Apple has maintained a strong presence in numerous smartphone markets worldwide with its new products consistently being in demand. However, its older models have also demonstrated significant value retention in the used market, and a new report indicates that the company is also the market leader for refurbished smartphones.
According to a Counterpoint Research report, Apple iPhones accounted for nearly half of the entire refurbished smartphone market last year, with a significant 49% share. Samsung came in second with 26%, while all other brands held a combined market share of only 25%. Apple’s market share in the refurbished smartphone market saw a growth of 16% year over year in 2022.
The report also indicated that the refurbished smartphone market experienced overall growth of 5% globally in 2022, with the iPhone being the fastest-growing smartphone in the used and secondary market. Interestingly, this trend has impacted the sales of Apple’s most recent iPhone models, but these models still contribute to the company’s services revenue stream, as they lead to app purchases and other subscriptions.
Aside from Apple and Samsung, other brands are also vying for a share of the refurbished smartphone market. Huawei saw a decrease in its market share from 4% to 3% in 2022, while Vivo and Oppo each held a meager 3% share.
Apple’s Dominance in the Refurbished Smartphone Market
Apple’s dominance in the refurbished smartphone market is attributed to several factors, including the brand’s reputation for quality and reliability. Apple’s smartphones are also known for their high resale value, which makes them an attractive option for buyers looking for a cheaper alternative to newer models. Additionally, Apple has a robust supply chain that allows it to offer refurbished products at competitive prices.
Another factor that contributes to Apple’s dominance in the refurbished smartphone market is the company’s commitment to sustainability. Apple has made significant strides in reducing its carbon footprint, and its refurbished products help to extend the life of its devices while reducing electronic waste.
Final Thoughts
Apple’s dominance in the refurbished smartphone market shows no signs of slowing down. With its high-quality products and commitment to sustainability, the company is well-positioned to continue leading the way in the used and secondary smartphone market. While other brands may try to compete, Apple’s brand reputation and reliability are hard to match. As more people look for cost-effective options, refurbished smartphones will likely continue to be a popular choice.
Image Credit @ Counterpoint Research
