Refurbished smartphone market goes high-End: Prices Surpass New Models

Emerging markets are leading this growth, with their ASPs growing nearly three times faster than those of developed markets. In 2024, for the first time, refurbished smartphone prices in these regions are expected to exceed the global ASP for new phones, according to Counterpoint. The rise in demand for premium models, particularly in China, Southeast Asia, and Africa, is driving this increase. Key factors include a growing appetite for flagship devices, a more structured market environment, and global supply constraints.

ASP in other regions

We took a closer look to determine if this trend is exclusive to emerging markets. According to 2024 data from Statista, the average global selling price of a new smartphone was US$287.75—surprisingly lower than in 2023, though that's a minor point.

Recent Q2 2024 data from CCS Insight on market developments indicate that in Europe, the average selling price (ASP) of a used smartphone hit an all-time high of US$311. This figure is notably higher than the ASP of a new phone, as reported by Statista. Thus, it's evident that this phenomenon isn't limited to emerging markets. In many cases, the ASP of used smartphones has not only matched but often surpassed that of new ones globally.

Trends

The Apple iPhone remains the hottest commodity in the refurbished market. Its popularity across both developed and emerging markets has played a major role in pushing up ASPs. As the secondary market share of Apple iPhones continues to rise, the brand will heavily influence refurbished phone pricing trends in the long term.