Decoding new and refurbished smartphone markets
A vibrant stage when the device enters the world as a cutting-edge piece of technology.
It’s all set to accompany its owner to capture precious moments, connect them to the world, and empower them with its functionality.
Unable to keep up with the latest tech advancements, the device becomes outdated in its owner’s eyes. At this stage, the device awaits its next chapter, seeking a new purpose or fate beyond its current limitations.
2
In the enchanting afterlife stage, the device undergoes a magical rebirth as a refurbished marvel. Transformed and rejuvenated, it continues to captivate users, bridging the gap between affordability and innovation.
3
2022 unfolded as perfectly as a foldable phone. Keeping aside the shipment decline, the overall revenue of the 2nd largest market that is electronics didn't stutter. All because premium phones were a hit last year. Foldable phones, ultra-fast charging, rapid rollout of 5G and innovations in other aspects made 2022 enticing. Refurb also had a good year, especially at Cashify.
Mandeep Manocha Co-Founder & CEO, Cashify
With people accepting refurbished phones with open arms, we believe refurb is silently cementing its space in the market and in the hearts of the people. In our whitepaper, we give you a sneak peak of everything that's made 2022 the year it was.
Smartphones are the face of technology. Their innovative edge mirrors how technology reinvents itself and everything in its reach. 2022 was the year of AI, phones with cameras that were bigger, better and more balanced.
It’s a marvel that while a decade ago we had a separate gadget for clicking pictures and a separate one to make calls; today, there are certain phone models that give almost 100x zoom. Customer solutions remained a top priority of technology last year as well. The breakthrough of AI in the form of ChatGPT is an example of that. In this whitepaper of ours, we talk about all such interesting innovations and figures of 2022.
A new cycle of upgradation seems to be in the making. Usually, India’s smartphone market is led by a mixed sale of affordable and high-end phones. But, in 2022, a major chunk of population chose to move to high-end phones. With more & more premium phones getting sold, the Average Selling Price spiked, making people look for more affordable options.
As a result, while some people chose refurbished devices, some refrained from upgrading at all. People held onto their phones, causing a drop in demand. Perhaps sustainability is making its way through the rising ASP. In this annual whitepaper, we try to make sense of every change that 2022 brought along.
2022 saw smartphone brands making remarkable strides in embracing the circular economy. Together with brands, we harnessed this momentum and took our trade-in offers to completely new levels by launching multiple upgrader festivals.
Trade-in upholds untapped potential, allowing us to design irresistible propositions for our customers. Looking ahead, we are thrilled by the endless possibilities before us. Join us as we delve into our annual whitepaper — a reflection on the dynamic smartphone landscape of the past year.
Co-Founder & CMO, CashifyTechnology cannot stand still. Its characteristic ability to disrupt and transform itself is exactly what makes it synonymous with innovation.
Despite being led by innovations like 5G, AI camera, etc., the global smartphone market saw a short-term slowdown in 2022* when shipments fell by 12% to nearly 1.2 billion units. This was the largest drop in nearly a decade.
Generally, the fourth quarter or the holiday season is high on sales. However, in 2022*, it was the first time that the Indian smartphone market experienced a slowdown of 27% contracting to 32.4 million in this season.
Every time an Indian consumer upgrades to a new phone, they are likely to buy a phone that’s 50% to 60% costlier than their previous one.
Contrarily, premium segment (>₹30,000) smartphones showcased brilliant performance and registered a double-digit growth of 11%. This was the highest-ever growth of the flagship phones in Indian market. Due to this, the declining shipment share did not affect the revenue, keeping it immune from loss.
The increase in premium (>₹30,000) & ultra-premium (>₹45,000) phone purchase is also responsible for the gradual increase in the average selling price (ASP). In Q1 of 2022, the ASP rose to its highest ever with a 15% YoY growth.
The rise of premium smartphone shipment is an indication that a chunk of the Indian population is finally moving towards fulfilling its dream of owning a premium phone. The rise of a plethora of affordability programs, including cashbacks, consumer loans, buy now pay later options, etc. and the launch of 5G could be a possible reason behind the change in choice.
In the new smartphone market, in 2022, Xiaomi maintained its position as the top brand, with Samsung, Vivo, and Realme close behind. Meanwhile, Apple dominated the premium and ultra-premium segments of the market.
In this whitepaper, we share useful snapshots of the 2022 smartphone market — new and refurbished. Research methodology: Data has been derived from Cashify’s data & independent surveys conducted by Cashify. External sources include reports from International Data Corporation, Canalys, Counterpoint Research, newspaper articles, etc. *2022
The refurbished smartphone market’s trend was consistent with the new smartphone market. Cashify’s insights revealed that while Xiaomi was the top-selling refurbished brand in the under 10K segment, Apple led in almost all other segments.
