The used smartphone market is booming, with around 309.4 million units sold in 2023, according to IDC. (That’s up almost 10% on the preceding year.) While most of this market comprises consumers trying to get the best smartphone they can for the money they’ve got, there is a lesson for enterprise professionals — and another for Apple itself.
Digging into the smartphone data a little, IDC expects the market for used smartphones to continue to grow at a compound annual growth rate (CAGR) of 8.8%, reaching 431.1 million units in 2027.
They are the one in five
Combine the new (1.3 billion) and used smartphone markets for 2023 and around one in five smartphones sold was a second user device.