Cashify, an Indian re-commerce platform, has unveiled its annual whitepaper, “The Game Changers: From E-Waste to Eco-Warriors,” revealing a remarkable surge in the demand for refurbished and used smartphones. The report highlights a staggering 444% increase in revenue from its refurbished segment during the calendar year 2023 and a 25% growth in Cashify’s buyback business. This aligns perfectly with reports from other stakeholders, including a report from research company IDC, in the Indian secondary mobile market. India is poised to become the largest market for used and refurbished devices, following the USA and surpassing Europe.
This unprecedented growth is attributed to several factors, including aggressive promotional strategies, attractive financing options, and increased consumer awareness regarding the economic and environmental benefits of choosing refurbished and used devices. Cashify anticipates continued expansion in the refurbished market, forecasting a compound annual growth rate (CAGR) of 13.73% by 2028, with the Asia-Pacific region expected to contribute a substantial 47% to this growth.
2023: A Year of Growth and Change
In 2023, the Indian primary mobile market experienced a bumpy ride, with a 10% decline in sales during the first half, followed by an 11% rebound in the latter half. Despite this, the demand for premium smartphones remained strong, particularly for brands like Apple and Samsung. For the first time, Apple achieved the top position in India by revenue, shipping over 10 million Apple iPhones.
In contrast, the refurbished smartphone market saw explosive growth. Cashify’s report indicated that Apple led this sector, capturing over 52% of the market share by volume, a notable increase from 29% in 2022. The iPhone 11 emerged as the most popular refurbished Apple model, accounting for 26% of sales. Other brands that performed well in this market included Xiaomi and OnePlus.
2024: Demand for Refurbished Products Continues to Grow
Cashify's data for the first half of 2024 reveals that demand for refurbished smartphones continues to rise. Sales of refurbished and used phones by Cashify increased by 109% compared to January 2024. Moreover, the demand for 5G devices in the secondary market also grew, from 13% in the first half of 2023 to 17% in the first half of 2024.
The most popular refurbished smartphones across various price categories in the first half of 2024 included:
- Under €1,100: Redmi Note 7 Pro and iPhone 8
- €1,100 - €1,300: iPhone SE 2020 and OnePlus Nord 2 5G
- €1,300 - €1,600: iPhone 11 and OnePlus 9R 5G
OnePlus emerged as the fastest-growing brand in the refurbished smartphone market, with a growth rate of 38%, followed closely by Apple at 37%. In contrast, brands like Oppo, Realme, Samsung, and Xiaomi saw a decline in demand for their refurbished devices.
Market Resilience and Premium Growth
Cashify's insights underscore a shifting paradigm in consumer behavior, where quality and affordability coexist in the refurbished smartphone market. The premium segment, particularly smartphones priced above €3,600, showcased resilience with a staggering 64% year-over-year sales increase, driven by major players like Apple and Samsung.
Conclusion
The refurbished smartphone market in India is dynamic and rapidly growing. As consumers become increasingly aware of the advantages of refurbished devices, this trend is likely to continue. Brands like Cashify play a pivotal role in shaping this market by offering quality, reliability, and peace of mind to consumers, while promoting environmentally responsible practices in the tech industry.
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