With Cashify’s sale of refurbished phones having grown by over 300% in 2022, another notable trend that can be concluded is the significant growth that the refurb market is experiencing. The spike clearly indicates consumers’ growing affinity towards smart upgradation by choosing refurbished.
Supporting this analogy is Cashify’s user behavior survey, in which 6 in 10 people who bought a refurbished phone did so because it was a wiser choice.
Examining Cashify’s buyback data, Xiaomi led the market here as well. Apple, Samsung, Vivo and OnePlus followed and captured the next 4 top positions. Redmi Note 7 Pro topped the list of most sold phones to Cashify by customers. Whereas, Redmi Note 5 Pro and Apple iPhone 7 grabbed the second and third place.
These insights illustrate the considerable momentum within the refurbished market. Cashify's own data further supports this notion, with a substantial year-on-year growth of 63% in buybacks, with the highest number of buybacks recorded in the third quarter of 2022.
The overall market push toward refurbished devices highlights the growing acceptance and preference among consumers for this sustainable and cost-effective option.
Another trend came into light during Q2 of 2022. Demand for new smartphones saw a decline because it was noticed that consumers preferred to repair their phones or buy a refurbished phone.
*2022 refers to calendar year 2022 spanning from January 2022 to December 2022
The demand for 5G phones had already spiked in 2021, but with its final launch in October 2022, 5G phone demand soared high. It is expected that by the end of 2023, new 5G smartphone shipments will exceed that of new 4G smartphones.
The growing demand for 5G is evident in the refurbished phone market as well. Globally, 13% of all refurbished phones bought by consumers are now 5G phones. However, these numbers are still growing at Cashify.
Of all phones that Cashify bought from customers, 5% were 5G. On the other hand, of all the refurbished phones sold by Cashify to customers, 2% were 5G phones.
As the demand and availability for 5G phone peaks, Cashify looks forward to register a good increase in these numbers in 2023.
In 2022, with over 6.6 billion active smartphones, CO2e emissions reached 214.08 million tons, exceeding Deloitte's predicted 4.5 billion smartphones generating 146 million tons CO2e.
A significant portion of a smartphone's lifetime carbon emissions, amounting to 83%, occur within the first year, primarily during the manufacturing and shipping stages. Hence, repairing, refurbishing, and reusing smartphones, irrespective of change in ownership, is the only way to reduce emissions.
Unfortunately, the cost of repairing devices is such a significant barrier that when a device becomes damaged, it often seems more economically viable to purchase a new device rather than investing in repairs.
Cashify’s survey indicates that 2 in 5 Indians have one or more phones that need repair and are less than 2 years old.
More than half of them didn’t get the device repaired because “the repair cost was too high”. When asked if they would like to get those phones repaired, while 48% said they would, 52% of them said they’d rather buy a new phone.
However, a notable stride was taken in 2022 when the government introduced the Right to Repair initiative. This initiative empowers consumers by providing them with affordable repair options, steering them away from the inclination to purchase new devices. As this concept gains traction in 2023, it is expected to alleviate the financial barrier associated with repairs.
In addition to repairs, recycling smartphones that have exhausted their reuse potential can be another way to curb e-waste production. Xiaomi alone slashed nearly 25 tons of e-waste by recycling 1.27 lakh smartphones. However, as per 2019 documented data, recycling rates of electronics are only 17.4%. The only way forward is by extending how long a device is used.
Replace your phone after You save as much in a year. all of Ireland generates CO2e as
Fortunately, there is a growing interest in refurbished products as consumers become aware of the economic and environmental benefits. This is reflected in Cashify's sales figures for refurbished phones, which surged by over 300% in 2022 compared to the previous year.
However, sustainability is a team project. Here’s how smartphone brands are doing their part in making smartphones more sustainable:
• Switching to sustainable materials: Brands like Apple, Xiaomi and Samsung are committed to shift to recycled raw materials and plastic in the near future. In 2021, Apple used 20% — highest-ever percentage — of recycled content in its products.
• Enhancing energy efficiency: OEMs are investing in more efficient processors, better software optimization, and smarter power management for their devices.
• Introducing buyback programs: 38% Indians have 2 or more phones lying redundant in their homes. This e-waste hoarding can be curtailed through buyback programs that encourage people to trade in old devices. In 2021, Apple diverted over 38,000 tonnes of e-waste from landfills through these recycling programs.
