Apple was the Global Leader in Refurbished Smartphones in 2022, taking a Whopping 49% Market Share Year-over-Year
With the demand for refurbished smartphones continuing to grow across most geographies, the global secondary smartphone market grew 5% YoY in 2022, according to a new analytical report published this morning.
The Counterpoint Research report stated that the growth would have been higher if not for the 17% decline in China’s refurbished smartphone sales. This was the steepest drop for the Chinese secondary market in years. A resurgence of COVID-19 and introduction of “COVID-Zero” policies were the major factors affecting business and demand in the country.
India led the global refurbished smartphone market in 2022 with 19% YoY growth, followed closely by LATAM with 18% YoY growth.
In terms of brands, Apple’s global volumes grew 16% YoY in 2022, taking its secondary market share to over 49%. Apple is the fastest-growing brand in the used and refurbished sectors globally.
This secondary market demand is affecting new iPhone sales and service revenues in many markets. Apple is a major contributor to the increasing refurbished share as compared to the new smartphone shipments in main markets. The supply crunch is mainly felt for iPhones in refurbished markets.
For more on this, read the full Counterpoint report.