Press release
Consumer Electronics Repair and Maintenance Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, Outlook
Consumer Electronics Repair and Maintenance Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $9.88 billion In 2028 At A CAGR Of 2.5% :
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.
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Consumer Electronics Repair and Maintenance Market Major Segments
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
Key Driver - Rising Equipment Failure Rates Drive 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 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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Prominent Trend - Augmented Reality Revolutionizes Consumer Electronics Repair And Maintenance Market
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.
Consumer Electronics Repair and Maintenance Market Players
Major companies operating in the consumer electronics repair and maintenance market report are Redington, uBreakiFix, B2X CARE SOLUTIONS GMBH, Encompass Supply Chain Solutions Inc, Onsitego, The Allstate Corporation, Global Electronic Services Inc., Electronix Services, MicroFirst Gaming Inc., Quest International Inc., Serviceman India, Urban Company, Star Electronics Service, Kanto Camera Service, CND Electronic Technology (Shenzhen) Co. Ltd, Anhui LeedeTech Co. Ltd., Shenzhen Xieyuanxin Optoelectronics Co. Ltd., Moduslink, Repair World Direct, Square Trade, The IRP company, Feba Electronics Repair Service, Mendtronix Inc., The Cableshoppe Inc.
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Largest And Fastest Growing Region In The Market
Western Europe was the largest region in the consumer electronics repair and maintenance market share in 2023. Asia-Pacific was the second-largest region in the global consumer electronics repair and maintenance market. 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, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Consumer Electronics Repair and Maintenance Market Report Structure
3. Consumer Electronics Repair and Maintenance Market Trends And Strategies
4. Consumer Electronics Repair and Maintenance Market - Macro Economic Scenario
5. Consumer Electronics Repair and Maintenance Market Size And Growth
…..
27. Consumer Electronics Repair and Maintenance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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