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IDC predicts global used smartphone market to reach $ 65 billion by 2024

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Analysts at IDC estimate that in 2020, global sales of used smartphones – both officially refurbished and sold by their previous owners from their hands – reached 225.4 million units. This is 9.2% more than in 2019, when 206.5 million devices were sold in the secondary market. According to IDC forecasts, sales of used smartphones in 2024 will reach 351.6 million units. This value corresponds to an average annual growth of 11.2% between 2019 and 2024.

Moreover, North America, which accounts for a quarter of used smartphone sales, is projected to grow by 14.9% per year. Analysts attribute the growth in developed markets to the prevalence of pay-to-play exchange programs, pushing consumers to continually purchase new devices. Analysts point out that 2020 saw a rapid increase in such programs and average selling prices. First of all, sales of flagship models depend on exchange programs, which, due to them, become more accessible to consumers. Manufacturers such as Apple, Samsung, and Huawei have launched their own programs with more attractive terms than those found in other sales channels. For their part, telecom operators use the exchange in conjunction with binding to tariff packages, also encouraging consumers to constantly renew.

It is noteworthy that sales of new smartphones last year decreased by 4%.

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