, supply-chain efficiencies, and omni-channel presence.



(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, May 05 2022. 11:35 IST