Second-hand smartphones sold four times faster than new devices in 2017. The global market for refurbished smartphones grew 13% year on year in 2017. In contrast to the new smartphone market that grew only 3% last year. Latest research from ‘Counterpoint’s Refurbished Smartphone Tracker’. Shows the global market for refurbished smartphones grew 13% in 2017. Reaching close to 140 million units. This in contrast with the global new smartphone market that grew only 3% last year. Being outpaced by refurbished “second-hand” smartphones.
Refurbished smartphones are collected and repaired to be sold again in the market. Only 25% of all pre-owned phones are sold back into the market. Of these, only some are refurbished. The result is that there are many grades of refurbished devices that attract different price points. Depending on quantity and demand for a specific model or variant. The strength of the market allows stakeholders to maximise the lifetime of their devices by superseding the latest model.
According to IDC, the market for second-hand and refurbished smartphones will grow significantly in 2020. In the US, most mobile operators, handset manufacturers and retailers have provided trade-in services in Europe and Asia. This strategy is slowly becoming mainstream. IDC research shows that in 2020 the market size will reach 30 billion US dollars.