The wholesale used phones sector has been growing tremendously in recent years as a result of declining prices and increased competition from lower-cost new smartphones. The IDC predicts that the used smartphones market will grow at a compound annual growth rate CAGR of 11.2% from 2019 to 2024. Mordor’s latest report on the state of the used and refurbished smartphone market goes further to forecast a CAGR of 10.25% during the period of 2022 to 2027, estimating that the market will reach 459.86 million units by 2027. This is in line with the 351.6 million units that the IDC predicts will be shipped in 2024.