According to a recent report by IDC, the global shipments of used smartphones, both officially refurbished and used, are expected to reach 351.6 million units registering $65 billion in market value in 2024. This registers a compound annual growth rate (CAGR) of 11.2 per cent from 2019 to 2024.
The used smartphones shipments were likely to reach 225.4 million units in 2020 this represents an increase of 9.2 per cent over the 206.5 million units shipped in 2019.
Although 2020 volume was not as large as expected, the used smartphone market still performed well in comparison to the new smartphone market, where IDC is expecting a 6.4 per cent decline for smartphones for the year.
