Global Consumer Electronics Repair and Maintenance Market Report 2022 – Market Forecast, Trends And Strategies
22 Feb, 2022
The global consumer electronics repair and maintenance market size is expected to grow from $7.98 billion in 2021 to $8.38 billion in 2022 at a compound annual growth rate (CAGR) of 5.1%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The consumer electronics repair and maintenance market is expected to reach $9.60 billion in 2026 at a CAGR of 3.5%.
What is the Global Consumer Electronics Repair and Maintenance Market?
The consumer electronics repair and maintenance market consists of sales of consumer electronics repair and maintenance services by entities (organizations, sole traders and partnerships) that are 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. Only goods and services traded between entities or sold to end consumers are included.
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What drives the Global Consumer Electronics Repair and Maintenance Market?
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 the products of the company that offers repair manual, 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 for repairing devices. The European Commission is all set to discuss eco-design regulation for smartphones from 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 consumer electronics repair and maintenance market.
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https://www.thebusinessresearchcompany.com/report/consumer-electronics-repair-and-maintenance-global-market-reportGlobal Consumer Electronics Repair and Maintenance Market Segments
The global consumer electronics repair and maintenance market is segmented:
By Type: Loudspeakers and Sound Bars, Microphones, Amplifiers and Mixers, Music Players and Other Devices, Televisions, Video Players, Video Cameras
By Service Type: In-Warranty, Out of Warranty
By End User: Industrial and Commercial, Residential
By Geography: 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, and Africa.
Consumer Electronics Repair and Maintenance Global Market Report 2022provides market size and growth forecasts for the global consumer electronics repair and maintenance market, global consumer electronics repair and maintenance market share, consumer electronics repair and maintenance market segments and geographies, consumer electronics repair and maintenance market competitive landscape including leading competitors’ revenues, profiles and market shares. The consumer electronics repair and maintenance market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Consumer Electronics Repair and Maintenance Industry Playersinclude Encompass Supply Chain Solutions Inc, Electronix Services, iCracked Inc, Mendtronix Inc, Moduslink Global Solutions, MicroFirst Gaming Inc, Quest International, Inc, The Cableshoppe Inc, uBreakiFix, B2X CARE SOLUTIONS GMBH, Redington Services and Repair World Direct. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.