Used Smartphone Market Thrives with 6.4% Growth in 2023
Growth of the Used Smartphone Market in 2023
In an exciting turn of events for the tech industry, over 195 million used smartphones were shipped globally in 2023, reflecting a robust growth rate of 6.4% compared to the previous year. This surge illustrates the continues demand for pre-owned devices, capturing a market value of around $72.9 billion - a striking 12.4% increase year-over-year.
Incremental Growth Amidst Challenges
As the secondary smartphone market continues to expand, it is evident that it is outpacing the sluggish recovery of new device sales from the pandemic era. Industry insights reveal that improvements in the quality and volume of used and refurbished inventory are contributing to this positive trend. New participants are eagerly entering the market, attempting to stake their claim as sales for new smartphones have struggled to mirror pre-pandemic levels.
Market Dynamics and Inventory Issues
Despite the encouraging figures, the growth rate for used smartphone models has shown signs of slowing in recent years. One of the largest hurdles remains the availability of premium devices in the secondary market. As refresh cycles lengthen within developed countries, individuals are holding onto their devices longer, resulting in fewer premium models being traded in. Although trade-in programs remain a booming part of the industry, they only supplement a fraction of the overall inventory.
The Dominance of Premium Brands
In this evolving landscape, the processing of used devices leans heavily towards higher-end brands, particularly those requiring more intricate refurbishing. Industry experts, including Diogo Santos from IDC, note that Apple and Samsung together comprise a staggering 64% share of the global used smartphone market. With the market for used smartphones maturing, there is potential for other brands and lower-priced models to capture increased market share as efficiency improves.
Future Forecast for Used Smartphones
Looking ahead, the used smartphone market shows promise, with expectations pointing towards shipments reaching 257 million units by 2028. This projection includes a five-year compound annual growth rate (CAGR) forecast at 5.7%, reflecting a steady climb alongside shipment values, which are anticipated to grow at a similar 5.5% CAGR. In stark contrast, the new smartphone market is projected to see a CAGR of just 2.8% during this same timeframe.
Tracking the Changes in the Smartphone Landscape
For those interested in visual insights, IDC frequently illustrates worldwide trends regarding smartphone shipment growth rates over both new and used categories through detailed graphics. The insightful data provided by their Worldwide Quarterly Used Device Tracker is instrumental in mapping unit shipments, average selling prices, and market valuations across numerous countries and regions.
About International Data Corporation (IDC)
International Data Corporation (IDC) is recognized as a leading global source for market intelligence, advisory services, and events centered around information technology, telecommunications, and consumer technology. With a dedicated workforce of over 1,300 analysts globally, IDC brings valuable insights that empower IT professionals, business leaders, and investors to make informed decisions critical to their success. Established in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), a premier technology media and data company. More comprehensive details about IDC can be found by visiting their official site.
Frequently Asked Questions
What growth rate did the used smartphone market achieve in 2023?
The used smartphone market saw a growth rate of 6.4% in 2023, totaling over 195 million units shipped.
Who are the dominant players in the used smartphone market?
Apple and Samsung lead the used smartphone market, accounting for approximately 64% of the overall share.
What is the projected growth for the used smartphone market by 2028?
The market is expected to reach 257 million units by 2028, with a CAGR of 5.7% over the next five years.
What challenges does the used smartphone market face?
Key challenges include a lack of premium models entering the market due to longer device refresh cycles and the need for extensive processing of used devices.
How does the used smartphone market compare to new smartphone sales?
The used smartphone market is currently outpacing the new device market, which is gradually recovering but at a slower rate.
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