IDC: Second-hand smartphone shipments to grow by nearly 10% in 2023

IDC estimates that global shipments of used smartphones (including official refurbished models) will reach 309.4 million units in 2023. This is a 9.5% increase compared to 282.6 million units in 2022. In addition, IDC expects smartphone shipments to reach 431.1 million units in 2027, with a compound annual growth rate (CAGR) of 8.8% from 2022 to 2027.

The supply of used smartphones remains a significant challenge as refresh cycles, high price points, and macroeconomic challenges all negatively impact the new smartphone market. Demand for used smartphones remains healthy and will continue to grow throughout the forecast period, albeit at a slower pace than previously forecast due to challenges in acquiring inventory. IDC expects new smartphone shipments to decline 3.5% in 2023 as demand, inflation, and political unrest continue to impact the global economy. In contrast, the used market has shown strong resilience, overcoming these unforeseen circumstances and growing nearly 10% for the full year.

While the growth in the secondary market is impressive compared to the continuing struggle of the new market, the growth rate is lower than previously forecast. In addition, insufficient inventory has also affected the availability of used devices in each region. As longer refresh rates and weak consumer spending continue to suppress the new and used markets, the entire used market has declined by about 2.7%.