According to a counterpoint report, second-hand (AKA Refurbished) smartphones witnessed a 15% rise in the global market. When it comes to affordability, people usually prefer buying reconditioned smartphones of leading brands, for instance, Samsung & Apple rather than buying their new and most recent flagship cell phones due to their extremely high prices.
Among all brands, Apple continues to lead the refurbishing smartphone market. Refurbished smartphone market has grown exponentially, especially in India. Currently, customers are looking for certified renewed alternatives and a minimum one-year warranty deal for refurbished products. Glen Cardoza, who’s an experienced market analyst, says that Trade-ins are a considerably rising point for pre-owned smartphones. According to him, the refurbished smartphone sales surged over 10% worldwide last year. The countries such as India, China, and Africa are breaking records in the used smartphones market and analysts predict that it will continue to grow more as they have uncountable pre-owned businesses.
As the products get recycled, the sustainability also increases and allows more people to buy them at cheap rates while also reducing wastage. Along with this, the governments of multiple states like the US, European states, and Japan are supporting the "Right to Repair" movement which will only grow as more government officials are favoring this cause to help people who don't have enough money to spare for a brand new high-end smartphone.
Moreover, eco-rating or the positive effects of refurbishing and recycling products to reduce the wastage of plastic and other materials also helps the ecosystem and prevents environmental damage. As people are becoming more aware of climate change and its hazards, they're more supportive of buying used products and recycled smartphones. This has played a huge part in impacting sales and playing significant growth in the market.
Furthermore, the COVID 19 pandemic hit in previous years and impacted sales and production in various markets. This was also the case in the refurbishing smartphone market and people were more in need of smartphones for working remotely in their homes. This might also be a huge factor in the growth we've seen this year.
Lastly, we would like to mention that the growth overall has been a huge rise as compared to the previous years which were heavily impacted thanks to COVID 19 pandemic. But as the world recovers from the disruptions in supply chains & secondary market crashes, there has been a significant rise in sales and overall expansion of refurbishing and recycling markets, mainly the cellphones.