Cashify’s Annual Report Highlights Booming Growth in India’s Refurbished Smartphone Market

Cashify, India's leading re-commerce platform, has released its annual whitepaper titled "The Game Changers: From E-Waste to Eco-Warriors," shedding light on the rapidly growing refurbished and buyback smartphone market in…

By Raunak Saha

September 27, 2024

3 min read

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Cashify, India’s leading re-commerce platform, has released its annual whitepaper titled “The Game Changers: From E-Waste to Eco-Warriors,” shedding light on the rapidly growing refurbished and buyback smartphone market in India.

The report reveals a remarkable shift towards refurbished smartphones, driven by economic factors, rising awareness of sustainability, and evolving consumer preferences. This segment is expected to grow at a CAGR of 13.73% by 2028, with the Asia Pacific region contributing nearly 47% to this growth.

Cashify's Annual Report Highlights Booming Growth in India’s Refurbished Smartphone Market

Key Insights from Cashify’s Report:

Buyback Growth: Cashify’s buyback business saw a 25% growth, while refurbished device sales skyrocketed by 444% in revenue in 2023, thanks to promotions, warranties, and financing options.
Market Shift: Consumers are increasingly leaning towards refurbished smartphones due to affordability and quality.
Top Cities: The report highlights the cities leading both the sale and purchase of refurbished smartphones in India.

Mandeep Manocha, Co-founder & CEO of Cashify, commented:

“We’re witnessing a shift in how people perceive refurbished devices. With advancements in refurbishment processes ensuring data privacy, reliability, and quality, consumers are embracing sustainable and affordable tech options. Cashify is committed to delivering premium refurbished smartphones that meet these demands.”

Apple Leads the Refurbished Market in 2024:

38% Surge in Refurbished iPhone Demand: iPhone 11 emerged as the most popular refurbished model in 2024, dominating the refurbished market above INR 10K.
Apple’s Market Share Soars: Apple saw its share of refurbished smartphone sales on Cashify jump from 29% in 2022 to 52% in 2023, with Xiaomi, OnePlus, Samsung, and Oppo following behind.

Refurbished Smartphone Market Trends 2024:

The new smartphone market experienced a 10% decline in early 2023, followed by an 11% recovery, with the premium segment (priced above Rs 30,000) growing by 64%.
Apple continues to dominate Cashify’s refurbished smartphone chart, holding more than 50% of the volume share.

For detailed insights, read the full Cashify whitepaper here.

FAQs:

What is driving the growth of the refurbished smartphone market in India?

The growth is driven by economic considerations, rising sustainability awareness, and technological advancements in refurbishment processes that ensure quality and reliability.

Which brand leads the refurbished smartphone market in 2024?

Apple dominates the refurbished smartphone market, accounting for 52% of sales on Cashify, with iPhone 11 being the most popular model.

What is the projected growth rate for the refurbished smartphone segment?

The refurbished smartphone market is projected to grow at a CAGR of 13.73% by 2028.

Why are consumers opting for refurbished smartphones?

Consumers are choosing refurbished devices for their affordability—often up to 50% cheaper than new models—and improved reliability, with refurbished devices now meeting high standards for quality and data privacy.