The Used Smartphone Boom Continues! Japan Market Expected to Reach New High in 2024

The Used Smartphone Boom Continues! Japan Market Expected to Reach New High in 2024MM Research Institute (Tokyo), a private research firm in Japan, has recently released a forecast indicating that used smartphone sales in fiscal year 2024 will increase by 15.5% compared to the previous year, reaching 3

The Used Smartphone Boom Continues! Japan Market Expected to Reach New High in 2024

MM Research Institute (Tokyo), a private research firm in Japan, has recently released a forecast indicating that used smartphone sales in fiscal year 2024 will increase by 15.5% compared to the previous year, reaching 3.15 million units. This marks a sixth consecutive year of record highs, proving that the used smartphone market is gaining momentum in Japan, becoming a significant option for consumers when purchasing phones.

According to MM Research Institute's projections, the share of used smartphones in overall smartphone sales will also rise from 9.7% in 2023 to 10.8% in 2024. This trend reflects the increasing acceptance of used smartphones among Japanese consumers.

The primary driver behind the surge in used smartphone sales is the escalating price of new smartphones. In recent years, due to the depreciation of the yen and soaring raw material costs, new smartphones have become increasingly expensive, deterring many consumers. In contrast, used smartphones offer significantly lower prices, making them an ideal choice for cost-conscious consumers.

Hideaki Yokota, Deputy Director of MM Research Institute, commented: "Rising prices are forcing consumers to tighten their belts. Even if it's not a new device, it's still good to use, and the resistance towards used products is decreasing." This perspective also highlights the increased acceptance of more affordable used products by consumers under economic pressure.

Beyond the price advantage, used smartphones also offer environmental benefits. Purchasing used smartphones can reduce environmental impact, which serves as a crucial factor for consumers opting for pre-owned units.

MM Research Institute projects that used smartphone sales will continue to grow in the coming years, reaching 4.38 million units by 2028. This indicates the immense potential of the used smartphone market, which is expected to maintain its upward trajectory.

The flourishing used smartphone market not only provides consumers with more affordable options but also presents new opportunities for the pre-owned phone industry. How the market will evolve in the future is worth anticipating.