Apple(US:AAPL) Counterpoint Research·2025-02-26 14:31Core Viewpoint - The global refurbished smartphone market is expected to grow by 5% in 2024, while the new smartphone market is rebounding with a 3% growth after a challenging 2023 [1] Group 1: Market Performance - In 2024, Apple's market share in the refurbished smartphone market increased from 51% in 2023 to 56%, significantly driving the growth of the second-hand market [1][2] - The average selling price (ASP) of global refurbished smartphones decreased from $445 in 2023 to $394 in 2024, reflecting an 11% year-on-year decline [2] - The share of 5G smartphones in the global refurbished smartphone market rose from 28% in 2023 to 42% in 2024 [1][2] Group 2: Consumer Behavior and Trends - The growth in the refurbished market is primarily attributed to the iPhone 11 and iPhone 12 series, as many consumers are holding onto their devices longer, leading to supply constraints [2] - The demand for "as-is" smartphones, which require no technical repairs, increased by 13% in 2024, indicating a shift in consumer preferences towards more durable devices [2] - The second-hand market is expected to stabilize in 2024 due to supply limitations, but a recovery is anticipated in 2025 as devices purchased during the pandemic peak enter the replacement cycle [3]