Used or refurbished smartphones make up for the new fad in the sector. The sales of new smartphones, however, has dropped by 5 per cent in 2023.
The number of refurbished or used cellphones sold this year could reach 3.5–4.5 crore, up 15 per cent from last year, according to the most recent Counterpoint Research estimates.
On the other hand, compared to the 15.1 crore sold last year, overall new smartphone sales will decline by around 5 per cent.
Shipments of smart phones fell 3 per cent between April and June of 2023. It is still better than the 19 per cent fall predicted by the research firm for the January to March 2023 time frame.
Surprisingly, a noticeable shift in consumers' purchasing habits rather than cost is to blame for the rise in the selling of secondhand smartphones.
Some clients want to switch to smartphones as a phone update. While those with an entry-level smartphone priced between Rs 6,000 and Rs 7,000 are searching for the newest model.
New feature phones, predominantly 2G and 4G phones starting at Rs 700, make up the majority of the mobile phone industry, while entry-level new smartphones sell for between Rs 6,000 and 7,000. Currently, 5G phones cost between Rs 12,000 and Rs 13,000 per unit.
However, there is a sizable market for refurbished and secondhand 4G cellphones that are three years old and cost, on average, between Rs 10,000 and Rs 15,000.
In comparison to entry-level smartphones, these devices have far greater features, better battery and camera performance, larger storage, and potent chipsets. Instead of purchasing a new phone, many buyers are turning to this market.