According to a new report by IDC (International Data Corporation), the global shipment of used smartphones crossed over 206 million units in 2019 alone. This sizable number includes used smartphones and also officially refurbished one.
The number is also a notable growth of 17.6 percent from 2018, which had seen 175.8 million smartphone units being shipped worldwide. Similarly, IDC has predicted that the number will grow even more in the near future, with a predicted forecast of 332.9 million units in 2023 going by an annual growth rate of 13.6 percent starting from 2018.
The used smartphone market is seeing rapid growth and growing market prospects despite its declining market popularity over the past. Furthermore, a research manager with IDC stated that “the used market for smartphone shows no signs of slowing down across all parts of the globe” while the shipment for new smartphones is predicted to see “minimal growth over the next few years.”
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IDC has credited the major contributing factor of the growth of used smartphones to financial factors. Generally, used and refurbished handsets are more cost-effective and a viable alternative to both consumers and businesses over recently released offerings. This even extends to OEMs not maintaining a balance of features to pricing.
In recent times, no big breakthroughs in processing and features have been achieved. In other words, the price of the newer smartphones has been on the rise while the number of worthwhile features and notable performance improvements have been fewer. For example, an in-display fingerprint scanner and a punch-hole camera are quite convenient in providing a more content friendly viewing experience but offer no new functionality over conventional rear-mounted fingerprint scanner and a teardrop notch.
Lastly, IDC mentioned that the wider adoption of 5G network across different regions is expected to impact the used smartphones as well. Meaning, People would seek out refurbished 5G handsets over their older 4G devices to gain access to the newer and faster bandwidth.
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