The Pre-owned Smartphone Market Booms, Shipments Surpass 195 Million Units!

The Pre-owned Smartphone Market Booms, Shipments Surpass 195 Million Units!Market research firm IDC recently released a report stating that global pre-owned smartphone shipments (including official refurbished and personal second-hand) reached 195 million units in 2023, representing a 6.4% year-over-year increase and generating a total value of $72

The Pre-owned Smartphone Market Booms, Shipments Surpass 195 Million Units!

Market research firm IDC recently released a report stating that global pre-owned smartphone shipments (including official refurbished and personal second-hand) reached 195 million units in 2023, representing a 6.4% year-over-year increase and generating a total value of $72.9 billion. The report highlighted that the pre-owned smartphone market is thriving, even outperforming the market for brand-new smartphones.

The report attributed the growth of the pre-owned smartphone market to increased price sensitivity and heightened environmental awareness among consumers. As prices for new smartphones continue to rise, pre-owned phones become a more cost-effective option. At the same time, consumers are increasingly concerned about the sustainability of electronic products, and the recycling of pre-owned phones reduces electronic waste, aligning with eco-friendly ideals.

IDC pointed out distinctive characteristics within the pre-owned smartphone market, including:

• Device Processing Requirements: All pre-owned devices require varying degrees of processing, with some demanding more complex repairs and refurbishments. This leads the pre-owned market to favor high-end devices and established brands.

• Brand Dominance: Apple and Samsung dominate the pre-owned smartphone market, collectively holding nearly 64% of market share. Their dominance can be attributed to the quality and performance of their products, coupled with their robust after-sales service systems.

• Market Maturity and Efficiency Enhancement: As the pre-owned smartphone market matures and efficiency improves, other brands and lower-priced models are expected to gain larger market shares. For instance, emerging brands are focusing on pre-owned phone recycling and refurbishment, offering more competitive prices and services to attract more consumers.

IDC predicts that the pre-owned smartphone market will continue to grow in the coming years. By 2028, pre-owned smartphone shipments are projected to reach 257 million units, with a five-year compound annual growth rate (CAGR) of 5.7%. Meanwhile, the CAGR for shipment value is expected to be 5.5%.

The rapid development of the pre-owned smartphone market presents significant business opportunities for related companies while offering more choices for consumers. With continuous technological advancements and intensified market competition, the pre-owned smartphone market will exhibit a more diversified development trend. In the future, we can anticipate more innovative products and services, bringing consumers a superior pre-owned phone experience.