Global refurbished smartphone sales have reported a five percent year-over-year (YoY) rise in 2022. The increasing demand for premium and flagship refurbished smartphones resulted in growth, according to a survey conducted by market research firm Counterpoint Research. Apple topped refurbished smartphone sales in 2022 with a 49 percent market share. Samsung grabbed the second spot with a 20 percent market share. Meanwhile, China saw a 17 percent YoY decline due to COVID-19 and the implementation of “COVID-Zero” policies, as per the report.

According to a report published by market research firm Counterpoint Research, global refurbished smartphone sales have seen a growth of five percent year-on-year (YoY) in 2022. While India led the market with 19 percent YoY growth in 2022, China saw a 17 percent YoY decline, as per the report. The research states that consumers prefer to buy a lower-cost smartphone even if they have to compromise slightly on the features.

The report also shared growth in the global smartphone manufacturing ecosystem. It says that 49 percent of the refurbished smartphone market was captured by Apple, followed by Samsung with a 20 percent share. Apple has seen an increase in demand for refurbished phones. The Cupertino giant managed a 16 percent YoY growth in 2022. While this suggests that the demand for refurbished iPhones has increased, it affects the new iPhone sales and service revenues in many markets, the report suggests.

On the other hand, Samsung saw a decline in refurbished smartphone sales. The South Korean manufacturer had a 26 percent market share in 2022, down from a 28 percent share in 2021. The shift of Android users to iOS in 2022, is said to be the main reason for the decline, as per the report.

Finally, the report forecasts the expected changes in the refurbished smartphone market in 2023. It states that the demand for 5G smartphones will increase substantially and 4G smartphones may lose their demand owing to the availability of faster networks. Increased trade-ins and consumers’ shift towards premium smartphones could also increase the inventory of low-grade used smartphones, suggests the report.