As 5G growth surged, while stock shortages and supply gaps impacted prices, refurbished smartphone sales rose 5 per cent in 2024, with Apple leading at 56 per cent market share.
Global refurbished smartphone sales grew by 5 per cent in 2024, according to a recent report by Counterpoint Research. The report pointed out that this reflected a steady growth rate similar to previous years.
However, the market for new smartphones only increased by 3 per cent, rebounding after a challenging 2023. Despite overall growth, the refurbished smartphone market showed signs of maturity and stagnation in some regions.
Brandwise, Apple maintained its dominant position in the secondary smartphone market, capturing 56 per cent of global sales, up from 51 per cent in 2023. The company was largely responsible for the market’s growth, driven by strong demand for older iPhone models, such as the iPhone 11 and 12.
The shortage of newer iPhone models, due to consumers holding onto devices longer, contributed to a significant supply gap. This scarcity caused the average selling price (ASP) of refurbished smartphones to drop 11 per cent, falling to $394 from $445 in 2023.
On the other hand, while Samsung saw a rise in the ASP of its flagship Galaxy S series, its global market share decreased. Its sales reduced to 24% from 27% in 2023.
Among the segments, ‘as is’ smartphones, those simply cleaned and repackaged without technical refurbishment, rose 13 per cent yearly. This increase reflects a trend where more durable devices lead to higher-quality trade-ins, reducing the need for extensive repairs. Additionally, rising costs of parts and labour have prompted many vendors to focus on selling used smartphones without further refurbishment to maintain profitability.
5G smartphones accounted for 42 per cent of the global refurbished market in 2024, a sharp rise from 28 per cent in 2023. However, stock shortages of newer iPhones limited this share’s potential.
Looking ahead, Counterpoint’s Associate Director Jan Stryjak predicted, “We expect a recovery in 2025 due to more consumers upgrading their devices considering the post-Covid purchasing spike between 2020 and 2022. The focus will be on strategic inventory management across secondary businesses, which in turn may lead to increased trade with emerging markets.”
