Last Updated: April 25, 2023, 15:43 IST
Apple has become a leading force in the smartphone market thanks to iPhones. But a new report suggests that the company has a solid image even when it comes to people buying second hand smartphones. While other brands have taken a hit in this market owing to the pandemic, Apple’s growth of 16 per cent in the refurbished market clearly shows the brand value and the quality trust that people have when it comes to buying a refurbished iPhone.
But it is not just these reasons that iPhones sell even in the second hand market. You can also say that the longer software support for iPhones means their selling value doesn’t come down as drastically as Android phones. In addition to this, buying a refurbished iPhone gets you a one-year warranty, which goes a long way in making the buyer feel protected by the brand.
Over the past few years, the refurbished market has surpassed the growth from the new smartphone segment, but in 2022, the effect of COVID-19 in countries like China have clearly dampened that progress albeit to a small extent. Even in this case, the demand for refurbished premium phones has helped the segment to grow in terms of the average selling price (ASP) which is similar to the trends of the overall smartphone market in the past few years.
Apple’s growth of 16 percent means it now has a leadership position in the refurbished market with 49 percent share, followed by Samsung, which has seen its share come down from 28 percent in 2021 to 26 percent last year. The people buying these refurbished phones are from the mature markets where they want to upgrade their secondary device from a feature phone to a lesser-expensive but powerful smartphone.
Earlier the thought of buying a second-hand phone was disregarded by many but having premium brands like Apple and Samsung in the segment has definitely helped change that perception and also gives the market the incentive to have more devices for the consumers.
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