IDC reports the used smartphone market will exceed $30 billion by 2020. If the research firm’s calculations are correct, the used smartphone device market will grow from 81 million devices in 2015 to 222 million devices in 2020 with an overall CAGR of 22.3 percent. Their report also indicates used smartphones will sell at an average price of $136 in 2020, $100 less than IDC’s anticipated average selling price of $236 for new smartphones in 2019.

The market’s rapid growth is credited to the growing popularity of buyback and trade-in programs worldwide. Because of these programs, consumers have new incentive to pursue used and refurbished smartphones instead of upgrading to the most recently released device.

While the rapid growth of the used smartphone market could be a challenge to OEMs, it represents a positive change for device remarketing and refurbishing specialists everywhere. Used device sellers can expect growth in the years to come.