As per a new report, the market of refurbished smartphones is growing at a rapid pace. Apple is one of the companies that are benefiting from this trendthanks to an absurd number of iPhone sales. This could be a contributing factor towards why the company was able to report a record financial quarter.

Latest Figure Shows That Apple Is Leader in Refurbished iPhone Sales Thanks to Extended Software Support

The release of the $999 iPhone X means that not everyone has the financial capacity to purchase an iPhone but refurbished phones promise similar quality at a lower price. That’s why, the used phones market grew by 13percentin 2017, as per CounterPointResearchwith nearly140 million refurbished phones being sold last year.

Although the refurbished phone market grew by leaps and bounds, trends were sluggish in the new smartphones market, which saw a growth of just 3percent. This indicates that higher price of new phones are making consumers consider refurbished devices.

The firm also said that just about a quarter of pre-owned devices are sold again. This shows that this industry has a lot of potentialthat is just getting tapped. The used phones market make up 10percentof the entire smartphone market, and most customers choose an iPhone.Here’s why.

The main reason behind this is the fact that usually, Apple offers around four to five years of support for its devices in contrast to twoor max three yearsprovided by Android phone manufacturers. Apple and Samsung account for 75percentof the used phones market, and Apple is leading by a significant margin.

This is not good news for the low-end Android smartphone market.Tom Kang, CounterPoint Research Directorstated the following regarding the low-end offerings:

“The mid low-end market for new smartphones is being cannibalized by refurbished high-end phones, mostly Apple iPhones and, to a lesser extent, Samsung Galaxy smartphones.”

iPhones also have a high resale value, so even refurbished devices carry a slightly higher price tag than most of its competitors.

If you want to know more about what refurbished smartphones are, you can check out the link below:

What Is a Refurbished Smartphone and Why Should You Buy One?

News Source: CounterPoint Research