The used smartphone business is booming. Including officially refurbished units, the market for used smartphones has increased by 9.2 percent year-on-year to a total of 225.4 million units in 2020.
The rate at which the market is growing has led the research firm IDC to project 332.9 million units to be sold in 2024. Contributing to the growth the most are the trade-in programs by smartphone manufacturers that encourage consumers to swap their old phones and upgrade to a newer model at subsidized prices. Telcos also have similar trade-in programs with their postpaid and bundle plans.
See also: 5G smartphones in the Philippines
The market for new smartphones, on the other hand, was reported to be on a decline according to IDC. Specifically, the new market experienced a 6.4 percent year-on-year decrease in 2020. Clearly the impact of the global health issue led the industry to contract, but some companies such as Samsung were able to bounce back at select countries across the globe.