Core Insights - The second-hand smartphone market in mature regions like Europe, the US, and Japan is expected to show flat performance in the first half of 2025, with an average year-on-year growth of about 1% [1] - In contrast, emerging markets such as Africa, India, Southeast Asia, China, and Latin America are projected to remain active, with an average year-on-year growth of approximately 4%, significantly higher than the global average [1] Group 1: Africa Market Insights - The African second-hand smartphone market is anticipated to grow by 6% year-on-year in the first half of 2025, making it the fastest-growing region globally [5] - Factors driving growth include the increasing number of authorized retailers absorbing sales from informal channels and government-led initiatives like "Bridge by Digital Africa" that support local refurbishment ecosystems [5] - The popularity of imported second-hand iPhones is attributed to economic pressures and consumer perceptions of reliability and longevity compared to local new devices [5] Group 2: India Market Insights - The Indian second-hand smartphone market is expected to grow by 5% year-on-year in the first half of 2025, led by Apple [6] - Authorized retailers are accelerating online and offline recycling programs, positioning refurbished high-end models as reliable and cost-effective alternatives [6] - The market demand is shifting towards newer models due to retailer-driven trade-in programs and extended warranty services [6] Group 3: Southeast Asia Market Insights - The Southeast Asian second-hand smartphone market is projected to grow by 5% year-on-year, supported by a large informal channel system and stable inflow of second-hand devices and components from China [9] - C2C transactions driven by online platforms are becoming a significant growth engine for the second-hand market, fueled by improved consumer trust and supply chain enhancements [9] - Apple is leading the market with a 15% year-on-year growth, primarily due to the popularity of iPhone 12 and 13 models [10] Group 4: Mature Markets Insights - Mature markets like the US, Europe, and Japan are experiencing stable performance, with supply constraints and declining exports to emerging markets affecting sales [11] - In the US, market sentiment is volatile, with retailers and OEMs stockpiling components to mitigate potential policy changes [11] - In Japan, the recognition of officially certified second-hand smartphones is increasing, supported by government initiatives promoting transparent pricing [11]

中国仍然是全球最大的二手和翻新智能手机交易中心。出口至多个市场的交易量持续增长，且规范 化市场的参与者在这一增长中发挥着主导作用。由翻新机和"原样机"（即未经过任何技术处理，直 接转售的二手手机）组成的二手智能手机市场，如今已占中国整体（新机+二手）智能手机行业的 20% 。这 20% 包括国内翻新机销售以及出口业务。 根据 Counterpoint Research 最新的 《全球二手智能手机市场报告》 ，2024 年中国翻新智能手机市场 同比增长 6% 。由于中国大陆对翻新手机的需求增长，国内消费市场也出现了增长。 中国二手智能手机市场增长情况（2020-2024 年） 中国的二手智能手机市场由翻新机和"原样机"组成，如今已占整个（新机+二手）智能手机行 业的 20% 。 中国的规范化二手智能手机市场正在快速增长。货源国相对集中，但出口市场更加广泛。因 此，在海外贸易方面，大型零售商通常使用中国香港作为中转站。 非规范化二手智能手机市场自 2023 年以来竞争愈发激烈。较新的 A 级机型（尤其是 iPhone ） 供应短缺，而旧款 iPhone 仍在大量销售，导致 2024 年的平均售价（ASP）下降。 ...

Core 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]