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.

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For more on this, read the full Counterpoint report.