info.afrindex.com
China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
Photo from Vanguard
Mobile phone users in Africa have grown rapidly in recent years, especially in sub-Saharan Africa, and Nigeria remains the largest telecommunications market in Africa.
The fairly used phone market has also been booming due to the volume of imported fairly used phones from different parts of the world, especially, United States of America, United Kingdom and China.
In 2016, the fairly used phone market was said to be worth $17billion with 50 percent growth year-on year (YoY), in units according to a survey.
The market was also predicted to grow four to five times faster than the overall new phones market.
The survey predicted further that in 2016 consumers sold or traded approximately 120 million used phones at an average value of $140 (N42,000) per device, a marked increase from the 80 million fairly used phones traded in 2015 worth $11 billion, an average value of $135, (N27, 000).
It also predicted that the practice of selling fairly used phones will rise further by 2020 as both consumers and suppliers increasingly embrace the practice of selling or acquiring fairly used phones.
In many developed markets,the options for selling a device is steadily growing, ranging from companies specializing in acquiring second-hand devices to manufacturers offering leasing options
The boom in fairly used phone market has prompted a fight back by new phone manufacturers, coming up with low end phones to counter the low price of fairly used phones.
