The global trend continues to be positive buy used smartphones. In 2023, more than 195 million used smartphones, including officially refurbished ones, were sold, noting 6.4% increase compared to 2022.

The value of these used smartphones sold worldwide exceeded $72.9 billion, up 12.4% year-over-year, according to data from the new Worldwide Quarterly Used Device Tracker released by IDC.

“The growth of the smartphone aftermarket continues to outpace the new device market as the volume and quality of used and refurbished inventory in the channels improves over time,” comments IDC in a related report.

In fact, according to SEPE, the used smartphone market is expected to reach 257 million in 2028.

The players in the used smartphone market

As far as the main players in the market are concerned, the Apple and the Samsung continue to dominate the used smartphone segment, accounting for almost 64% of the world market.

“As the used device market matures and becomes more mobile, other lower-priced brands and models are expected to gain greater share,” comments IDC.

The future of used cars

However, while the used market appears to be performing impressively against new devices – sales of which are seeing modest growth – growth rates for used models have also slowed in recent years.

As IDC’s analysis explains, inventory remains a critical issue as renewal rates continue to lengthen in most developed economies, causing a shortage of premium models entering the aftermarket.

According to analysts, trade in programs continue and will continue to fuel the used car industry, but they are only a portion of the total used inventory.

“The fact that all used devices must be processed – some, in fact, require more intervention than others – skews this market toward higher-priced devices and more established brands,” states IDC in its Worldwide Quarterly Used Device Tracker.