Refurbished
05
Oct
2024
3
min read

The booming market secondary smartphone market in India: a look at 2023 and beyond

In 2023, India’s secondary smartphone market experienced unprecedented growth, driven by several key factors. Rising new smartphone prices, growing consumer awareness around sustainability, and increased confidence in refurbished and used devices were major contributors to this surge. This article highlights the key trends in the refurbished smartphone sector, backed by data from Cashify. Cashify, founded in 2013, has established itself as India’s leading platform for trading in, refurbishing, and recycling used electronic devices, primarily smartphones.

Premium smartphone segment continues to thrive in 2023

One of the most notable trends in 2023 was the sustained growth in the premium segment of the new smartphone market. Despite global economic challenges and supply chain disruptions, smartphones priced above €340 saw an impressive 64% year-on-year sales growth. This boom was fueled in part by attractive financing options, which made high-end smartphones more accessible to a wider audience. Samsung regained its top market share position after seven years, while Vivo climbed to second place. Notably, Apple posted its highest quarterly revenue ever in India, shipping over 10 million iPhones.

Refurbished and used smartphone market rides the premium wave

The popularity of premium smartphones also boosted the refurbished market, as consumers sought more affordable ways to own high-end devices. Cashify reported a staggering 444% increase in revenue from refurbished sales in 2023. Several factors contributed to this growth:

  • Faster model releases: The constant flow of new smartphones encouraged consumers to trade in their older models faster, increasing the supply of devices available for refurbishment.
  • Cost-effectiveness: Refurbished smartphones offer a significant price advantage over brand-new devices.
  • Sustainability: Rising awareness of electronic waste’s environmental impact is driving demand for more sustainable options like refurbished smartphones.

Cashify’s role in shaping the refurbished market

Cashify has been pivotal in the growth of India’s refurbished smartphone market by emphasizing quality, reliability, and transparency. The company operates advanced refurbishment centers, offers warranties on its products, and has built an extensive service network, contributing to greater consumer trust in refurbished devices.

Apple dominates Cashify’s refurbished smartphone sales in 2023

Apple led the refurbished and used smartphone market at Cashify, with a market share of over 50%, and the Apple iPhone 11 emerged as the most popular model. Interestingly, nearly half of Android users expressed a desire to upgrade to an iPhone, though budget constraints were a barrier for many. This suggests that demand for refurbished iPhones is likely to continue growing in the future.

Outlook: India’s refurbished smartphone market poised for further growth

As technology continues to evolve and the prices of new smartphones remain high, more consumers are expected to turn to refurbished devices for their combination of quality and affordability. India’s refurbished smartphone market is well-positioned to capitalize on this trend and see further expansion in the coming years.

Interested in the global market for used electronics?

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