The price of luxury cell phones rising annually led to the iPhone once again dominating the worldwide refurbished market in 2022. According to Counterpoint Research, iPhones made up nearly half of all refurbished handsets sold in 2017. (via DigiTimes).
According to the analysis, used market sales increased by $5 annually in 2022, compared to a 12% decline in new smartphone shipments within the same time frame. Sales of Apple’s refurbished iPhones increased by 16% year over year in 2018, and the company had a 49% market share, up from 44% in 2021.
Apple provides a one-year AppleCare+ warranty on batteries and exterior shell repairs, which means that if a consumer has an issue with the refurbished device, Apple will take care of it. This is one of the reasons why Apple dominates the worldwide market for refurbished smartphones.
It seems reasonable that the Cupertino company sells the most refurbished cell phones (49%), followed by Samsung (26%), Oppo (3%), and Vivo (3%) since iPhones are more expensive than their rivals.
In addition, obtaining a reconditioned iPhone was easier and far less expensive than obtaining Apple’s most recent flagship iPhone at the end of last year. Customers are turning to iPhone models from a few years ago, such as the 12, which already provides the new cellular standard 5G, since the 5G industry is booming.
The fascinating thing about Counterpoint Research is that second-hand smartphone sales in China decreased, making India the world’s biggest market in 2022. This occurs as Apple concentrates its attention on the nation with two new retail shops and an increase in iPhone production.
In addition, companies in the global ecosystem for used smartphones are growing their local markets, according to a senior analyst at Counterpoint, which may restrict China’s imports and exports in this sector. In addition, the market for reconditioned goods is growing in developing nations, including Latin America, Southeast Asia, India, and Africa. It’s crucial to remember that these not always in these locations does Apple provide its own reconditioned program.