By Martin Ekpeke
A new report by Counterpoint Research has noted that Apple and Samsung hold sway in the global refurbished smartphone market.
The report disclosed that the two handset maker ‘s dominance is obvious in the refurbished market than in the new smartphone market, as they both account for 9 percent of the 13 percent refurbished smartphone market in 2017.
According to Counterpoint’s “Refurbished Smartphone Tracker” report, Samsung and Apple hold close to three-fourths of the refurbished smartphone market, with Apple leading by a significant margin.
In terms of revenue the two smartphone giants control more than 80 per cent of revenue in the refurbished smartphone market.
The global market for refurbished smartphones grew 13 per cent Year-on-Year (YoY) in 2017, reaching close to 140 million units. This was in contrast with the global new smartphone market that grew a scant three per cent last year.
There are many grades of refurbished devices that attract different price points depending on available quantity and demand for a specific model or variant. “With 13 per cent growth, refurbished smartphones are now close to 10 per cent of the total global smartphone market. The low growth of the new smartphone market in 2017 can be partially attributed to the growth of the refurbished market,” Tom Kang, Research Director, Counterpoint Research, said in a statement.
“The slowdown in innovation has made two-year-old flagship smartphones comparable in design and features with the most recent mid-range phones. The mid low-end market for new smartphones is being cannibalised by refurbished high-end phones, mostly Apple iPhones and Samsung Galaxy smartphones,” added Kang.
Refurbished smartphones are essentially pre-owned smartphones that are collected, rejuvenated or repaired to be sold again in the market.