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IDC said:Global 2nd-hand handset sales to grow fast

Global sales of second-hand handsets will increase from 81.3 million units in 2015 to 223 million units in 2020 at a CAGR of 22.3%, according to IDC.

The market for used and refurbished smartphones has witnessed rapid growth over the past several years, thanks to a wide variety of trade-in and buyback programs across multiple channels and platforms, IDC said.

In the US, most major carriers, retailers, and many online retailers have implemented some type of trade-in strategy or platform to purchase used devices at a deep discount. These types of programs have also appeared in Western Europe and Asia over the past three to five years.

With the average selling price for a used device expected to be US$136 in 2020, the total market value for used devices will be an estimated US$30 billion in the year, IDC said.