Global shipments of used smartphones, including both, officially used and refurbished smartphones, are expected to exceed 206.7 million units in 2022, according to International Data Corporation (IDC).
This is a 17.6 percent increase over the 175.8 million units supplied in 2018. According to a recent IDC prediction, used smartphone shipments will reach 332.9 million units in 2023, growing at a CAGR of 13.6 percent from 2018 to 2023.
This increase can be due to an increase in demand for used smartphones, which provide significant savings over new versions. Furthermore, automakers have struggled to create new models that strike a balance between appealing new features and an affordable price.
In the future, IDC predicts that the rollout of 5G networks and smartphones will have an impact on the used market, as users trade in their 4G smartphones for the promise of high-performance 5G handsets.
Used and refurbished smartphones continue to be a cost-effective option for both consumers and organizations wishing to save money on smartphone purchases.
Also, mobile selling vendors are trying to push the refurbished device market which will help them and their brand to grow in this competitive market.
This IDC report forecasts the global used smartphone market over the next five years, as well as its extension and growth, through 2023. Based on developments that will affect resellers, OEM vendors, carriers, and consumers.
"Despite recent declines in the new smartphone market, as well as the anticipated moderate growth we foresee in the next few years," Anthony Scarsella, research manager for IDC's Mobile Phone program, says, "the used market for smartphones shows no indications of slowing down across all areas of the globe." "Consumers and businesses trying to save money on a smartphone will continue to find refurbished and used handsets to be cost-effective choices.
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