Analyst firm Counterpoint Research has shared a new study that shows that the global refurbished smartphone market will grow by 15% in 2021 compared to 2020.
Apple became the market leader in refurbished smartphones last year, according to analysts. Additionally, the global refurbished smartphone market will grow faster than the new device market by 2021.
In 2021, the global number of refurbished smartphones will increase by 15% year-on-year. In contrast, new smartphone shipments grew only 4.5% year over year.
Analysts at Counterpoint Research noted that the price of new smartphones is increasing every year, so buyers are more likely to opt for refurbished models. A refurbished smartphone is a product that a manufacturer returns when there is a problem, which is then repaired and resold. Even a product that has been purchased and unboxed, even without power, will no longer be a “new” machine, but a refurbished machine.
In these cases, the price of a refurbished smartphone will be significantly lower than the price of a new device, for example, Apple refurbished devices will offer a 15% discount on the purchase price of a new device. .This is sure to appeal to buyers as they are almost brand new and still come with the manufacturer’s warranty on a new product.
As the demand for refurbished smartphones continues to increase, so does the average selling price of these devices. Analysts are confident that the refurbished smartphone market will continue to grow in the future.