Overview and Scope
Consumer electronics repair and maintenance refers to the service of refurbishing and replacing body parts of electronic equipment, gadgets, devices, and appliances that end consumers use for professional and non-professional purposes. These are also engaged in repairing and maintaining consumer electronics such as televisions, stereos, speakers, video recorders, CD and DVD players, radios, and cameras, without retailing new consumer electronics.
Sizing and Forecast
The consumer electronics repair and maintenance market size has grown steadily in recent years. It will grow from $8.69 billion in 2023 to $8.94 billion in 2024 at a compound annual growth rate (CAGR) of 2.9%. The growth in the historic period can be attributed to rise in disposable income, increased environmental concerns for e-waste, growth in e-commerce for consumer electronics, increased internet penetration, strong economic growth in emerging markets and increasing usage of tvs..
The consumer electronics repair and maintenance market size is expected to see steady growth in the next few years. It will grow to $9.88 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%. The growth in the forecast period can be attributed to growing equipment failure rate and cost-benefit associated with repairing old equipment, increasing government regulations for e-waste management, rising adoption of electronic devices, increasing adoption of internet of things (iot), increasing demand for refurbished electronic products, higher purchase cost of some electronic products, uncertain consumer demand for consumer electronics and growing sense of sustainability . Major trends in the forecast period include focusing on adopting iot for their operations to enhance efficiency and to keep track of real-time status of devices, focusing on implementing ar-based procedures to enhance their performance and merging with financial and other electronic component companies to strengthen the financial stability and fast and better performance.
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The consumer electronics repair and maintenance market covered in this report is segmented –
1) By Type: Loudspeakers and Sound Bars, Microphones, Amplifiers and Mixers, Music players and other devices, Televisions, Video Players, Video Cameras.
2) By Service Type: In-warranty, Out of Warranty
3) By End User: Industrial and commercial, Residential
Western Europe was the largest region in the consumer electronics repair and maintenance market share in 2023. Asia-Pacific was the second-largest region in the global consumer electronics repair and maintenance market. The regions covered in the consumer electronics repair and maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
An increase in equipment failure rates and cost benefits of repairing old equipment rather than disposing of them are expected to drive the consumer electronics repair and maintenance market. The branded and non-branded low-cost products regularly flood the market and need repair in some time as they are made with poor quality material or due to regular maintenance. However, research suggests that companies are now taking a different approach, which is building products that could be easily repaired for use as fixing an issue in a gadget is always a cost-effective solution than buying a new one, thereby enhancing the trust of the customer. Customers tend to buy and refer to the products of the company that offers repair manuals, and spare parts and provide assistance and guidance on fixing the product. Apple has begun assembling the older iPhone in India. Companies like iFixit and Repair Cafe are bringing people together to work on repairing devices. The European Commission is all set to discuss eco-design regulations for smartphones in 2021, including access to spare parts and repair information. Therefore, an increase in equipment failure rates and cost benefits of repairing old equipment is promoting the growth of the consumer electronics repair and maintenance market.
Key Industry Players
Major companies operating in the consumer electronics repair and maintenance market report are Redington, uBreakiFix, B2X CARE SOLUTIONS GMBH, Encompass Supply Chain Solutions Inc, Onsitego, The Allstate Corporation, Global Electronic Services Inc., Electronix Services, MicroFirst Gaming Inc., Quest International Inc., Serviceman India, Urban Company, Star Electronics Service, Kanto Camera Service, CND Electronic Technology (Shenzhen) Co. Ltd, Anhui LeedeTech Co. Ltd., Shenzhen Xieyuanxin Optoelectronics Co. Ltd., Moduslink, Repair World Direct, Square Trade, The IRP company, Feba Electronics Repair Service, Mendtronix Inc., The Cableshoppe Inc.
The consumer electronics repair and maintenance market report table of contents includes:
1. Executive Summary
2. Consumer Electronics Repair and Maintenance Characteristics
3. Consumer Electronics Repair and Maintenance Trends And Strategies
4. Consumer Electronics Repair and Maintenance – Macro Economic Scenario
5. Global Consumer Electronics Repair and Maintenance Size and Growth
…..
32. Global Consumer Electronics Repair and Maintenance Competitive Benchmarking
33. Global Consumer Electronics Repair and Maintenance Competitive Dashboard
34. Key Mergers And Acquisitions In The Consumer Electronics Repair and Maintenance
35. Consumer Electronics Repair and Maintenance Future Outlook and Potential Analysis
36. Appendix
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