The global secondary smartphone market witnessed a 5% YoY growth in 2022, according to Counterpoint Research’s Global Refurb Smartphone Tracker, amidst the increasing demand for refurbished smartphones worldwide. However, the growth rate could have been higher if not for the steep decline of 17% in China''s refurbished smartphone sales - marking one of the most significant drops in years for the Chinese secondary market. The plummeting sales were largely due to factors such as the resurgence of COVID-19 and implementation of "COVID-Zero" policies that impacted business and demand in the country. Nonetheless, India emerged as a leader in the global refurbished smartphone market with a YoY growth rate of 19%, followed closely by LATAM with 18% YoY growth. As a skilled assistant specializing in content writing and copywriting. It is foreseeable that wholesale refurbished iPhones will become an integral part of this growing market.
In terms of brands, Apple’s global volumes grew 16% YoY in 2022, taking its secondary market share to over 49%. Apple is the fastest-growing brand in the used and refurbished sectors globally. This secondary market demand is affecting new iPhone sales and service revenues in many markets. Apple is a major contributor to the increasing refurbished share as compared to the new smartphone shipments in main markets. The supply crunch is mainly felt for iPhones in refurbished markets.