New Delhi, Feb 25 : Global refurbished smartphone sales grew 5 per cent (year-on-year) in 2024, as Apple strengthened its leadership, capturing 56 per cent of the sales compared to 51 per cent in 2023, according to a new report.
In comparison, the market for new smartphones rebounded from a difficult 2023 to grow 3 per cent YoY.
However, following two to three years of consistent growth across regions, 2024 saw the refurbished market reaching maturity, and even stagnation, in some regions, said Counterpoint Research’s ‘Secondary Smartphone Market Report’.
Apple almost single-handedly drove growth in the secondary market in 2024. It was one of only a few OEMs to increase sales in 2024, resulting in its share increasing to 56 per cent.
More and more consumers turned to the secondary market to get their hands on affordable iPhones.
“Apple’s growth this time was mostly made up of older models like the iPhone 11 and 12 series. Even with the iPhone 13 and 14 series being in the market for some time, many consumers held on to these devices for longer, creating a supply crunch,” said senior research analyst Glen Cardoza.
The supply of newer iPhone models was affected to such an extent that the global refurbished ASP dropped by 11 per cent YoY in 2024 to reach $394 from $445 in 2023.
In contrast, Samsung’s ASP rose due to an increased preference for its flagship Galaxy S series, even though the brand’s overall share reduced globally.
“More durable devices have resulted in better-quality trade-ins, reducing the need for refurbishment. Also, rising costs of spare parts, labour and equipment mean many players are simply selling used smartphones ‘as is’ to maintain margins,” said Cardoza.
Meanwhile, 5G smartphones witnessed a significant surge across brands, accounting for 42 per cent of the global refurbished smartphone market in 2024, up from 28 per cent in 2023.
The 2024 share would have been much higher if not for the low stock of newer iPhones traded in between Q2 and Q4 of 2024, said the report. (IANS)