GURUGRAM, India, Feb. 7, 2023 /PRNewswire/ -- Malaysia Used Smartphone Market is in the growing stage. It is a fragmented market which is being driven by increasing smartphone penetration, rising awareness to reduce electronic wastes, high proportion of low to mid-income consumers, increasing prices of new smartphones and adoption of 5G network.
Growing Demand for Used Smartphones in Malaysia: The growing digitization, virtual classes, remote working, virtual socialization during Covid-19 pandemic led to smartphones being an indispensable part of life. Integration of technology and digital solutions required compatibility of devices with 5G technology, and it became a driving factor for the rise in sales in the smartphone market. However, as the proportion of low- to mid-income consumers is quite high, they prefer to go on online platforms offering refurbished and second-hand smartphones with discounts instead on new smartphones. This in turn has led to the increase in demand of used smartphones in Malaysia.
Rising Average Price of Used Smartphones: As the price of new smartphones have increased, people have started to buy used smartphones as they are affordable. Average price of used smartphones is expected to increase due to a robust demand in the future. Used devices continue to provide cost-effective alternatives to both consumers and businesses that are looking to save money when purchasing a smartphone. Vendors such as Apple, Samsung, and Xiaomi have implemented their own programs with aggressive trade-in offers compared with other channels.
Rising environmental awareness: People around the world have started taking steps to preserve natural resources and use recycled products. Only about 20.0% of mobile phones are recycled each year in Malaysia. Another step being taken by people in Malaysia is buying used smartphones. This will lead to the reduction in electronic wastes as well as the growth of the Used Smartphone Industry in Malaysia.
Analysts at Ken Research in their latest publication "Malaysia Used Smartphone Market Outlook to 2026F- Driven by increasing prices of new smartphones, greater environmental awareness and Government initiatives like adoption of 5g network" by Ken Research observed that Malaysia Used Smartphone Market is in the growing phase. Increasing smartphone penetration, rising awareness to reduce electronic wastes, high proportion of low to mid-income consumers, increasing prices of new smartphones and adoption of 5G network are some of the factors that will contribute to the growth of the Malaysia Used Smartphone Market over the period of 2022F-2026F. It is expected that Malaysia Used Smartphone Industry will grow at a CAGR of 14.9% for the above forecasted period.
Key Segments Covered in the report:-
Malaysia Used Smartphone Market
By Distribution Channel
By Marketing Channel
By Source of Lead Generation
By Sourcing Medium
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By Type of Sales
By Brand of Smartphones
By Age of Smartphones
By Price of Used Smartphones
By Purchase Across Major Cities
By Type of Network
By Battery Capacity
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By Operating System
By Screen Size
Key Target Audience
Time Period Captured in the Report:-
Companies Covered:-
Online Marketplaces
Offline Players
Classified Platforms
Omnichannel Players
Key Topics Covered in the Report:-
For more insights on the market intelligence, refer to below link:-
Malaysia Used Smartphone Market
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The market size is expected to grow at a five-year CAGR of ~9% by 2026. Post COVID, an increase in the number of transactions through online platforms have been witnessed. The ease of convenience of getting a used smartphone at the doorstep from a certified seller and trusted marketplace, has resulted an increase in the share of online platforms in the market size of used smartphones industry in Indonesia.
According to Ken Research estimates, Thailand Used Smartphone Market– which grew at a CAGR of 11.6% in the period of 2017-2022P – is expected to grow at a CAGR of 13.9% in the forecasted period of 2022P-2027F, owing to adoption of 5G network and a high proportion of low- to mid-income consumers. Growing popularity of online marketplaces for the sale of used smartphone has substantially increased in Thailand. The market is highly dependent upon offline and unorganized players. Offline players compete with each other on the basis of products offered, its geographical presence, product quality, after sale services, value added services etc.
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SOURCE Ken Research
