Refurbished smartphones see strong rise in demand as prices of new ones continue to rise

16 Aug 2022 , 12:41 PM

In the first half of 2022, demand for refurbished smartphones increased strongly  as the prices of new devices continued to rise.

According to researchers and business leaders, the refurbished phone market is now experiencing more funding and new entrants as it diversifies beyond smartphones and into the offline market, stated a report by ET.

According to estimates, the global smartphone market declined 1% year over year in the first half of 2022.

India Cellular & Electronics Association, an industry lobbying group, projects that the market would grow from $2.3 billion in 2021 to $4.6 billion in 2025.

The marketplace for re-commerce Cashify raised $90 million in a Series-E investment round in order to reach out to smaller areas where it believes there are more offline market prospects. Flipkart bought Yaantra, a platform for repairs and upgrades smartphones, in January of this year.

Particularly in the entry-level market, where brand margins are thin, refurbished smartphones have grown in popularity.