Cashify Releases Report on India’s Refurbished Smartphone Market

Cashify, an Indian re-commerce platform, has published its annual whitepaper titled "The Game Changers: From E-Waste to Eco-Warriors". The report provides key insights into the growth of the refurbished and buyback smartphone market in India. According to the whitepaper, the refurbished smartphone segment has seen significant growth due to economic factors, increased awareness, and a focus on sustainability. This growth trend is projected to continue, with the refurbished segment expected to grow at a compound annual growth rate (CAGR) of 13.73% by 2028, with the Asia Pacific region contributing 47% of this growth.

Growth in Buyback and Refurbished Device Sales

In 2023, Cashify's buyback business grew by 25%, while sales of refurbished devices increased by 444% in revenue. This growth is attributed to aggressive marketing, warranty offers, financing schemes, and heightened awareness of the benefits of purchasing refurbished devices. The report also explores the dynamics of the second-hand versus refurbished electronics market, market drivers, and identifies the top cities in India driving both the sale and purchase of refurbished smartphones.

Commenting on the report, Mandeep Manocha, Co-founder & CEO of Cashify, said, “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.”

Report Highlights: Refurbished Smartphone Market in 2024

The demand for refurbished iPhones saw a significant 38% increase in 2024 compared to the previous year, marking a major shift in the market. The iPhone 11 emerged as the most popular refurbished model, dominating all price segments above INR 10,000. Despite widespread interest in iPhones, many Indian consumers are limited by budget constraints, with half aspiring to own one. Cashify, known for its focus on reliability, data security, and quality, has become a preferred choice for consumers seeking affordable and high-performance smartphones. Offering devices at prices up to 50% lower than new models, Cashify promotes both sustainability and cost-effectiveness.

Trends in the Refurbished Smartphone Market, 2024

The new smartphone market experienced fluctuations in 2023, with a 10% decline in the first half, followed by an 11% recovery in the latter half. The premium segment, consisting of smartphones priced above INR 30,000, saw a 64% increase in sales year-over-year, led by brands like Apple and Samsung. In the refurbished market, Apple held a dominant position, accounting for over 50% of the refurbished smartphones sold by Cashify, followed by Xiaomi, OnePlus, Samsung, and Oppo.

- Apple's share nearly doubled from 29% in 2022 to 52% in 2023.
- Xiaomi held a 15% share, with 1 in 5 refurbished phones sold on Cashify being a Xiaomi model.
- OnePlus increased its share from 9% in 2022 to 11.7% in 2023, securing its place as the third most popular refurbished smartphone brand.