The demand for used smartphones in India is reportedly on the rise. According to the International Data Corporation (IDC), the second-hand smartphone market in the country is expected to grow at 8 per cent CAGR in the next five years, reaching 26.5 million units per annum in 2028.
India is the second-largest smartphone market in the world with around 650 million smartphone users in the country, making it a huge market with untapped potential. According to IDC, the country has around 46 per cent smartphone penetration and ships around 145-150 million new handsets per year to the domestic market. Additionally, the country also ranks third globally in used smartphone units' annual volume, trailing only behind China and the USA.
Factors helping the used smartphone market
According to the report, the Indian market is facing some resistance to growth owing to a rise in the average selling price (ASP) for devices, which further elongates the average smartphone replacement cycle from two years to three years. These factors, coupled with the improved smartphone hardware, are driving the demand for used smartphones in India, IDC says in a blog post.
The report also highlights the lack of 5G smartphones under Rs 10,000, which in turn is forcing people to opt for used mid-range 5G smartphones.
Top brands in India's second-hand smartphone market
According to the report, Apple is the leading brand in the used smartphone market space in India. As per the IDC Quarterly Used Device Tracker, the iPhone maker captures a quarter of the market with previous-gen models.
Apple is followed by Xiaomi and Samsung for second and third positions respectively. The top three brands combined make up around two-thirds of the used smartphone market in India, IDC says in the blog.
