According to a TMR market report by Trends Market Research titled ‘Electronic equipment repair service – Global Industry Analysis, Size, Share, Trends and Outlook, 2018-2028 ‘The Global Electronic Equipment Repair Services Market is Expected to Reach US$XX Billion by 2028, Growing at a CAGR by XX% from 2018 to 2028. Europe held a major share of the electronic equipment repair services market in 2017.
The adoption of electronic equipment has increased across the region due to continuous innovations and technological advancements in electronic equipment technologies. Electronic equipment such as consumer electronics, household appliances, medical equipment, and industrial equipment require maintenance and servicing to extend their lifespan. This is expected to drive the electronic equipment repair services market over the forecast period. Additionally, increasing demand for refurbished electronic equipment in developing regions is a major factor expected to drive the electronic equipment repair market in the coming years. All these factors are expected to drive the electronic equipment repair services market over the forecast period.
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However, a shift in consumer behavior towards purchasing new products and poor quality or duplicate spare parts is expected to hamper the expansion of the electronic equipment repair services market over the forecast period.
The consumer electronics segment is expected to grow at a rapid CAGR as consumers are more likely to repair or refurbish their current devices instead of investing in new equipment. This is expected to fuel the expansion of the electronic equipment repair services market in the coming years. In the consumer electronics segment, the smart phones and mobile phones sub-segment holds a major share of the market, followed by the television and other segments (music players, routers, etc.). The growing reliance of modern individuals on the internet in daily life has created a need for portable connected devices that enable internet access anywhere and anytime. In this regard, smartphones offer internet connectivity on the go along with the advantages of traditional mobile phones or feature phones. Due to these factors, the smartphone and cellphone segment is expected to maintain its market share during the forecast period.
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The market in Asia-Pacific is expected to grow at a rapid CAGR compared to other regions owing to increasing urbanization and rising population over the forecast period. The China Electronic Equipment Repair Services Market is anticipated to be valued at XX Billion US$ by 2028 and is projected to expand at a CAGR of XX% during the forecast period. Since repair service providers offer a wide range of services including equipment insurance and warranty, the electronic equipment repair service market is expected to witness significant expansion opportunities in the coming years. to come. In addition, service providers offer advanced repair solutions and maintenance services to consumers, which has led to the expansion of the out-of-warranty segment in different regions.
In terms of end-use, the residential segment held a large market share of around 75.36% of the global electronic equipment repair services market in 2017. Government regulations on e-waste management are supporting the business repair and recycling of electronic equipment worldwide. Moreover, increasing adoption of electronic equipment insurance is expected to accelerate the market for electronic equipment repair services in the near future. All these factors are expected to drive the overall electronic equipment repair services market between 2018 and 2028.
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Companies in the equipment repair services market are focused on long-term growth through value-added services for customers. The company profiles section of the report includes an overview of the company, major business strategies adopted, and key developments. Key players in the electronic equipment repair services market include Encompass Supply Chain Solutions Inc., uBreakiFix, iCracked, Inc., Moduslink Global Solutions, Mendtronix Inc., The Cableshoppe Inc., Redington Services, Electronix Services, B2X CARE SOLUTIONS GMBH, MicroFirst Gaming Inc., and Global Electronic Services, Inc.”
