According to the latest research report, the second-hand smartphone market in India is on its way to almost double in the coming three years by reaching USD 4.6 billion by the end of 2025. The report comes in jointly from mobile devices industry body ICEA and the research firm IDC. The reports suggest that the consumers traded about 25 million smartphone units in the second-hand market in India, which resulted in revenue generation of more than USD 2.3 billion. The average exchange price of the smartphone was $94 per device, which is about Rs 6,900.
The Statistics of the Second-hand Smartphone Market
The Chairman of India Cellular and Electronics Association (ICEA), Pankaj Mohindroo, during the release of the report, stated that India should be the global of remanufacturing and re-commerce by leveraging its channel of labour cost. He added that substantial growth of re-commerce will help in the reduction of the digital divide as it will facilitate the shift to smartphones from feature phones. He also added that the growth of the second-hand smartphone market would also ensure that there is a noteworthy decline in e-waste as recycling will become the new norm, reports ET Telecom. It is to be noted that more than 95% of the second-hand smartphones in India are sold “as it is”, whereas the other 5% of the smartphones go through the process of repair or refurbishment. The report informs that when it comes to consumer electronics products, smartphones currently dominate the second-hand market with more than 90% of the market share. Other devices such as laptops, smartwatches, gaming consoles and cameras are also following the suit – slow and steady. The report also provides intel on different income groups of people who are dealing with second-hand smartphones. It suggests that around 78% of the consumers buying a second-hand smartphone in India have a monthly income of less than Rs 30,000, whereas about 18% have a monthly income in-between Rs 30,000 to Rs 50,000. Thus, it can be concluded from this data that the affordable price range is a major factor in the second-hand smartphone market.
