The market for used smartphones saw significant growth in 2023, with shipments increasing by 6.4% compared to the previous year. A total of 195 million used and refurbished smartphones were shipped globally, generating $72.9 billion in revenue, according to the International Data Corp. (IDC), a market intelligence company.
This rise in used smartphone sales stands out against the slower recovery of new device sales, which have not yet returned to pre-pandemic levels.
“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.
Scarsella noted that this attracted new players to the market. However, growth has slowed compared to past years as fewer premium models are entering the secondary market. This is due to longer device refresh cycles in developed economies, causing a shortage of high-end devices available for resale.
The used smartphone market is dominated by Apple and Samsung, which account for 64% of global shipments. According to IDC, this trend is expected to continue, though more affordable brands and devices may gain market share as the industry matures.
Despite challenges such as inventory shortages, the used smartphone market is forecast to grow steadily. IDC predicts that by 2028, global shipments will reach 257 million units, with a compound annual growth rate (CAGR) of 5.7%. The shipment value is expected to rise at a similar rate, while the new smartphone market is only projected to grow at a 2.8% CAGR.
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