According to analysts at Counterpoint Research, the global used smartphone market grew 5% in 2022. However, this growth could have been greater had it not been for the 17% decline in refurbished smartphone sales in China, driven by the return of COVID-19 and the implementation of the “COVID-zero” policy.
However, the decline in China’s secondary smartphone market helped India rank first with a 19% increase in sales. Latin America follows with an increase of 18%.
Interestingly, Apple is the fastest growing brand in the used and refurbished smartphone segment, capturing more than 49% of the secondary market share in 2022. The company’s share grew from 44% in 2021.
Experts point out that the high demand for refurbished smartphones is affecting new iPhone sales and Apple’s revenue in many markets. However, the company continues to grow successfully in the remanufactured market and attract buyers even where new models are difficult to find.
Source: Ferra
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