$21.6 billion growth expected in Consumer Electronics Repair And Maintenance Market | Encompass Supply Chain Solutions, Inc., UrbanClap Technologies Private limited, Asurion

High cost of consumer electronics repair and maintenance among developed countries such as US, Germany, UK, and other European countries are forcing corporate companies to send their devices in developed countries such as India, Brazil, and others. These developed countries provide repair services at lower prices owing to cost arbitrage and skills. This will create and boost employment growth in emerging economies in repair and calibration of the electronic sector. Furthermore, the market for consumer electronics repair and maintenance is expected to boost in the Asia-Pacific market due to a huge number of mobile users. Moreover, the incorporation of new technology to enhance the quality of service is likely to promote sustainability and result in the consumer electronics repair and maintenance market growth in the upcoming years.

According to a new report published by Allied Market Research, titled, "Consumer Electronics Repair And Maintenance Market," The consumer electronics repair and maintenance market size was valued at $15.3 billion in 2021, and consumer electronics repair and maintenance industry is estimated to reach $21.6 billion by 2031, growing at a CAGR of 3.6% from 2022 to 2031.

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Service providers in the unorganized sector are often tiny, independently owned businesses with few employees that are primarily found in rural and populated areas. These unorganized sector service providers are widely accessible across the globe. In developing nations, many families there fall into the middle- or lower-income bracket. Customers in the middle-income and lower-income groups sometimes cannot afford the high cost of approved service facilities and instead choose less expensive options available in the unorganized sector. They can be any individual technician, electrician, or service provider who offers on-site assistance, as well as any proprietor of a small mobile repair business. Despite the fact that families' purchasing power is growing, they are unable to invest a significant amount of money in repair and maintenance services. With shifting consumer patterns in smaller cities and towns, unorganized sector service providers have promising chances to grow their clients and strengthen their operations in local markets. Thus, the presence of unorganized sector will hamper the consumer electronics repair and maintenance market growth.

One of the primary drivers for the increase in consumer electronics repair and maintenance market demand is the improvement in the quality repair work by players across the globe. Many new market players are expected to enter the consumer electronics repair and maintenance market over the forecast period, attracted by profitable growth and high-profit margins. The demand for consumer electronics repair and maintenance has seen a multifold increase in the past four years, especially in the developed countries of North America and Europe regions including but not limited to the U.S., Canada, the UK, and Germany. Thus, the high quality along with the increase in service demand are some of the major consumer electronics repair and maintenance market trends.

The consumer electronics repair and maintenance market analysis is done on the basis of equipment type, end-user, service type, and region. Based on equipment type, the market is categorized into mobile, PC, washing machine, refrigerators, and others. According to the end user, it is fragmented into residential and commercial. As per service type, the market is categorized into in-warranty and out-of-warranty. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and the rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, South Africa, and the rest of LAMEA).

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TABLE OF CONTENT :-
CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.3. Porter's five forces analysis
3.3.1. Bargaining power of suppliers
3.3.2. Bargaining power of buyers
3.3.3. Threat of substitutes
3.3.4. Threat of new entrants
3.3.5. Intensity of rivalry
3.4. Market dynamics
3.4.1. Drivers
3.4.1.1. Increase in digitization
3.4.1.2. Rise in the use of consumer electronic goods
3.4.1.3. Predictive maintenance

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