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Cashify, India's premier re-commerce platform, has released its annual whitepaper, The Game Changers: From E-Waste to Eco-Warriors, revealing a remarkable surge in the demand for refurbished smartphones across the country. 

The report highlights a 25% growth in Cashify's buyback business and an astonishing 444% increase in revenue from the refurbished segment in the calendar year 2023.

This unprecedented growth is attributed to a confluence of factors, including aggressive promotional strategies, attractive financing options, and heightened consumer awareness surrounding the economic and environmental benefits of choosing refurbished devices. The report forecasts continues expansion in the refurbished market, anticipating a compound annual growth rate (CAGR) of 13.73% by 2028, with the Asia Pacific region expected to contribute a significant 47% to this growth.

Mandeep Manocha, Co-founder & CEO of Cashify, commented on the transformative trends shaping the smartphone industry. "We are witnessing a transformative moment in the new smartphone industry, characterized by the advent of artificial intelligence, 5G, the emergence of foldable phones, and a growing focus on sustainability. These developments are further reshaping the re-commerce sector. It's amazing how people's perception of refurbishment is changing. This is mainly driven by advancements in refurbishment processes that ensure high standards of quality, data privacy, and reliability. In light of these evolving consumer preferences and market trends, Cashify is dedicated to offering premium refurbished smartphones that excel in both affordability and sustainability. Our goal is to set new industry standards for quality and value, responding to the increasing demand for trustworthy and affordable technology solutions."

Apple Leads the Charge

The report highlights Apple's impressive 38% growth in demand for refurbished iPhones in the first half of 2024 compared to the previous year. The iconic iPhone 11 has emerged as the top-selling refurbished model, appealing to budget-conscious consumers-nearly half of whom aspire to own an iPhone but feel constrained by its price. Cashify meets this demand by offering devices that are up to 50% cheaper than new models, effectively championing a sustainable and financially savvy approach to smartphone ownership.

Market Resilience and Premium Growth

The new smartphone market faced a tumultuous 2023, marked by a 10% decline in sales during the first half, only to recover with an 11% increase in the latter half. The premium segment, particularly smartphones priced above Rs 30,000, demonstrated resilience with a staggering 64% year-over-year sales increase, buoyed by major players like Apple and Samsung.

Cashify's sales data reveals that Apple leads the refurbished smartphone sector, capturing over 50% of the market share by volume. This marks a significant increase from 29% in 2022 to 52% in 2023. Xiaomi follows as the second most popular brand, accounting for 15% of sales, while OnePlus secured the third spot with an 11.7% share, reflecting a steady growth from 9% the previous year.

The insights from Cashify's whitepaper underscore a shifting paradigm in consumer behaviour, where quality and affordability coexist in the refurbished smartphone market, fostering a sustainable future for technology consumption in India.

As demand continues to surge, Cashify stands at the forefront, committed to elevating standards in quality and value, while championing environmentally responsible practices in the tech industry.

Cashify's whitepaper unveils explosive growth in India's refurbished smartphone market

Chinese smartphone brands such as realme, Xiaomi, and Vivo have gained popularity among Indian youth due to "affordable pricing" and "updated technology", a survey has revealed.

According to a consumer survey conducted by Counterpoint Research, realme smartphones have more fans in India (at 58%) in the age group of 16-25 years.

realme led in offering the latest technology (62%), value for money (63%), and stylish design (61%) in the sub-Rs 20,000 price segment, as per the survey.

Counterpoint research director Tarun Pathak said Realme is also popular in other Asian countries such as Bangladesh and Indonesia.

"Realme is popular among Indonesia’s young smartphone consumers, while the brand is known for its product quality in Bangladesh. Around the world, realme has been praised for catering to young smartphone users by tailoring its strategies, product designs, and pricing to their preferences," Pathak said.

Pricing and technology have remained the key parameters among Indian youth while purchasing the smartphone.

Xiaomi and Vivo bagged 2nd and 3rd spots with 54% and 53% popularity in the same segment as per the Counterpoint Research.

"The young generation approaches its smartphone purchases with strong enthusiasm. It prioritizes the latest technologies, value for money, and stylish designs. In India, where approximately 60% of the smartphone market falls in the sub-Rs 20,000 price range, realme has established a robust position across all these three key parameters – latest technology (62%), value for money (63%), and stylish design (61%). realme is followed by Xiaomi on these parameters but with a big gap," senior analyst Arushi Chawla said.

From Xiaomi to realme, Chinese smartphone brands most popular among Indian youth: Survey

According to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker , global smartphone shipments increased 7.8 percent year over year to 289.4 million units in the first quarter of 2024 (1Q24). While the industry is not completely out of the woods, as macroeconomic challenges remain in many markets, this marks the third consecutive quarter of shipment growth, a strong indicator that a recovery is well underway.

"As expected, smartphone recovery continues to move forward with market optimism slowly building among the top brands," said Ryan Reith, group vice president with IDC's Worldwide Mobility and Consumer Device Trackers. "While Apple managed to capture the top spot at the end of 2023, Samsung successfully reasserted itself as the leading smartphone provider in the first quarter. While IDC expects these two companies to maintain their hold on the high end of the market, the resurgence of Huawei in China, as well as notable gains from Xiaomi, Transsion, OPPO/OnePlus, and vivo will likely have both OEMs looking for areas to expand and diversify. As the recovery progresses, we're likely to see the top companies gain share as the smaller brands struggle for positioning."

"The smartphone market is emerging from the turbulence of the last two years both stronger and changed," said Nabila Popal, research director with IDC's Worldwide Tracker team. "Firstly, we continue to see growth in value and average selling prices (ASPs) as consumers opt for more expensive devices knowing they will hold onto their devices longer. Secondly, there is a shift in power among the Top 5 companies, which will likely continue as market players adjust their strategies in a post-recovery world. Xiaomi is coming back strong from the large declines experienced over the past two years and Transsion is becoming a stable presence in the Top 5 with aggressive growth in international markets. In contrast, while the Top 2 players both saw negative growth in the first quarter, it seems Samsung is in a stronger position overall than they were in recent quarters."

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