A new report on Wednesday said the global refurbished smartphone market saw growth of 15 percent (on-year), led by Latin America and India, and Apple maintained its lead in the secondary market.
Counterpoint Research’s Global Refurb Smartphone Tracker says that as prices of new flagship smartphones remain high, a large segment of consumers are considering buying refurbished models from popular brands such as Apple and Samsung.
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“Trade-ins are the fastest growing source for pre-owned smartphones, with volumes growing by over 10 percent globally in 2021. We are seeing year-on-year growth in volumes among refurb players in developing markets like China, India. Latin America, Southeast Asia and Africa,” said senior analyst Glenn Cardoza.
These markets will further develop as they have many unorganized businesses and are yet to capture a large rural demographic.
Latin America and India lead the way with the highest growth rates at 29 percent and 25 percent, respectively.
“There was a supply crunch in the secondary market in 2020 due to the COVID-19 lockdown and other supply chain disruptions. But the market returns in 2021,” said research director Jeff Fieldhawk.
There is a huge consumer appetite for flagships and the latest flagships have the highest point of sale in India and LATAM.
“The secondary market offers consumers the ability to access these devices at 60 percent lower ASP than newer versions. The improved durability and higher quality of flagships make them very attractive in the secondary market,” Fieldhack said.
With sustainability in mind, some OEMs have begun to advertise and reassure all stakeholders about their sustainable practices, from sourcing and production to the end of the device lifecycle.
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“It is an ongoing set of initiatives that will gather more steam in the coming quarters. OEMs have to balance the cost of sustainability with their benefits,” the report said.
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