The growing demand for certified pre-owned electronics in certain industries

Some numbers? The value of the used smartphone market surged to $72.9 billion in 2023 (Data: Research and Markets). The used smartphone market has evolved from a niche sector into a booming global industry. Once seen as a last resort for budget-conscious consumers, used smartphones are now a top choice for many buyers looking for premium devices at a more affordable price.

The appeal lies in owning a high-quality smartphone, often a flagship model, at a fraction of its original cost. More consumers are turning to used and refurbished devices, creating an ecosystem where resale is no longer an afterthought but a key component of the overall market strategy. In 2023, over 195 million used smartphones, including officially refurbished devices, were shipped worldwide, marking a 6.4% increase from 2022. The total value of these shipments reached an impressive $72. 9 billion, reflecting a 12.4% growth year over year.

The rise in the secondary market, highlighted by data from the International Data Corporation (IDC), is driven by increasing demand for pre-owned devices as consumers seek more affordable alternatives to new brand smartphones.

While the growth of the secondary market is remarkable, particularly compared to the modest recovery of new smartphone sales, the expansion rate for used models has started to slow. One of the main challenges remains inventory, as refresh rates are lengthening in developed economies. Fewer premium models are entering the secondary market, limiting availability. Though trade-in programs contribute to the industry, they still make up only a portion of the overall used inventory.