iPhone dominates the refurbished smartphone market

According to AppleInsider , a report on global smartphone sales from Counterpoint Research shows that the overall refurbished smartphone market in 2022 increased by 5% compared to the same period last year. This number could have increased further if it had not been affected by the 17% decline in refurbished smartphone sales in China due to the impact of the Covid-19 pandemic. Meanwhile, the refurbished smartphone market increased by 19% in India and 18% in Latin America.

Limited budget is one of the factors that make users choose refurbished smartphone solutions.

On a brand-by-brand basis, Apple saw a big shift in refurbished smartphone sales, with a 16% year-over-year growth, making it the fastest-growing brand in the refurbished space. The growth meant Apple captured 49% of the refurbished smartphone market share. Apple itself was said to be a “major contributor” to the growth in refurbished market share.

In contrast, Samsung's market share fell from 28% in 2021 to 26% in 2022. A small percentage shift of Android consumers to iOS in 2022 is believed to have affected Samsung's refurbished sales. Counterpoint Research said "the shift trend is likely to continue in 2023."

The demand for refurbished smartphones is driven by new smartphone buyers in developed markets and feature phone users switching to smartphones in emerging markets. Trade-in programs at retailers are also important factors driving the market. The supply of used phones from smartphone retailers is considered the strongest source of growth.

According to the report, consumers prefer to buy refurbished high-end and flagship models, which increases the average selling price in the refurbished smartphone market. Apple, in particular, sees refurbished iPhones as a way to attract more customers to its services such as Apple Music or Apple TV+, thereby helping the company increase revenue without necessarily requiring users to buy new iPhones.

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