Worldwide Market for Used Smartphones to Reach 351.6 Million Units with a Market Value of $65 Billion in 2024
By MYBRANDBOOK
International Data Corporation (IDC) expects worldwide shipments of used smartphones, inclusive of both officially refurbished and used smartphones, to reach a total of 225.4 million units in 2020. This represents an increase of 9.2% over the 206.5 million units shipped in 2019. IDC projects used smartphone shipments will reach 351.6 million units in 2024 with a compound annual growth rate (CAGR) of 11.2% from 2019 to 2024.
Much of the 9.2% growth continues to be driven by mature markets in which trade-in emulates a form of subsidy to push consumers to upgrade. Over the past year, we have seen rapid growth in trade-in programs and average selling prices (ASPs) across numerous channels. Premium flagship offerings continue to rely heavily on trade-in programs to make the upfront cost more affordable to consumers. Vendors such as Apple, Samsung, and Huawei have all implemented their own programs with very aggressive trade-in offers compared with other channels. Telcos on the other hand are using trade-in combined with bundling (family plans and services) to get consumers to turn over their old device and upgrade. Although 2020 volume was not as large as expected, the used market still performed well compared with the new market, where IDC is expecting a 6.4% decline for smartphones for the year. As with our previous forecast, we still expect to see double-digit growth during the forecast period, at an average of 11.8%.
"In contrast to the recent declines in the new smartphone market, as well as the forecast for minimal growth in new shipments over the next few years, the used market for smartphones shows no signs of slowing down across all parts of the globe," said Anthony Scarsella, research manager with IDC's Worldwide Quarterly Mobile Phone Tracker. "Refurbished and used devices continue to provide cost-effective alternatives to both consumers and businesses that are looking to save money when purchasing a smartphone. Moreover, the ability for vendors to push more affordable refurbished devices in markets where they normally would not have a presence is helping these players grow their brand as well as their ecosystem of apps, services, and accessories."
Worldwide Used Smartphone Shipments (shipments in millions of units) |
|||||
Region |
2020 Shipments |
2020 Market Share |
2024 Shipments* |
2024 Market Share* |
2019-2024 CAGR* |
North America |
55.0 |
24.4% |
94.9 |
27.0% |
14.9% |
Rest of World |
170.4 |
75.6% |
256.7 |
73.0% |
10.1% |
Total |
225.5 |
100.0% |
351.6 |
100.0% |
11.2.% |
Source: IDC, Worldwide Used Smartphone Forecast, 2020–2024, Dec 2020. |
Table Notes: Data is subject to change.
* Forecast projections.
"Although the COVID-19 pandemic has posed challenges for secondary market participants around able-bodied workers and logistics, most of the industry has been able to satisfy demand for refurbished smartphones. Once the pandemic begins to fade, those that were able to invest in technology will be well-poised to prosper during the recovery." said Will Stofega, program director, Mobile Phones.
According to IDC's taxonomy, a refurbished smartphone is a device that has been used and disposed of at a collection point by its owner. Once the device has been examined and classified as suitable for refurbishment, it is sent off to a facility for reconditioning and is eventually sold via a secondary market channel. A refurbished smartphone is not a "hand me down" or gained as the result of a person-to-person sale or trade.
The IDC report, Worldwide Used Smartphone Forecast, 2020–2024 (Doc #US47090920), provides an overview and five-year forecast of the worldwide refurbished phone market and its expansion and growth by 2024. This study also provides a look at key players and the impact they will have on vendors, carriers, and consumers.
About IDC
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world's leading tech media, data and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights: http://bit.ly/IDCBlog_Subscribe.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : NANDAN NILEKANI
Nandan Nilekani is the Co-Founder and Chairman of Infosys Technologies...
Icons Of India : PRATIVA MOHAPATRA
Prativa is a transformational leader with an incredible breadth of exp...
Icons Of India : Harsh Jain
Harsh Jain, the co-founder of Dream 11, the largest fantasy sports web...
PFC - Power Finance Corporation Ltd
PFC is a leading financial institution in India specializing in power ...
GeM - Government e Marketplace
GeM is to facilitate the procurement of goods and services by various ...
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
Indian Tech Talent Excelling The Tech World - RAVI KUMAR S, CEO- Cognizant
Ravi Kumar S, appointed as CEO of Cognizant in January 2023, sets the ...
Indian Tech Talent Excelling The Tech World - REVATHI ADVAITHI, CEO- Flex
Revathi Advaithi, the CEO of Flex, is a dynamic leader driving growth ...
Indian Tech Talent Excelling The Tech World - Anirudh Devgan , President, Cadence Design
Anirudh Devgan, the Global President and CEO of Cadence Design Systems...