Samsung is surpassing Apple globally with its refurbished smartphones

The global refurbished smartphone market has posted a splendid growth of 15% YoY and has beat all expectations is 2021, even as new smartphone shipments grew 4.5% YoY. Apple maintained the lead as the largest used mobile device vendor, with Samsung following in the 2nd place. However, the gap between the rivals has narrowed.

Refurbished smartphones are a part of the same circular economy that includes trade-in programs. In fact, analysts say trade-ins are the fastest-growing source for pre-owned smartphone stocks.

Counterpoint Research attributes this market shift towards refurbished devices to high flagship smartphone prices and more willingness among consumers to consider buying refurbished models from popular brands like Samsung and Apple.

Some of the fastest-growing markets in the refurbished smartphone space are China, India, Latin America, Southeast Asia, and Africa, with India and LATAM regions having seen the highest growth rates in 2021. They also maintain the highest potential growth over the next few years.

In the United States and the EU markets, refurbished phone sales bounced back in 2021. Flagship sales increased in the USA for both Apple and Samsung that led to a higher stock of used devices collected from carriers and retailers that offer trade-in programs. The refurbished market in the USA was also supported by CPO (Certified Pre-Owned) insurance replacement devices.

Analysts say that Samsung’s refurbished phone shipments last year grew faster than Apple’s, in spite of the latter keeping the crown. Samsung’s refurbished phones have had a higher adoption rate among customers globally, more so because the brand has some of the best trade-in offers, and pre-order bonuses are often very generous.

The Galaxy smartphone maker could continue gaining even more ground on Apple in 2022. The refurbished, or as Samsung calls it, “Re-Newed” Galaxy S21, became available for pre-order in mid-April in the USA.