Apple products, particularly iPhones are the most-bought secondhand mobile devices in Nigeria. This is according to a report by Counterpoint Technology Market Research.
Counterpoint Research’s Global Refurbished Smartphone Tracker, revealed this development as it stated that the number of Nigerians that bought secondhand iPhones and Samsung rose by 10% in 2021.
While noting that new smartphone models remain expensive, a large share of consumers settles for refurbished products, majorly of iPhones in the West African most-populous nation.
“Refurbished smartphones are a part of overall pre-owned devices which re-enter the system through various routes.
“Trade-ins are the fastest-growing source for such pre-owned smartphones, the volume of which grew more than 10% globally in 2021. We are seeing a Year-on-Year increase in volumes among refurbished players in developing markets like China, India, Latin America, Southeast Asia, and Africa.
“These markets will grow more as they have many unorganized businesses and a large rural demographic yet to be captured. Average selling prices of refurbished smartphones increased marginally as 4G devices still retained value,” the report noted.
On a global scale, the research firm added that Latin America and India lead had the highest growth rates in the secondhand smartphone market, with 29% and 25% respectively. It added that the United States, China, and Europe showed strong growth in volumes from 2020.
The Research Director of the firm, Jeff Fieldhack, said, “The India and LATAM markets saw the highest growth rates in 2021 and also have the highest future potential growth over the next few years.
“There were supply shortages in the secondary market in 2020 due to COVID-19 lockdowns and other supply chain disruptions. But the market roared back in 2021. There is large consumer appetite for flagships and the latest flagships have the highest point-of-sale prices in India and LATAM.
“The secondary market offers consumers the ability to access these devices at ASPs 60% lower than new versions. The improved durability and high quality of flagships make them very appealing in the secondary market.”
