Significant growth in the market of refurbished smartphones
The market for refurbished smartphones grew by 15% in 2021, compared with the previous year, outstripping the growth of 4,5% of the market of new smartphoned. The Counterpoint Research reports that the refurbished units have gained popularity both among consumers and manufacturers smartphone.
The cost savings is a big factor for which people go to a refurbished device instead of a new one – a phone on the second hand market can be 60% cheaper, on average, from a new device. The two markets that have seen the highest growth is the Latin America (+29%) and India (+25%).
However, mature markets such as the USA (+15%), Europe (+10%) and China (10%) saw growth of this market with their consumers to buy refurbished devices. And in these markets, consumers are faced with financial difficulties.