samsung: Global sales of refurbished smartphones grew 15% in 2021, Apple, Samsung tops the list – Times of India

The refurbished smartphone market had a strong 2021 as its sale went up by 15 per cent compared to 2020. Whereas, the new phone sales grew only a mere 4.5 per cent during 2021. According to a Counterpoint report, the increasing demand for 5G phones among the consumers helped in pushing the sales of refurbished models last year. Several customers wanted to upgrade to a 5G phone and to make such a transaction financially feasible they had to resort to using a trade-in deal. The companies, however, ended up increasing their inventory of phones that could be recycled as refurbished, since more such deals were being accepted.
What is a refurbished smartphone?
A refurbished smartphone is a used smartphone that has been returned to the manufacturer. The manufacturer then tests these devices to gauge the condition of the phone both internally and externally. These smartphones are also repaired to look, feel and perform like new devices. Samsung added three new phones to its Re-Newed line of refurbished handsets available on its online store, a few days ago. These new smartphones include — Samsung Galaxy S21 5G, Galaxy S21+ 5G and Galaxy S21 Ultra 5G.
As per the report, Apple was the most popular smartphone brand in the refurbished market, followed by Samsung. These smartphone makers are collecting more trade-ins to work with as both the brands notice their revenue increasing for their flagship models. The report also mentions that the secondary market for refurbished handsets allows users to access some of the most popular models at prices that are up to 60% lower than their original prices.
The report suggests that some global retailers known for selling new devices are increasingly offering refurbished phones as the global chip and other components shortage prevails around the world. The data from the report showed that Latin America had the biggest YoY increase in refurbished sales with a 29 per cent increase in 2021. Followed by India, the second-largest smartphone market, at 25 per cent. The US had the third-largest growth in annual improvement with a 15% increase and lastly, China, (the largest market for refurbished phones) saw a 10 per cent rise.