Electronic Equipment Repair Service Market is anticipated to expand at a CAGR of 8.5% by 2024

Global Electronic Equipment Repair Service Market: Snapshot

The global electronic equipment repair service market is currently being driven by the large number of innovative electronics equipment reaching the commercial markets. This is propelling the demand for electronic equipment repair services from both companies and single point service individuals across the world. Furthermore, the global demand for refurbished electronics products is growing at a fast rate due to consumers from developing economies where price is a greater concern than other aspects. The wide scope of the global electronic equipment repair service market in refurbishing electronics is anticipated to push it further. Developing economies, especially the ones from Asia Pacific, are showing a phenomenal rate of growth in consumption of electronic devices. The global electronic equipment repair service market is, however, being restricted by the negative reaction of consumers to poor quality or repairs or the use of duplicate spare parts, along with an overall shift in consumer behavior towards buying new electronic equipment rather than repairing older ones.

The global electronic equipment repair service market is expected to reach US$147.24 bn by 2024. The market is anticipated to expand at a CAGR of 8.5% during the period from 2016 to 2024. By the end of 2016, this market’s revenue is expected to reach US$76.7 bn.

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Europe Dominates in Global Demand for Electronic Equipment Repair Services

Geographically speaking, the global electronic equipment repair service market was led by Europe in 2015, when the region held a share of nearly 30% in the market’s revenue. The growing focus by government bodies through regulatory guidance for the promotion of better e-waste management processes has amplified the electronic equipment repairing and recycling activities here. Additionally, the growing adoption of electronic equipment in Europe is being accomplished through continuous innovation efforts and technological advancements in the electronics industry.

North America was second in terms of overall demand volume in the global electronic equipment repair service market for 2015. Consumer electronics repair held the leading share within the North American market among all applications. Asia Pacific, on the other hand, is projected to expand at a leading CAGR of 8.8% between 2016 and 2024 in the global electronic equipment repair service market, owing to a phenomenal rate of adoption of smart phones and tablets. China is likely to be leading contributor region’s electronic equipment repair service market over the forecast period. The Middle East and Africa (MEA) and South America are also expected to show a favorable growth rate in the global electronic equipment repair service market over the coming years.

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Smartphone Repair Bags Top Place Among Consumer Electronics Devices Repair Services

Based on products, the global electronic equipment repair service market can be segmented into consumer electronics repair, computer and related products repair, and a collective minority of other repair types. Consumer electronics repair is further segregated into smartphones, mobile phones, televisions and set-top boxes. Smartphones are highly likely to observe an exceptionally strong growth rate within the global electronic equipment repair service market, primarily due to a growing adoption rate of smartphones in developing economies. Computers and related products electronic equipment repair service is further divided into notebooks, tablets and desktop PCs. Large-scale adoption rates attributed to technological development in electronics is likely to attract more users towards these devices, further increasing the scope of applying repair services to these segments.

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