Contrary to popular belief, used or refurbished mobile phones are popular among a segment of the world’s population, as the latest data from IDC reveals. More than 195 million smartphones in useThere are also renewed ones, including those officially released in 2023. The increase compared to 2022 was 6.4 percent. Its value is about $ 73 billion. A greater growth is observed in this secondary market, even surpassing the market for new smartphones.

Apple and Samsung are first in the world in the number of second-hand mobile phones

New mobile phones can sometimes have very high, even exorbitant prices, and some users no longer want to invest.That’s when they look for other options and find a new path in the secondary market for used phones, for devices that already have some history but whose condition is solid and pristine. This is what happens, according to Anthony Scarsella, research director at IDC: The secondary market monopolizes new devices to the point where the volume and quality of devices surpasses them over time.

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New competitors are joining, looking to take a share of the market, and this is quite a justified success, because the levels are stabilizing as they were before the covid pandemic began. It is clear that the second-hand device market is slowly recovering and this is mainly due to the existing inventory. They relied on existing exchange programs even though they provided little benefit. Another factor is In markets where the economy is more developed, users tend to update fastercausative Some premium devices make their way to the secondary market when current events overtake them.

Apple and Samsung account for 64% of the world’s second-hand smartphone marketAccording to Santos Diogo, research analyst at IDC. The devices used go through a recognition and processing process, with some requiring more intervention time. Users are more interested in reliable and higher priced brands.

The trend of buying used phones will increase over time

Growth rates of new and used smartphones worldwide. IDC Chart

The people at IDC are clear on this, The used appliance market could soon become one of the most productive markets Because other companies can be established and compete on price. The market will be strengthened and more confidence will be provided. It is estimated that 257 million devices will be used by 2028 with an annual growth rate of around 6%.

According to the graph we can see above; The used and new device markets are balanced in 2024, but things will change next yearThe biggest year of growth will be 2027 and will fall below 5 percent again in 2028. If you are considering buying a second-hand iPhone, you should be careful and check some important factors.

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