In 2015, India surpassed the US by crossing the 100 million mark in the total number of smartphone sales by clocking a total sale of 118 million units. The average life cycle of smartphones dropped year-on-year from 18 months to 14 months hence the number of phones coming to the second hand smartphone market increased multi-fold.
As per a Cashify research, 40% of new smartphone sales take place when a customer upgrades or switches from their used device to a new device. Not realising the worth of old smartphones and the reusable elements whose life can be extended if put in the right hands, millions of phones are dumped in open areas which further puts the environment at a major risk. Realising the potential of used smartphones, Cashify has come forward to allow customers to dispose of their old phones safely.
Rising population and per capita income along with increased smartphone sales have been a major boost to the second hand smartphone market.
Why do people sell their phones?
Most phones are sold by customers looking to upgrade to better technology. Some phones are sold by those customers who possess multiple phones and one of them has run its life.
Why Cashify your used phones?
The top reasons why customers choose to sell their phone on Cashify were:
- Convenience
- Hassle free
- Instant cash
- Quick
Best Performing Brands
Samsung registered the highest demand in the second hand phone market. It captured over 30% of the total used phones market share. Apple came in second with a 16% market share. Motorola secured the third spot with the contribution of over 9%. Due to its brand legacy Motorola gained market share offline in the second hand market even though its new devices are sold exclusively online. Micromax was fourth also with the contribution of around 9%. Sony came in fifth with an 8% market share. It still maintains a good brand perception. HTC was sixth with a 7% market share.
Samsung Galaxy Grand Duos was the best seller in the second hand phone market and grabbed a 30% market share. It was followed by the Apple iPhone 5 which had a 16% market share. The second generation Moto G what is the third most sold phone in the second hand market. It had a 7% market share. This was followed by the iPhone 5s coming in at 6%. The Galaxy note II came in fifth and accounted for more than 5% of the 30% Samsung smartphones sold in the second hand market. Coming in six was the Moto E, at 5%.
Some interesting facts
- The average selling price of 70% of used smartphones was in the range of 4000 to 6000.
- iPhones see the slowest depreciation in over time. 9 out of every 10 customers in the second-hand market are men.
- Hyderabad user scored the highest in the truth index at 81% and Chennai users scored the least at 69%.
- 65% of the second-hand smartphone market has been captured by four brands: Samsung, Apple, Motorola, and Micromax.
- For every hundred new smartphones bought in India it is estimated that 40 used phones are being traded in the second-hand market.
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Narender Kumar
Always on the quest to learn and share the knowledge. Big fan of books (but not the self help ones) specially fiction. A grammar Nazi who loves to eat, cook, travel and watching thunderstorms.