Shipments of used smartphones, including those that had been officially refurbished, increased by 11.5 percent to 282.6 million units in 2022 from 253.4 million units shipped in 2021.
These numbers were provided by International Data Corporation (IDC), which predicted that growth would reach 413.3 million units in 2026 with a compound annual growth rate (CAGR) of 10.3% from 2021 to 2026. It calculated the shipments’ market worth to be $99.9 billion.
IDC reported that the global market for both new and used smartphones continues to be driven by trade-in programs.
The data organization claimed to have observed the effective introduction of new programs in numerous regional markets where trade-in is still a novel idea for local consumers.
IDC added that trade-in continues to play a substantial role in accelerating refresh cycles through telco and retail-driven promotions in mature countries including America, Canada, and Western Europe.
Due to this, trade-in value (TIV) has increased, which is usual when demand for new gadgets is low. Due to users receiving more money for their outdated gadgets to encourage upgrades, the increase in TIV has raised prices in the secondary market.
Nigeria imported phones worth $2.35 billion over the course of three years, according to data from the International Trade Center (ITC) from the previous year. The government spent $807.95 million on the importation of phone sets in 2019, $765.57 million in 2020, and $772.25 million in 2021, according to the ITC, an international organization that focuses on trade.
The body of the article listed the items that were included with the imported telephone sets, including: cellphones, teleprinters, facsimile machines for line telephony, and more.
IDC highlighted that because many of these aggressive trade-in agreements focus mostly on premium devices, the increased selling of more expensive gadgets in the new market has also generated a circular effect.
The business emphasized that eventually, thin margins will have an influence on the overall earnings of the channel, vendor, or possibly both, adding that how long these aggressive trade-in offers last is still a huge question for buyers and sellers.
Anthony Scarsella, research manager for IDC’s Worldwide Quarterly Mobile Phone Tracker, said: “The used market was able to expand 11.5% in 2022 thanks to the 6.1% recovery we saw in the new market for 2021.
“Used devices demonstrate more resilience to market inhibitors than new smartphone sales as consumer appetite remains elevated in many regions. Attractive price points are critical for growth as cost savings remain the primary benefit. However, a high-end inventory struggle owing to elongated refresh cycles in the new market has used prices growing over 11 per cent in 2022.”
Apple Inc., an American multinational technology business, said that nearly $320 billion in revenue was generated by app developers over the course of the previous 14 years.
It stated that the iOS store is where the app developers are. Apple’s assessment of the app store’s performance for 2022 included this. According to the business, between 2008 and 2022, the developers received their earnings.
“The App Store connects developers of all sizes, from emerging solo creators to large international teams, with more than 650 million visitors across 175 regions each week.
“Developers selling digital goods and services on the App Store have earned more than $320 billion since the platform’s 2008 launch, marking another year of record earnings. And this considerable number represents just a fraction of the overall commerce the app ecosystem facilitates.”
New games and apps were released throughout the year, providing novel ways to connect.
On other services, the technology company said: “2022 was a big year for Apple Music, which now features over 100 million songs, representing nearly the entire history of recorded music. That’s 100,000 times 1,000 songs in your pocket.” And with Spatial Audio, Apple Music sets a new quality bar for music streaming, giving fans a deeper and more immersive experience than ever before.”