What Has Been The Evolution of the Electronic Equipment Repair Service Market in Recent Years?
The electronic equipment repair service market has seen considerable growth due to a variety of factors.
• The market size for the electronic equipment repair service has experienced substantial growth in the past years. It's predicted to expand from $119.95 billion in 2024 to $128.9 billion in 2025, recording a compound annual growth rate (CAGR) of 7.5%. Factors that have contributed to this growth during the historical period include the consumers' desire for prolonging the lifespan of their electronic devices, the shift towards sustainability, the surge in the number of high-value devices, increased consumer awareness and rights, and industry collaboration.
What Is the Forecasted Market Size and Growth Rate for The Electronic Equipment Repair Service Market Size In The Coming Years?
The Electronic Equipment Repair Service market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the market size for electronic equipment repair services is set to experience a significant surge. The projections indicate growth to $176.42 billion by 2029, expanding at a compounded annual growth rate (CAGR) of 8.2%.
This growth during the forecast period is due to factors such as the escalating intricacy of electronic systems, durability of product lifespans, a shift towards a circular economy, the proliferation of IoT and smart devices, and specialized component repair. Key trends during this forecast period encompass collaborations between manufacturers and repair service entities, 'right to repair' movements and regulations, progress in IoT repair techniques, a propensity for sustainability among consumers, and a surge in complexity of electronics.
What Factors Are Driving Growth In The Electronic Equipment Repair Service Market?
The surge in electronic product demand plays a significant part in the electronic equipment repair service market's expansion. Electronic products encompass any electronic devices designed for non-business or professional consumption on a regular basis. Repair and maintenance of electronic products and consumer electronics are facilitated by electronic equipment repair services. With the growing popularity of consumer electronics, which predominantly involve flexible electronics, market demand escalates correspondingly. For example, AMDEA, a UK trade association, reported that over 15 million large appliances and more than 60 million small appliances were sold in the UK in November 2023. This led to a market worth nearly $15.59 billion (£12 billion) per year. Hence, the escalating demand for electronic products propels the growth of the electronic equipment repair services market.
What Are The Main Segments Of The Global Electronic Equipment Repair Service Market?
The electronic equipment repair service market covered in this report is segmented –
1) By Types: Consumer Electronics, Home Appliances, Industrial Equipment, Medical Equipment
2) By Warranty Type: In Warranty, Out Of Warranty
3) By End-Users: Commercial And Industrial, Residential
Subsegments:
1) By Consumer Electronics: Smartphones, Laptops and Computers, Audio And Video Equipment, Gaming Consoles
2) By Home Appliances: Refrigerators, Washing Machines, Microwave Ovens, Air Conditioners
3) By Industrial Equipment: Manufacturing Machinery, Automation Equipment, Power Tools, Heavy Machinery
4) By Medical Equipment: Imaging Devices, Diagnostic Equipment, Patient Monitoring Systems, Surgical Instruments
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What Emerging Trends Are Influencing The Growth Of The Electronic Equipment Repair Service Market?
Leading firms in the electronic equipment repair service market are striving to offer self-service repair with distinctive characteristics such as unfettered access to authentic parts, thereby providing clients with a broader range of secure repair options. Authentic parts are those components or materials that are manufactured, produced, or endorsed by the original equipment manufacturer (OEM) and adhere to the specifications and quality benchmarks set by the OEM. For example, in December 2022, Apple Inc., an American corporation specializing in computers and consumer electronics, rolled out its Self-Service Repair scheme in eight European countries. The scheme lets customers buy original Apple parts and tools for DIY repairs on iPhone 12, iPhone 13, and Mac notebooks equipped with Apple silicon. The Self-Service Repair Store stocks over 200 separate parts and tools, supplemented by repair guides, granting experienced users the same access to resources as Apple Store locations and authorized service providers.
Who Are the Key Players In The Electronic Equipment Repair Service Market?
Major companies operating in the electronic equipment repair service market include:
• B2X Care Solutions GmbH
• Electronix Services
• Encompass Supply Chain Solutions Inc.
• Global Electronic Services Inc.
• Mendtronix Inc.
• Quest International Inc.
• Redington Services
• The Cableshoppe Inc.
• UBIF Franchising Co.
• OTC Industrial Technologies
• Precision Electronic Repair Services
• ACS Industrial Services Inc.
• iFixIt
• Samsung Authorized Service Centers
• LG Authorized Service Centers
• Apple Authorized Service Providers
• Dell Authorized Service Centers
• HP Authorized Service Centers
• Lenovo Authorized Service Centers
• Sony Authorized Service Centers
• Toshiba Authorized Service Centers
• Acer Authorized Service Centers
• Alienware Authorized Service Centers
• Asus Authorized Service Centers
• Belkin Authorized Service Centers
• BenQ Authorized Service Centers
• Bose Authorized Service Centers
What Is The Most Dominant Region In The Electronic Equipment Repair Service Market?
Asia-Pacific was the largest region in the electronic equipment repair service market in 2024. The regions covered in the electronic equipment repair service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
