The refurbished and buyback smartphone market in India is on its way to seeing massive growth in the future, aided by a growing demand for premium brands, such as Apple. "Two in five users are keen on upgrading to an iPhone, underscoring a strong demand for refurbished premium devices," Mandeep Manocha, co-founder and CEO of Cashify, told THE WEEK.
According to a whitepaper published by Cashify, which deals with refurbished phones, the refurbished segment is projected to grow with a CAGR of 13.73 per cent by 2028, with the Asia Pacific region alone contributing 47 per cent to this. The seller, which also buys back phones for cash (reverse commerce), said that the market saw a whopping 38 per cent surge in demand for refurbished iPhones in 2024 when compared to the previous year. Apple's iPhone 11 took top honour as the best seller for the year.
In India, Cashify CEO sees the refurbished market to grow significantly in 2025 and beyond, driven by heightened consumer awareness of sustainability, increased focus on quality, and the financial benefits of purchasing refurbished products.
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According to the company, demand for 5G models rose to 17 per cent in the first half of 2024, up from 13 per cent a year ago. Manocha expects this trend to continue in 2025, opening up new avenues for the used devices sector. "We anticipate an expansion beyond smartphones into various electronic devices, supported by shifting consumer preferences and enhanced quality assurance processes," he added.
He said that the resellers are seeing a strong demand for refurbished laptops, largely due to rising prices of new consumer electronics. "While we've primarily sold laptops through B2B channels for the past several years, we launched a pilot program to retail laptops directly to consumers in Q2 this financial year," said Manocha. He also mentioned that they were also planning to venture into a refurbished smartwatch market "for it looks promising as well."
"The rapid growth of e-waste remains a critical issue in India," he added, outlining the importance of adhering to proper dismantling standards without posing significant health risks to workers and environmental hazards.
India's reused phone market's emergence points to a sprawling ecosystem for domestic manufacture of spare parts, making components more accessible and affordable. With a tinkering mentality engrained in us as a culture, the idea of refurbishing and repairing has always found its niche markets.