With the price of high-end smartphones hitting the market on the rise, many consumers are choosing to buy refurbished equipment. New data from Counterpoint reveals that, in 2021, the second-hand smartphone market exceeded expectations, registering a growth of 15% compared to 2020.
Analysts indicate that the growth is the result of a combination of factors: from consumer awareness of more sustainable habits to the maturation of players in the refurbished smartphone market. Apple continues to lead the second-hand smartphone market, followed by Samsung, but the dynamics between brands are changing.
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As Counterpoint analyst Glen Cardoza explains, “Refurbished smartphones are part of the system of second-hand equipment that re-enters the system through various avenues.” In particular, exchanges are establishing themselves as the fastest growing source of smartphones, having experienced a 10% increase in their volume in 2021.
“We are seeing significant growth among refurbished market players in developing regions such as China, India, Latin America, Southeast Asia and Africa.” The specialist specifies that these markets have great growth potential.
Latin America and India stand out for their highest growth rates over the period under review, of 29% and 25% respectively. The United States, China and Europe also all demonstrated strong growth volumes compared to 2020.
Looking at the panorama of the European Union, proposals such as the “right to reparation”, approved this year by the European Parliament, have helped to “relaunch” the market.
The proposal has been under consideration since 2020 and its main objective is to allow electrical and electronic equipment to last longer, guaranteeing repair capacity and avoiding planned obsolescence. The United States is also pursuing similar measures.