The Consumer Electronics Repair and Maintenance by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Consumer Electronics Repair and Maintenance, 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.
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.
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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
Consumer electronics repair and maintenance service providers are focusing on leveraging augmented reality (AR) based maintenance and repair procedures. AR is an enhanced version of reality where direct and indirect view of physical world environments are combined with superimposed computer-generated images over a user’s view of the real world. Use of these AR based repair or maintenance procedures allow users to enhance their field of view with real-time digital information. With this information the user can get the step by step instructions on how to repair an asset. For example, US based technology company Dell's new 2022 AR Assistant app uses augmented reality to guide users through step-by-step, at-home repairs or replacements to over 97 different systems in 7 languages. The AR Assistant app allows users to see their devices and guides users on repairing using mixed reality and informational overlays on the machine being repaired, leveraging a smartphone camera. The app also has an augmented clone technology on select systems, which displays a cloned server in any desired space and allows entire 360-degree interaction with a high degree of realism to make at-home repairs easier and less stressful and also reduce waste.
The consumer electronics repair and maintenance market report table of contents includes:
- Executive Summary
- Consumer Electronics Repair and Maintenance Market Characteristics
- Consumer Electronics Repair and Maintenance Market Trends And Strategies
- Consumer Electronics Repair and Maintenance Market - Macro Economic Scenario
- Global Consumer Electronics Repair and Maintenance Market Size and Growth
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- Global Consumer Electronics Repair and Maintenance Market Competitive Benchmarking
- Global Consumer Electronics Repair and Maintenance Market Competitive Dashboard
- Key Mergers And Acquisitions In The Consumer Electronics Repair and Maintenance Market
- Consumer Electronics Repair and Maintenance Market Future Outlook and Potential Analysis
- Appendix
Top 5 Major Key Players Are:
- Redington
- uBreakiFix
- B2X CARE SOLUTIONS GMBH
- Encompass Supply Chain Solutions Inc
- Onsitego
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