• Extending device lifespan: This can be achieved by designing devices that are easier to repair and upgrade, as well as by providing software updates for older devices.
In a popular report, Fairphone 3 was the most repairable smartphone of 2019, with a repairability score of 10/10. Many top phones got a lower score due to their difficult-to-replace battery and screen.
Top phone brands sold by consumers to Cashify
NOTE: Value of a phone may vary depending on its physical, functional and screen condition. Hence, the same model can be found in different price bands.
Sub-header: Cities that sold their phones to Cashify
15%
07%
05%
04%
04%
40%
Top phone models bought by customers from Cashify as per price band
NOTE: Phone models are available in three variants - Superb, Good, and Fair - with varying prices. Hence, the same model can be found in different price bands.
Percentage of smartphone users who mentioned the actual condition of their devices while putting them up for sale on Cashify
iPhones are widely coveted in the Indian market. However, due to their high price tags, many price-sensitive Indian consumers struggle to afford them. But, when it comes to choosing a premium or ultra-premium segment phone, Apple remains the first choice.
Surprisingly, despite this price mismatch, iPhone 13 bagged the position of India’s top-selling model in 2022. This could be indicative of India’s growing preference for premium devices. According to Counterpoint, iPhone 13 became the first iPhone to lead overall Indian smartphone shipments for a quarter, achieving this milestone in Q3 of 2022.
Apple continued its record-breaking streak in 2022 in the Indian smartphone market. The brand rose from fourth place in 2021 to second place in revenue share. It achieved highest market share ever in Q3 of CY 2022 with a 25% share. The Cupertino giant topped shipment share with 40% phones being iPhones. And, backed by the success of the newly launched iPhone 14 & last year’s iPhone 13, Apple registered a sale of 2 million iPhones in Q4 of 2022.
With the inauguration of new offline Apple stores and the launch of iPhone SE 2022, let’s see what laurels 2023 brings for this coveted brand.
According to Cashify's User Behaviour Survey, Apple stands out as one of the most desired phone brands. An impressive 52% of people express eagerness to upgrade to an Apple iPhone, showcasing the widespread appeal of these devices.
The popularity of Apple iPhones is evident in the refurbished phone market as well. 1 in 3 refurbished phones that were bought from Cashify was an iPhone. In fact, the iPhone XR emerged as the most sought-after refurbished iPhone in 2022.
As per the 2022 buyback data, iPhones accounted for just over 18% of all phones sold to Cashify, making it the second most sold brand. For two consecutive years, 2020 & 2021, iPhone 7 led the list of “Top iPhones sold to Cashify”.
Owing to Cashify’s trade-in partnership with the brand, of all the devices secured by Cashify through trade-ins, a whopping 30% were Apple devices.
Whereas, in 2022, iPhone XR claimed the top spot with a share of 12.81%. iPhone 11 and iPhone 7 followed with shares of 12% and 11.60%, respectively.
For two consecutive years, 2020 & 2021, iPhone 7 led the list of “Top iPhones sold to Cashify”. Whereas, in 2022, iPhone XR claimed the top spot with a share of 12.81%. iPhone 11 and iPhone 7 followed with shares of 12% and 11.60%, respectively.
7.03%
Contrary to its previous trend of launching fewer phones annually, in 2022, OnePlus launched 7 new models.
For OnePlus, 2022 was all about expanding its presence across multiple price bands. With the launch of 7 new models in 2022, Oneplus made 5G access easier. It's no wonder that this brand consistently ranked among the top 5 5G brands in India in 2022.
Despite being a leader of Android flagships, since its inception in 2013, this electronic brand has been a master of creating high-quality technology at an affordable price point.
OnePlus is the third most-preferred brand that people want to buy when they make their future smartphone purchase.
Known for its premium phones in the “number series” and the budget-friendly Nord series, OnePlus has made a concerted effort to make its products accessible to the masses.
OnePlus greeted the first quarter of 2022 with the launch of OnePlus 9RT and OnePlus Nord CE 2 5G. Throughout the year, Nord CE 2 Series was the driving force behind OnePlus's growth, helping it gain a growth of 50% YoY.
As a result of these successes, OnePlus captured the second spot in the affordable premium segment (₹30,000 - ₹45,000) with a 22% market share.
In the refurbished phone segment, OnePlus is the third most popular brand. The brand holds the fifth position among Cashify’s top five contributors in trade-ins. In 2022, OnePlus 7 ranked the third most-sold phone in the ₹10,000 - ₹20,000 price bracket along with being the Best-Selling OnePlus refurbished smartphone at Cashify.
