The coronavirus, which broke out in 2019, deeply affected dozens of industries. Things did not go well in the smartphone market either. Because of the slowdown in production, supply problems increased and prices rose proportionally. In this process, users preferred second-hand and refurbished smartphones rather than from scratch.
Counterpoint Research, known for its analysis reports in the mobile industry, shared the latest situation in the refurbished smartphone market. Here are the details…
The refurbished smartphone market grew by 15 percent
The latest report by Counterpoint Research revealed that refurbished products are becoming more common among both consumers and smartphone companies. Accordingly, the market grew by 15 percent in 2021 compared to the previous year and surpassed the sales of zero smartphones, which increased by 4.5 percent in the same period.
According to company analysts, the increase in the prices of new smartphones day by day has allowed refurbished products to become more common. Many manufacturers even tried to attract users with trade-in offers to make new models more attractive. As such, there was a significant increase in the number of refurbished products.
Of course, one of the biggest reasons behind the 15 percent growth of the market is cost savings. The fact that these products are cheaper than new ones naturally attracts more attention of people. In addition, the markets that achieved the greatest growth in this area were Latin America with 29 percent and India with 25 percent.
Apple took the top spot in refurbished product launches, while South Korean Samsung took the second place. However, no data on the sales figures of the companies was shared.
So what do you think about this issue? Do you think the growth in refurbished smartphone sales will continue? Do not forget to share your views with us in the comments section or on the SDN Forum.
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