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India’s used smartphone market is expected to grow by 9.6% in 2024, outpacing new smartphone shipments.
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Apple and Xiaomi lead the used smartphone market in India, with a quarter share and second position respectively.
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The growth is driven by increasing new phone costs and the need for affordable upgrades, particularly to 5G smartphones.
India’s used smartphone market is booming, driven by rising device prices and the need for affordable upgrades. According to a report by IDC, the market is expected to grow by 9.6% in 2024, with an estimated 20 million used devices traded. This growth rate outpaces new smartphone shipments, which are forecasted to grow at 5.5% next year.
The demand for used smartphones is particularly strong among those aspiring to upgrade to 5G smartphones but finding new models too expensive. With the average selling price of new smartphones climbing steadily, used phones are becoming an attractive alternative for consumers seeking quality devices without the hefty price tag.
Brands like Apple and Xiaomi are dominating the used smartphone space in India, with Apple leading the market with a quarter share. Startups like Cashify and Yaantra are also organizing the previously fragmented used smartphone market, introducing quality checks, warranties, and omnichannel presence to boost consumer confidence.