As per Counterpoint Research, the global refurbished smartphone market has registered a YoY growth of 15% in 2021. In comparison, the new smartphone market grew only 3.5% in 2021. In Latin America and India, these two marks have registered the highest growth.
In terms of numbers, the sales of refurbished smartphones have increased by 29% in the LATAM market. Whereas in India, the growth stood at 25%. The market is expected to grow even more as these markets have a vast rural population.
Apple has a 40% market share in the refurbished smartphone market, making it the industry leader. Samsung is in the second spot, but as per the Counterpoint report, Samsung’s market share is growing rapidly. The market share of Chinese brands is also growing, but their growth is limited to China and India.
Usually, refurbished smartphones are sold through retail channels. You must have bought them through the retail market. The Counterpoint report suggests that many refurbished smartphones are sold through carriers in mature markets like the U.S.A. It means now customers can get refurbished smartphones with a carrier locking just like a new smartphone.
The double-digit growth is mainly due to the rising price of the flagship smartphone from all the major smartphone makers. Consumers think it is better to buy a six-month or one-year-old Apple or Samsung smartphone than to buy a new one.
It is expected that the refurbished smartphone market will continue to grow at a similarly rapid pace. Have you ever purchased a refurbished smartphone? If yes, how was your experience? Let us know in the comments.