Apple's iPhone business extends beyond new product sales, incorporating significant revenue from second-hand devices and services. Morgan Stanley estimates an annual service revenue of $72 per user. The growing acceptance of refurbished smartphones is notable, with IDC forecasting a 5% annual growth in the used smartphone market. This trend resonates with consumers seeking quality at affordable prices while considering the environmental impact. The used smartphone market was valued at $72.9 billion in 2023, underlining the central role of companies like Apple and Samsung in this expanding sector, reflective of broader economic conditions and preferences for sustainability.
The second-user smartphone market is growing rapidly, with an estimated value of $72.9 billion in 2023, driven by consumer demand for affordability and sustainability.
Apple's services revenue is a key driver of income, expected to generate around $72 per user annually from services tied to both new and second-hand devices.
As consumers become more environmentally conscious, a significant percentage are turning to refurbished devices, contributing to a more sustainable circular economy.
Predictions indicate that the used smartphone market will grow at a rate of 5% per year, outpacing new smartphone sales globally.
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