The latest IDC report has revealed the size of the refurbished and used smartphones market in 2023.
The size of the used smartphones shipped into the market in 2023 was 195 million.
The growth in the used smartphones market was 6.4 percent compared to 2022.
The value of used shipments market was $72.9 billion in 2023. The growth in the value of used smartphone market was 12.4 percent.
“The growth of the secondary smartphone market continues to outperform the new device market as the volume and quality of used and refurbished inventory across the channels improves over time,” said Anthony Scarsella, research director, Mobile Phones at IDC.
Apple and Samsung dominate used smartphone market, accounting for close to 64 percent of the global used smartphone market.
The market for used smartphones is expected to reach 257 million units in 2028 with a five-year CAGR of 5.7 percent. Shipment value is forecast to see 5.5 percent CAGR. In comparison, IDC says new smartphone market is expecting 2.8 percent CAGR over the 2023-2028 forecast period.