IDC Forecasts Worldwide Market for Used Smartphones will Reach a Market Value of $65 Billion by 2024
International Data Corporation (IDC) expects worldwide shipments of used smartphones, inclusive of both officially refurbished and used smartphones, to reach a total of 225.4 million units in 2020. This represents an increase of 9.2% over the 206.5 million units shipped in 2019. IDC projects used smartphone shipments will reach 351.6 million units in 2024 with a compound annual growth rate (CAGR) of 11.2% from 2019 to 2024.
Much of the 9.2% growth continues to be driven by mature markets in which trade-in emulates a form of subsidy to push consumers to upgrade. Over the past year, we have seen rapid growth in trade-in programs and average selling prices (ASPs) across numerous channels.