Used Global Smartphone Market to Reach $65B in 2 Years, Says IDC

Worldwide shipments of used smartphones rose 9% to 225.4 million last year, reported IDC Thursday. It estimated a 6.4% drop for new phones. IDC predicts used smartphone shipments will reach 351.6 million in 2024 -- market value of $65 billion -- growing about 11% yearly. The used smartphone category is led by mature markets, where trade-ins act as a subsidy to push consumers upgrades, it noted, citing “rapid growth” in trade-in programs and average selling prices over the past year. Flagship phones rely heavily on trade-in programs to make upfront costs more affordable, said the research firm, referencing Apple, Samsung and Huawei’s “aggressive” trade-in offers. Carriers use trade-ins combined with bundled plans to spur upgrades, it noted. "In contrast to the recent declines in the new smartphone market, as well as the forecast for minimal growth in new shipments over the next few years, the used market for smartphones shows no signs of slowing," said analyst Anthony Scarsella.