Electronic Equipment Repair Service Market to increase rapidly by 2024

Names such as Redington Service, uBreakiFix, and Encompass Chain Solutions, Inc. have dominated the global electronic equipment repair service market in 2015. They have gathered a very high rate of growth as well as strong existing positions in the market’s key regions. At the same time, players such as The Cableshoppe Inc., and Moduslink Global Solutions are some of the more promising players in the global electronic equipment repair service market for the coming years.

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As derived from the recent report released by Transparency Market Research, the global electronic equipment repair service market is expected to witness a very high rate of competition over the coming years, due to the sheer volume of entrants that have established themselves both regionally and globally. The entry barriers to the global electronic equipment repair service market are very low and the overall scope of growth in the market is encouraging more players to join in. At the same time, there is expected to be a high rate of consolidation within the market as well as mergers and partnerships of repairing companies with electronic device manufacturers. The global electronic equipment repair service market is expected to reach US$76.7 bn by the end of 2016. Its revenue is slated to expand at a very positive CAGR of 8.5% within the forecast period from 2016 to 2024, eventually reaching US$147.2 bn in 2024.

Electronics Repair Services Looking Forward to Heavy Adoption Rates of Devices

“The end users of electronics equipment are growing not only in numbers, but are also showing a high tendency of owning multiple electronic devices for different uses. This applies to both industrial applications as well as common consumer level purchases of electronic equipment. It overall forms the leading factor promoting the need for more players as well as better services from the global electronic equipment repair service market,” states a TMR analyst. Technological advancements will work in the favor of the global electronic equipment repair service market in both ways: allowing a greater usage of electronic devices and allowing players to offer better repair services.

As stated in the GSMA Mobile Economy Report of 2016, the global rate of penetration of the smartphone markets is expected to reach as high as 72% by the end of 2020. Additionally, the report states that the emerging economies are expected to show a staggering 90% rate of adoption from the global adoption rate. Till 2020, India alone is expected to add nearly half a billion smartphone users to the global user pool. This shows the massive opportunity that the global electronic equipment repair service market holds in emerging economies.

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Repairs could Lose Debate against Replacement of Devices

One of the key factors stifling the global electronic equipment repair service market currently is the growing user tendency of simply replacing a broken device rather than repairing it. This is largely due to the easy availability of a new electronic device replacement, the fast rate at which technologies such as smartphones and computers are evolving, and the overall personal convenience of disposing older devices. Repairs, reuse, and even research for repair actions are getting marginalized by the high costs of repairing equipment as well as added labor costs. Even from a manufacturer’s angle, it becomes easier to replace a broken device within warranty rather than repairing it, due to the increasing streamlined manufacturing processes. At the same time, users are becoming increasing cautious of repairing electronic devices due to the growing cases of duplicate or poor-quality spare parts being used.

“Rather than being an individualized dependent application of the industries of semiconductors and electronics, players from the global electronic equipment repair service market can find a load of new opportunities from the rise in the number of consumers applying for equipment insurance. Electronic device manufacturers are likely to approach third party repair companies to fulfill these insurance contracts. Additionally, the growing scope of e-waste management is ushering in a new field of repairing and reusing electronic devices for their commodity value, thus promoting the greater involvement of the global electronic equipment repair service market,” adds the analyst.

The information presented in this review is based on a Transparency Market Research report, titled, “Electronic Equipment Repair Service Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”

 

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