Global refurbished smartphone market down 9% in 2020 amid Covid crisis

 

The global refurbished smartphone market fell 9 per cent (on-year) in 2020 owing to Covid-19 lockdowns and related economic deterrents, according to a new report.

The market saw a dramatic 16 per cent decline in the first half of 2020 compared to the first half of 2019, said the latest Counterpoint Research's 'Refurbished Smartphone Market Update'.

"It rebounded slightly in the second half of 2020 due to increases in new device sales and a very strong Apple iPhone launch cycle which helped the supply of devices in the secondary market," said the report.

All major countries and regions showed a decline for the full year of 2020, mainly due to Covid-19.

"The pandemic caused a significant number of smartphone owners to avoid or delay new purchases. Key secondary markets India and Latin America saw 20per cent and 24 per cent declines, respectively, during the first half of 2020 due to strict and extended lockdowns," said senior Research Analyst Glen Cardoza.

China, the most important country in the refurbished market ecosystem, saw significant declines during 2020.

Budget News:  unionbudget2021-2022

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