Market for Used Smartphones Growing, but Supply Is Becoming a Challenge: IDC

Worldwide shipments of used smartphones, including "officially refurbished and used" ones, hit an estimated 309.4 million units in 2023, up 9.5% over 2022, IDC said Monday. IDC forecasts 431.1 million units in 2027, with a compound annual growth rate of 8.8% from 2022 to 2027. "Despite the near 10% growth, the secondary market is showing signs of slowdown due to a genuine lack of inventory," said Anthony Scarsella, IDC research manager. "With refresh rates extending in most mature markets, acquiring inventory remains the biggest challenge for resellers,” he said: “Secondary phone retailers are hungry for inventory as the high end of the market continues to be scarce due to customers just holding on to their device.”