Apple’s iPhone continues its dominance in the refurbished cell phone market, capturing a staggering 49% of global sales in 2022. According to Counterpoint Research, this places Apple well ahead of Samsung, which holds a 26% market share. The overall sales of refurbished phones increased by 5% compared to 2021, while new cell phone sales witnessed a decline of 18.3% last year.
Refurbished Cell Phone Market | Growing Demand in Different Regions
India led the growth in the refurbished cell phone sector, witnessing a 19% increase between 2021 and 2022. Latin America followed closely, with an 18% growth rate.
IPhone sales volume increased by 16% in comparison to 2021, reaching a 49% market share in 2022. In contrast, Samsung experienced a 2% drop in market share, decreasing from 28% in 2021 to 26% in 2022. Huawei’s share in the refurbished smartphone market also fell by 2%.
Refurbished smartphone sales rose by 5% worldwide, despite a 17% decline in China. The decline in China is due to an increase in Covid-19 cases and strict policies to combat the virus. A significant portion of users migrated from Android to iOS, affecting the sales performance of Samsung and other manufacturers.
Refurbished Cell Phone Market | Changing Buyer Profiles
The demand for refurbished cell phones primarily comes from new consumers in mature markets with developed economies. In emerging countries, the growth is due to the replacement of feature phones with refurbished smartphones. Furthermore, retailers and manufacturers have started offering refurbished cell phone sales.
Preference for High-End Models
Consumers are increasingly interested in purchasing high-end refurbished smartphones. This trend has led to an increase in the average sales price and volume of units in circulation. The demand for 5G-enabled cell phones has grown, reaching 13% of shipments in 2022.
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Conclusion
In conclusion, iPhone’s remarkable lead in the refurbished mobile phone market emphasizes the growing appetite for premium, yet budget-friendly devices. As more consumers gravitate towards top-tier models without breaking the bank, the refurbished market is set to soar in the coming years.