Sales of refurbished cell phones grew by 5% worldwide in 2022, with Apple being the most requested brand at 49% and Samsung following at 26% according to Counterpoint Research's Global Refurb Smartphone Tracker .
What's driving the rise of this secondhand smartphone market, and what can we expect in 2023?
Causes of the increase in sales of refurbished cell phones
The global economic crisis caused by COVID-19 is one of the consequences of the growing secondhand market compared to the decline in sales of new products. This is a widespread crisis worldwide, although it affects each country differently.
India led the global refurbished cell phone market in 2022 with 19% growth, followed by the Latin American region with 18%. However, the only country that suffered in this market was China, as its share decreased by 17%, likely due to the COVID-Zero policy introduced that year.
Another possible reason is that demand for 5G connectivity is increasing, especially in mature markets like Europe, the United States, and Japan, leading to a surge in refurbished 4G phones. This has led to the growth of cell phone repair and refurbishment ecosystems globally, a business opportunity in which Latin America could begin to gain ground this year.
What can we expect from refurbished and used cell phone sales in 2023?
Everything indicates that 2023 will see a continued increase in refurbished smartphone sales globally, with Latin America's market share increasing.
Progress in total 5G coverage in Latin America will have a lot to do with this, and Chile is likely the country with the greatest potential for growth in refurbished smartphone sales this year. According to Forbes magazine, Chile leads Latin America in 5G connectivity coverage, potentially reaching 56.74% by 2025, followed by Mexico with 54% and Brazil with 48%.
The supply of used and refurbished cell phones comes primarily from retail markets that facilitate the purchase and sale of products; this is followed by mobile phone operators; and finally, the cell phone manufacturers themselves, which participate in collection, recycling, and refurbishment programs.
Regarding the demand for used and refurbished smartphones, these include new smartphone buyers, users who decide to exchange older models for newer ones, and unofficial exchanges between consumers in a C2C market.
That's why at GSMPRO.CL we facilitate the market for refurbished cell phones in Chile , providing our customers with a digital space for the sale of used cell phones .
And soon you'll be able to buy refurbished and used cell phones directly from our store with the GSMPRO.CL guarantee. Stay tuned!