CHART: Used smartphone market value surged to $72.9 billion in 2023
Apple and Samsung together control nearly 64% of the global used smartphone market.
◾️ In 2023, over 195 million used smartphones were shipped globally, reflecting a 6.4% increase from the previous year.
◾️ The total value of the used smartphone market reached $72.9 billion, growing by 12.4% year over year.
◾️ Slowing refresh rates in developed economies are limiting the availability of premium used devices.
The used smartphone market has transformed from a niche sector into a thriving global industry. Once considered a last resort for those on a budget, used smartphones are now a primary option for many buyers seeking premium devices at a lower cost.
The appeal lies in owning a high-quality smartphone, often a flagship model, for a fraction of the original price. Consumers are increasingly turning to used and refurbished devices, creating an ecosystem where resale is no longer just an afterthought but a significant part of the overall market strategy.
In 2023, more than 195 million used smartphones, including officially refurbished devices, were shipped worldwide—marking a 6.4% increase from 2022. The total value of these shipments reached an impressive $72.9 billion, representing a 12.4% growth year over year.
The rise in the secondary market, highlighted by data from the International Data Corporation (IDC) is driven by the growing demand for pre-owned devices as consumers seek more cost-effective alternatives to new smartphones.
While the secondary market's growth is impressive, particularly when compared to the modest recovery of new smartphone sales, the pace of expansion for used models has started to slow. One key challenge remains inventory, as refresh rates are lengthening in developed economies. Fewer premium models are entering the secondary market, which limits availability. Although trade-in programs help fuel the industry, they still account for only a portion of the total used inventory.
Despite challenges, the market is projected to reach 257 million units by 2028, growing at a compound annual growth rate (CAGR) of 5.7%, outpacing the 2.8% CAGR forecasted for new devices, as shown in the Techloy chart below.
