The global market for refurbished smartphones: 15% growth year on year
As the global smartphone market gradually becomes saturated, coupled with the ups and downs of the COVID-19 epidemic, which has led to an economic downturn, more consumers choose to reduce the number of replacement phones, which means that the cycle of buying new phones has been extended. According to Wccftech, the global refurbished smartphone market was popular with consumers last year, growing by 15% year-on-year. Apple is the largest player in the field, followed by Samsung, and it has also narrowed the gap between the two.
So-called refurbished machines also include trade-in programs, which happen to be a major source of growth in used smartphone inventories In 2021, global smartphone shipments will continue to grow, with data showing a year-on-year growth of 4.5%, while the 15% year-on-year growth rate of the refurbished machine market is more than three times that. According to Counterpoint Research, the popularity of refurbished devices is related to the increasingly high pricing of flagship smartphones, and consumers are more willing to choose mid-to-high-end products from brands such as Apple or Samsung on refurbished devices.
Samsung’s refurbished shipments grew faster than Apple’s last year, driven by more trade-in deals and more freebies. As Samsung continues to make efforts, it is expected that the growth rate of shipments this year will still be higher than that of Apple. In addition, both Apple and Samsung have further opened the door to third-party repairs, offering original accessories, tools, and repair guides, and these moves are likely to continue to drive the growth of the refurbished phone market.
