The Used Smartphone Market Continues to Grow Against the Tide, with Apple and Samsung Leading the Way, While Future Landscape Remains Uncertain

The Used Smartphone Market Continues to Grow Against the Tide, with Apple and Samsung Leading the Way, While Future Landscape Remains UncertainIn recent years, the used smartphone market has been heating up, becoming a new growth point for the mobile phone market. According to the latest report from research firm IDC, the global used smartphone market size exceeded 195 million units in 2023, an increase of 6

The Used Smartphone Market Continues to Grow Against the Tide, with Apple and Samsung Leading the Way, While Future Landscape Remains Uncertain

In recent years, the used smartphone market has been heating up, becoming a new growth point for the mobile phone market. According to the latest report from research firm IDC, the global used smartphone market size exceeded 195 million units in 2023, an increase of 6.4% year-on-year, with a total value reaching $72.9 billion, an increase of 12.4% year-on-year. This indicates that the used smartphone market is growing faster than the new smartphone market.

The report analyzed that the growth of the used smartphone market is mainly due to the increasing number and quality of personal used phones and refurbished devices. At the same time, the processing procedures for used devices have become more mature, making high-priced devices and established brands more competitive in the market.

In such a market environment, Apple and Samsung, with their brand influence and product quality advantages, have captured nearly 64% of the global used smartphone market share, becoming the market leaders. However, as the used smartphone market matures, other brands and lower-priced models also have greater room for development.

IDC predicts that the used smartphone market size will reach 257 million units by 2028, a five-year compound annual growth rate of 5.7%. Shipments are projected to grow at a CAGR of 5.5%. In contrast, IDC forecasts a CAGR of 2.8% for the new smartphone market from 2023 to 2028. This means that the used smartphone market has much more potential for growth than the new smartphone market.

It is worth noting that while the used smartphone market continues to grow, the new smartphone market is also gradually recovering. The IDC report shows that global smartphone shipments in 2023 declined by 3.2% year-on-year to 1.17 billion units, but the growth momentum was strong in the second half of the year, with shipments increasing 8.5% year-on-year in the fourth quarter to 326.1 million units. This indicates that the overall mobile phone market is showing a positive upward trend.

In terms of specific brand rankings, Apple, with its strong brand power and product competitiveness, achieved the number one spot in global smartphone shipments in 2023, followed by Samsung in second place. Xiaomi, OPPO, and Transsion followed closely behind, ranking third to fifth.

In conclusion, both the used smartphone market and the new smartphone market are showing positive signs of development, with Apple and Samsung playing a significant role in both markets. The future evolution of the used smartphone market landscape and how different brands will compete are worth watching.