Everyone wants to buy Apple Samsung flagship phones but due to the high price, they are out of the budget of many people. In such a situation, many people fulfill their hobby by buying a refurbished phone. But you will be surprised that the refurbished smartphone market has seen a record breaking boom. Looking at the figures, it can be said that people all over the world are fiercely buying refurbished phones. In fact, according to Counterpoint Research’s Global Refurbished Smartphone Tracker, the global secondary smartphone market saw an uptick in demand and supply in 2021. Surprisingly, new smartphone shipments grew by 4.5 percent in 2021 while refurbished smartphone volumes saw a growth of 15 percent.
With the prices of new flagship smartphones being exorbitantly high, a large section of consumers have considered buying refurbished models from popular brands like Apple and Samsung.
The report said that, as stability gained more interest, consumers were told about more benefits of choosing a pre-owned device. Customer awareness about refurbished smartphones, certified pre-owned options, quality checks in the secondary market and warranty options have increased over the year. Refurbished pliers have also matured since 2018 and are now expanding to a greater extent. Apple remains the secondary smartphone market leader, but the dynamics between brands are changing as well.
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People of these countries are fiercely buying refurbished phones
Commenting on the increase in pre-owned and refurbished volumes, Glen Cardoza, Senior Analyst, said, “Refurbished smartphones are a part of the overall pre-owned devices that re-enter the system through different routes. Such pre-owned Trade-in for smartphones is the fastest growing source, with volume growing by more than 10% globally in 2021. We are amongst refurbished players in developing markets such as China, India, Latin America, Southeast Asia and Africa by volume Seeing year-on-year growth in
Largest growth in Latin America and India
Latin America and India are leading with high growth rates with 29 percent and 25 percent respectively. Even the regions of the US, China and Europe have shown strong growth in volumes since 2020. The markets in India and Latin America witnessed high growth rates in 2021 and also have the highest potential future growth in the next few years. In 2020, there was a supply crunch in the secondary market due to the COVID-19 lockdown and other supply chain disruptions. But the market made a comeback in 2021.