Synopsis
In 2024, global refurbished smartphone sales saw a 5 percent increase, with Apple enhancing its market share to 56 percent. The report highlights trends affecting both refurbished and new smartphone markets.Key Takeaways
- Refurbished smartphone sales increased by 5%
- Apple's market share rose to 56%
- Supply shortages impacted newer iPhone models
- 5G smartphones accounted for 42% of the market
- Samsung's ASP increased despite a decline in market share
New Delhi, Feb 25 (NationPress) Sales of refurbished smartphones worldwide increased by 5 percent year-on-year in 2024, as Apple bolstered its dominance, securing 56 percent of the market compared to 51 percent in 2023, per a recent report.
In contrast, the fresh smartphone market recovered from a challenging 2023, achieving a 3 percent YoY growth.
However, after two to three years of steady expansion across various regions, 2024 marked a period of maturity and even stagnation in the refurbished market, as noted in Counterpoint Research’s ‘Secondary Smartphone Market Report’.
Apple was a key player driving growth in the secondary market during 2024, being one of the few original equipment manufacturers (OEMs) to boost sales, resulting in an increase in its market share to 56 percent.
A growing number of consumers turned to the secondary market for affordable iPhones.
“The growth for Apple was largely fueled by older models such as the iPhone 11 and 12 series. Despite the availability of the iPhone 13 and 14 series for some time, many users opted to keep these devices longer, leading to a supply shortage,” explained senior research analyst Glen Cardoza.
The availability of newer iPhone models was impacted to such an extent that the global refurbished average selling price (ASP) plummeted by 11 percent YoY in 2024, dropping to $394 from $445 in 2023.
Conversely, Samsung's ASP increased due to heightened interest in its flagship Galaxy S series, despite a decline in the brand's overall market share.
“More robust devices have led to higher quality trade-ins, reducing the necessity for refurbishment. Additionally, the rising costs of spare parts, labor, and equipment have compelled many players to sell used smartphones ‘as is’ to sustain profit margins,” Cardoza added.
Meanwhile, 5G smartphones showed remarkable growth across brands, accounting for 42 percent of the global refurbished smartphone market in 2024, a rise from 28 percent in 2023.
The 2024 market share could have been significantly higher if not for the limited availability of newer iPhones traded in between Q2 and Q4 of 2024, according to the report.
