Second-hand phone market grows by 10%
By Jeph Ajobaju, Editor-in-Chief
Only 6.41% of Nigerians are using new Apple smartphones because they are very expensive, according to a 2020 Apple report.
It is therefore no surprise that another report by Counterpoint Technology Market Research (CTMR) shows that the number of Nigerians who bought used and Samsung iPhones increased by 10% in 2021.
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CTMR Global Refurbished Smartphone Tracker saw an increase in demand and supply for secondary smartphones in 2021, growing 15% in volume.
Prices for new flagship smartphones remain expensive, so a large portion of consumers buy refurbished models from popular brands like Apple and Samsung. Apple is the most purchased used phone on the market.
“Refurbished smartphones are part of the set of second-hand devices that re-enter the system through various routes.
“Exchanges are the fastest growing source for these used smartphones, which grew more than 10% globally in volume in 2021,” said senior analyst Glen Cardoza.
“We are seeing an increase in volumes year-on-year among refurbished players in developing markets such as China, India, Latin America, Southeast Asia and Africa.
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“These markets will grow further as they have many unorganized businesses and large rural demographics yet to be conquered. Average selling prices for refurbished smartphones increased slightly as 4G devices retained value. »
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Latin America and India dominate the second-hand market
CTMR – which specializes in technology, media and telecommunications industry products – said Latin America (29%) and India (25%) are showing the highest growth rates in the second-hand smartphone market.
The United States, China and Europe showed strong volume growth from 2020, according to the report published by The punch.
Research Director Jeff Fieldhack added that “India and LATAM [Latin America] The markets experienced the highest growth rates in 2021 and also have the highest future growth potential over the coming years.
“There have been supply shortages in the secondary market in 2020 due to COVID-19 lockdowns and other supply chain disruptions. But the market roared in 2021.
“There is a great consumer appetite for flagships and the latest flagships have the highest point-of-sale prices in India and LATAM.
“The aftermarket offers consumers the ability to access these devices at 60% lower ASPs than new versions. The improved durability and high quality of the flagships make them very attractive in the aftermarket.”