OnePlus also holds a strong presence in the buyback segment of Cashify, accounting for almost 8% of all devices sold to Cashify. Across all OnePlus models, OnePlus 6, just like 2021, remained the most-sold smartphone by customers in 2022 with over 11% sale share. OnePlus Nord and OnePlus 6T were the second and third most-sold phones to Cashify.
Bangalore people sold the most OnePlus phones to Cashify, accounting to almost 13%. Mumbaikars stood close, contributing 11% of all phones sold to Cashify, while Delhiites and Hyderabadis followed next 8% each.
6.92%
A remarkable achievement for the brand was becoming the top player in "Made in India" smartphones with a 22% market share.
In 2022, the BBK Electronics brand, OPPO maintained its position as the fifth-largest smartphone brand in India. However, the brand didn’t see a lucrative beginning in 2022, facing a YoY decline of 18% due to the impact of the Omicron wave on its offline-focused shipments.
In an attempt to boost shipments in the remaining quarters of 2022, the company shifted its focus to higher price tiers with the Reno 7 series, which received a positive response from consumers.
Coupled with several other dedicated strategies, like the launch of Reno 8 Pro in the ultra-premium segment (>₹45,000), the brand revived itself to register quarterly growth. However, despite these efforts, OPPO faced a YoY decline of 7% in Q3 2022.
While the brand remains popular in the new smartphone market, its demand in the refurbished phone market is yet to gain momentum. Currently, Oppo is the 7th most preferred brand among Cashify’s refurb phone buyers and stands 6th in the list of top phone brands traded in by official partnerships. Oppo Reno6 5G was the best-selling refurbished 5G phone that the brand sold.
As per Cashify’s buyback data, Oppo phones contributed a little more than 7%. While Oppo A3s led the list of “Oppo phones most sold to Cashify” with 5.64%, Oppo A5s and F9 Pro secured the 2nd and 3rd position with 4.39% and 3.73%, respectively.
While maximum Oppo phones, nearly 10%, were sold to Cashify by Mumbaikars; Delhiites captured the second place by selling nearly 9% of old Oppo phones to Cashify. Bangaloreans stood at the third position by selling 7%.
The brand kickstarted 2022 on a high note. Along with being named the fastest growing brand of 2021, in the Q1 of 2022, it became the only brand among the top five to experience YoY growth of 40% in Q1.
However, throughout Q2 & Q3 of 2022, Realme remained in the fourth spot, yet maintained the tag of fastest-growing brand among the top five OEMs.
Overall, in 2022, Realme experienced a mixed bag of results, logging a drop of 14% YoY. Several factors contributed to this decline, including accumulating inventory and unfavorable market conditions for the sub-₹10,000 segment which suffered a waning demand.
Despite these challenges, Realme remained focused on growth and launched its number series towards the end of the year, announcing that all Realme phones priced above ₹15,000 shall be 5G-enabled.
In the new smartphone market, 3 out of the top 10 models in the ₹10,000 - ₹15,000 price band were from Realme.
Looking back at Cashify’s 2022 data, Realme’s contribution in buyback saw a decline. While in 2021, 6.60% of all smartphones sold to Cashify were of Realme, in 2022 this number dropped to 4.50%.
Realme 3 Pro led the brand’s buyback numbers at Cashify with 5.83%. Realme 2 Pro and Realme C2 followed closely, making 4.62% & 4.47% respectively in buyback.
Majority of people who sold their Realme devices on Cashify reside in Delhi. Up next on the list were Mumbai, Bangalore and Hyderabad.
In the refurbished phone market, Realme’s popularity is experiencing a gradual growth. Currently, as per Cashify’s data, the brand is the 6th most popular among users when it comes to buying refurbished smartphones. Of all the refurbished smartphones that Cashify sold to customers, 4.10% belonged to Realme.
The Alpha of Smartphone Market
3.04% Samsung Galaxy M21
3 Samsung Smartphones sold by customers to Cashify
Samsung had an impressive performance in the Indian smartphone market in 2022. Despite facing tough competition from some brands, Samsung managed to maintain its position as the second-largest smartphone brand in India for 2022 too.
Launching its flagship S22 Ultra, Samsung was the only smartphone brand among the top five to register an annual growth.
Samsung enjoyed the tag of “the top-selling 5G smartphone brand in India” for five consecutive quarters from Q4 of calendar year 2021 to Q4 of calendar year 2022.
Moreover, it became the top 5G smartphone brand in 2022 with a 21% share.
Overall, in 2022, Samsung led the affordable premium segment and was the fastest-growing brand in the ultra-premium segment (>₹45,000).
