Used Smartphone Market in India set to grow
Second-hand market for smartphones in India set to grow.
Times of India reports that India, the world's third largest smartphone market, is also a huge market for used handsets and is forecast to generate about $1.7 billion for owners this year, a report by consultancy firm Deloitte said. In its TMT Predictions 2016, Deloitte India said India is estimated to generate about $1.7 billion for smartphone owners at an average value of about $90 in FY 2016 with outright sale or trade-in of approximately 20 million handsets.
"Growing at a CAGR of about 32% till 2020, the used smartphone market is forecast to grow to about 46 million units generating an estimated $4 billion for its owners," it added. India is the world's third largest market for smartphones after China and the US. Analysts expect India to overtake the US market in the next few years, fuelled by high consumption by youngsters and falling data prices. Also, global sales of wearable devices is expected to be approximately 250 million units by 2018 and a major portion of the sales will be driven by North America and Europe.