The secondhand smartphone market is set to grow and grow over the next few years, according to a new analysis from Gartner.
A survey carried out by the information technology research and advisory firm found that because 60 per cent of consumers are presently replacing their existing phones with new ones, more and more devices of a high quality are ending up on the market.
As such, there is likely to be a shift in how many people snap up these “refurbished” devises, as Gartner puts it.
With many people upgrading their current phones with new ones because they want additional functionality and simply because they “just want” a new one, the alternative market is going to be rich with other excellent, reused models.
“With consumers in mature markets upgrading their smartphones every 18 to 20 months the inevitable question is what happens to the old device?” asked Meike Escherich, principal research analyst at Gartner.
“While only seven percent of smartphones end up in official recycling programs, 64 per cent get a second lease of life with 23 per cent being handed down to other users and 41 per cent being traded in or sold privately.
“This rise in smartphone reuse will impact not only the sales of new units, but also the revenue streams of all those involved in the smartphone supply chain.”
The smartphone industry is certainly a fast-paced one with new models emerging all the time, quicker than anyone could previously have imagined.
Such is the turnaround these days that even when seminal devices like the latest iPhone come out, the conversation immediately shifts to when its predecessor is going to come out and what it will have.
Gartner estimates that the global market for refurbished phones will grow by 120 million units by 2017, worth approximately $14 billion (£9 billion).