Moving on to the refurbished market, Samsung is the fourth most popular refurbished brand at Cashify. The refurbished Samsung phone that’s most bought by customers is its Galaxy S21 Ultra 5G. As per Cashify’s data, in refurbished, Samsung is the only brand whose 3 out of 5 top-selling models are 5G.
Digging into buyback data, we saw that the share of Samsung devices sold to Cashify had registered a drop of 3%. While in 2022, 11.85% of all phones sold to Cashify were Samsung, in 2021, this number was 15.40%. The data also revealed that among all Samsung phones sold to Cashify by customers, Samsung Galaxy M21 was the leading one with 3.04%, followed by Galaxy A12 and Galaxy J2 which had shares of 2.32% and 2.22%, respectively.
9.60% of Samsung phones that were sold to Cashify were from Mumbai. Next up were Delhi and Bangalore which contributed 8.61% and 8.13%, respectively.
by Cashify
Vivo, one of the leading smartphone manufacturers, several challenges in the Indian smartphone market in 2022, the brand claimed the third position in “India’s Top Smartphone Brands” list.
Although the brand started the year with some instability, it strategized to counter it by converging its focus on increasing its online market share through its sub-brand iQOO and T-series.
The post-pandemic world demands a smart balance of offline and online expansion. Hence, following the footsteps of its parent brand, iQoo (Vivo’s subsidiary brand) also strengthened its hold in the online market.
In the 5G scenario, Vivo held the second spot in 5G smartphone shipments in 2022 with a 17% share, capturing first and second spots in the list in the alternative quarters of 2022. Vivo Y01, one of Vivo’s budget smartphones, was the second best-selling smartphone in the Indian market in Q3 2022.
Cashify’s numbers revealed that Vivo is among the top 5 brands in the refurbished smartphone market. In fact, in trade-in, Vivo contributes almost 10%, placing itself as the fourth largest trade-in partner of Cashify.
In Cashify’s buyback segment, Vivo was the 4th most-sold brand by customers to Cashify. However, its buyback numbers at Cashify saw a spike of 1%. While in 2021, 8.8% of phones that users sold to Cashify were Vivo, in 2022, this number is 9.87%.
Among the cities that sold Vivo phones to Cashify, Delhi ranked first with 8.82% of the sales, while Mumbai and Bangalore followed with 8.25% and 7.14%, respectively. Vivo S1 emerged as the top phone sold to Cashify by customers followed by Vivo V9 and Y12.
For the past 5 years, which accounts to 20 quarters, Xiaomi has consistently been the top brand of India’s smartphone market. However, in 2022, the brand tumbled to the 3rd position when Samsung climbed to the top in Q4 of 2022.
This last-moment setback didn’t hamper the brand’s year-long effort and the brand remained the top brand in India’s smartphone market despite a 24% YoY decline. It also registered the second-highest 5G shipments compared to other brands in Q1 of Calendar Year 2022.
In Q2 and Q3 of 2022, Xiaomi faced a gigantic 26% and 19% YoY decline, respectively. Wading through everything that tried to pull down Xiaomi, it retained its top position in the Indian smartphone market in 2022.
Xiaomi has been leading the refurbished smartphone market as well with almost 2 in 5 refurbished phones that Cashify sold belonging to Xiaomi.
Additionally, among all phones, Xiaomi is the second biggest contributor in trade-ins, with over 1 in 4 phones.
Among all refurbished Xiaomi phones that Cashify sold to consumers, Redmi Note 7 Pro (4 GB/64 GB) led the league with a 13% share. Next up were Xiaomi Redmi 6A (2 GB/16 GB) and Note 7 Pro (6 GB/128 GB) with 8% and 4.15%, respectively.
Coming to buyback, like every other year, Xiaomi was the top resold brand at Cashify. As per Cashify’s data, 26.51% of all phones that customers sold to Cashify were from Xiaomi. This is 1.5% more than Xiaomi’s 2021 buyback share.
The national capital Delhi sold maximum Xiaomi phones to Cashify with a share of 9.44%, followed by Mumbai, Bangalore and Hyderabad lodging a share of 8.31%, 7.73%, 5.66%, respectively.
Only 3 in 5
of those who said they knew about refurbished knew its correct definition
Top reason for not buying refurbished phones
Over 49% people
have at least 1 phone that is over 3 years old and needs repair
prefer to buy a new phone said they’ll get it repairedt
Delhi
Over 9 lakh
3 in 5 got maximum number of phones repaired
people wanted to get their phones repaired in 2022
“Never thought of it”
If given a chance to get damaged phones repaired
