Apple is a major player in the various smartphone markets across the globe. But its new launches aren’t the only ones that perform well in the market. Even its older models have consistently shown better value retention in the second hand market. And now, a new report has revealed that the company is even dominating the refurbished smartphone market.
According to a Counterpoint Research report, the Cupertino based giant accounted for nearly half of the entire refurbished smartphone market last year. The report states that the company’s iPhones had a massive 49 percent share in the global refurbished market. On the other hand, Samsung was the second largest brand in this category, but only held for 26 percent of the market share. In other words, Apple iPhones were almost twice as more popular in the refurbished segment over models from the South Korean brand.
The report added that this marked a 16 percent growth year on year for the iPhone maker in 2022. Meanwhile, the global refurbished smartphone market also saw an overall growth of 5 percent in 2022. During last year, the iPhone was even the fastest growing smartphone in the used and secondary smartphone market as well. Interestingly enough, this has had an impact on the sales of Apple’s newer iPhone models.
But these models still add to the Apple’s Services revenue stream as the handsets still lead to purchase of applications and other subscriptions. Apart from the two market leaders, the rest of the brands compete for the remaining market. Vivo and Oppo was responsible for just 3 percent market share each, while Huawei saw a decline from 4 percent to 3 percent in 2022.
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