Changing consumer preferences for electronic equipment repair service, increasing innovation, and growing urbanization and technological advancement are the leading factors that are driving the global electronic equipment repair service market during the forecast period.
Global electronic equipment repair service market grew at a significant pace in the past few years and is expected to register strong growth in the coming years as well, owing to increasing dependence on electronic equipment and equipment failure, and changing preferences of young and dynamic population that is highly active towards technology. Furthermore, growing demand of refurbished electronic equipment, government initiatives towards e-waste management and availability of electronic equipment insurance facility are a few other reasons driving the global electronic equipment repair service market.
The coronavirus pandemic had a wide-ranging impact on the production of electronic equipment across the globe. During the pandemic, consumers began shifting their preference temporarily from non-essential products like TVs, refrigerators, air conditioners, etc. to necessities like healthy food, immunity boosters and cleaning products. Due to the lockdown, declining disposable income as well as weak consumer sentiment adversely impacted buying interest for new electronic equipment. The demand for electronic equipment repair services reduced as well during the pandemic.
The demand for electronic equipment repair services is augmenting due to the increasing electronic equipment failure rates. The electronic equipment failure rates are increasing due to several problems such as rising temperature, current or voltage, ionizing radiation, mechanical shock, poor quality of spare parts, overuse of electronic products, and many other causes. Most people in developing countries like India and Brazil prefer repair services of electronic equipment in place of purchasing new electronic equipment, resulting in the growth of global electronic equipment repair service market.
Browse 139 Figures spread through 182 Pages and an in-depth TOC on "Global Electronic Equipment Repair Service Market"
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The global electronic equipment repair service market is segmented in terms of product type, service type, end use, region, and company. In terms of product type, the global electronic equipment repair service market can be segmented into consumer electronics, home appliances, industrial equipment, medical equipment, and others.
Among these, consumer electronics has dominated the global electronic equipment repair service market with the majority of market share in 2020, as modern homes have many electrical appliances which commonly include dryers, dishwasher machines, freezers, microwave ovens, etc. However, in this digital era, everyone is busy in their work-life and do not have sufficient time for fixing their electronic equipment issues at the repair shops due to which companies are coming up with in-home electronic equipment repair services for the customers, which is convenient for most of the consumers. Therefore, companies have started shifting their focus on in-home repair services.
In terms of region, the global electronic equipment repair service market is divided into North America, Asia-Pacific, Europe, South America, and Middle East & Africa. Among these, the Asia Pacific region is projected to hold the largest market share in the global electronic equipment repair service market in 2020, owing to the availability of cheap labor costs, increasing urbanization, rising population, changing preferences, and increasing disposable income.
Additionally, government regulations for e-waste management are also driving the growth in the electronic equipment repair service market in the region. Various major market players are setting up their manufacturing plants and outlets in this region to save the transportation duration and excel against their competitors.
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Quest International Inc., B2X Care Solutions GmbH, Redington (India) Limited, Asurion LLC (uBreakiFix), Transform SR Brands LLC. (Sears Home Services), Mendtronix Inc., Global Electronic Services, Inc., MicroFirst Gaming Inc., The CableShoppe Inc (CSI), ACS Industrial Services, Inc., etc. are some of the leading players operating in the global electronic equipment repair service market. Major companies are expanding their manufacturing bases in developing countries to meet rising demand across the developing countries in North America, Asia-Pacific, Europe, Middle East and Africa, and South America.
“Electronic equipment is important as they add comfort to everyone’s lives. However, there are many electronic equipment that are used at home or office to achieve many daily chores easily. Thus, the demand for electronic equipment has increased. In developing countries like India, Vietnam and Indonesia, people are very price-sensitive, making it difficult for them to afford expensive or new electronic equipment. Therefore, there is increased demand electronic equipment repair services.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Electronic Equipment Repair Service Market By Product Type (Consumer Electronics, Home Appliances, Industrial Equipment, Medical Equipment and Others), By Service Type (In Warranty v/s Out of Warranty), By End Use (Commercial v/s Residential), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global electronic equipment repair service market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global electronic equipment repair service market.
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