Everyone can’t afford a brand new smartphone and there are many people who still buy used phones or even there are many who prefer to buy second-hand devices. People often do such things that they buy a flagship smartphone at a mid-range price or a mid-range phone at a budget price.
The main reason to opt for a second-hand smartphone could be that nowadays the number of smartphones is increasing which makes it difficult to choose the best one. Using a second-hand phone has its own advantages. We now have some data for the used or refurbished smartphones.
According to the latest report by IDC, it is expected that the global shipments for the used or refurbished smartphone market to reach 225.5 million units in 2020. Compared to 2019, the second-hand smartphone shipment should increase by 9.2%.
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For those who are unaware, refurbished phones are not like a normal second-hand smartphone. These may be returned by the customers for having a fault that the manufacturer has repaired and sold it as refurbished.
The main reason for the growth of the second-hand smartphone market due to the deal offered by the manufacturer. The trade-in or exchange programs and the average selling prices (ASPs) have played an important role in the growth.
Further, the research firm claims that looking at the current market trends, the used smartphones shipment is expected to reach 351.6 million with an annual growth rate of 11.2% from 2019 to 2024.
Vendors such as Apple, Samsung, and Huawei have implemented their own programs and introduced very aggressive trade-in offers as compared to other channels. Although the COVID-19 has put several challenges for the second-hand market, despite this the market performed well.
