Counterpoint Research, as reported by DigiTimes, revealed that in 2022, premium smartphones continued to increase in price. As a result, Apple’s iPhone maintained its dominance in the global refurbished market, with almost half of all refurbished smartphones sold being an iPhone.
The report indicated that sales in the refurbished market increased by 5% YoY in 2022, while new smartphone shipments dropped by 12% for the same period. Apple’s iPhone refurbished market sales grew by 16% YoY, representing 49% of the market share in 2022, up from 44% in 2021.
Apple’s dominance in the global refurbished smartphone market can be attributed, in part, to its one-year AppleCare+ warranty on batteries and outer shell repairs. This warranty ensures that users are covered in case they experience any issues with the refurbished product.
Apple’s dominance in the refurbished smartphone market is further justified by the fact that iPhones retain their value better than their competitors. As a result, Apple accounted for the majority of refurbished smartphone sales in 2022, representing 49% of the market share, followed by Samsung at 26%, Oppo at 3%, and Vivo at 3%.
Moreover, towards the end of last year, obtaining the latest flagship iPhone from Apple was challenging. However, purchasing a refurbished iPhone was a more accessible and affordable alternative. With the 5G market expanding, customers are turning to slightly older iPhone models, such as the iPhone 12, which already supports the new cellular connectivity.
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Counterpoint Research has reported that in 2022, India has overtaken China as the largest market for second-hand smartphones. This shift in the refurbished smartphone sales landscape coincides with Apple’s recent efforts to increase production and expand its retail presence in India.
Additionally, according to a senior analyst at Counterpoint, the refurbished smartphone market in various countries is experiencing domestic growth, which may lead to a reduction in China’s imports and exports of this product segment.
The refurbished market is also gaining momentum in emerging markets like Latin America, Southeast Asia, India, and Africa. However, it is worth noting that Apple’s own refurbished program may not always be available in these regions.
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Source: Bgr.com
