As the global economic crunch puts the squeeze on consumers wallets, many buyers are switching over to refurbished phones. This allowed the global secondary smartphone market to grow by as much as 5% YoY. In spite of the fact that this is the case, China’s own secondary smartphone market actually shrunk by 17%, which made the global growth rate lower than might have been the case otherwise.
However, other regions such as India and Latin America saw much more positive signs. For example, India’s secondary smartphone market saw a growth rate of 19%, which was the strongest growth rate of any region in the world. Coming in second place was Latin America, with an annual growth rate of approximately 17% with all things having been considered and taken into account.
With all of that having been said and now out of the way, it is important to note that Apple is capturing a sizeable chunk of the secondary smartphone market all around the world. The tech juggernaut now controls a whopping 49% of the overall market, and that just goes to show just how dominant Apple is when it comes to smartphone purchases.
The second most successful company in the secondary smartphone market turned out to be Samsung with 26%. Capturing a larger share of this market is crucial because of the fact that this is the sort of thing that could potentially end up allowing companies to keep their sales up in this turbulent economic period, and it will be interesting to see if Samsung is able to decrease the gap. Samsung’s share shrunk for 28% in 2021 to 26% in 2022, which doesn’t bode well for the Korean company.
Secondary markets are also proving to be huge growth areas for 5G. Around 13% of the total sales of 5G enabled phones came from refurbished phones in the secondary smartphone market, thereby making it a core component of the entire industry. The future of the industry relies on these phones, and more OEMs will be focusing on it in the coming months while consumers wait for inflation to subside to some extent.
H/T: CounterPointResearch
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However, other regions such as India and Latin America saw much more positive signs. For example, India’s secondary smartphone market saw a growth rate of 19%, which was the strongest growth rate of any region in the world. Coming in second place was Latin America, with an annual growth rate of approximately 17% with all things having been considered and taken into account.
With all of that having been said and now out of the way, it is important to note that Apple is capturing a sizeable chunk of the secondary smartphone market all around the world. The tech juggernaut now controls a whopping 49% of the overall market, and that just goes to show just how dominant Apple is when it comes to smartphone purchases.
The second most successful company in the secondary smartphone market turned out to be Samsung with 26%. Capturing a larger share of this market is crucial because of the fact that this is the sort of thing that could potentially end up allowing companies to keep their sales up in this turbulent economic period, and it will be interesting to see if Samsung is able to decrease the gap. Samsung’s share shrunk for 28% in 2021 to 26% in 2022, which doesn’t bode well for the Korean company.
Secondary markets are also proving to be huge growth areas for 5G. Around 13% of the total sales of 5G enabled phones came from refurbished phones in the secondary smartphone market, thereby making it a core component of the entire industry. The future of the industry relies on these phones, and more OEMs will be focusing on it in the coming months while consumers wait for inflation to subside to some extent.
H/T: CounterPointResearch
Read next: The Rise Of The Green Tech Transition: Which Countries Are Ready To Adopt The Technology
