(MENAFN- PR Newswire) DUBLIN, March 23, 2023 /PRNewswire/ -- The "consumer electronics repair and maintenance global market report 2023" report has been added to
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This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global consumer electronics repair and maintenance market will grow from $8.43 billion in 2022 to $8.72 billion in 2023 at a compound annual growth rate (CAGR) of 3.5%. The consumer electronics repair and maintenance market is expected to grow to $9.64 billion in 2027 at a CAGR of 2.5%.
Major players in the consumer electronics repair and maintenance market are Encompass Supply Chain Solutions Inc, Electronix Services, iCracked Inc, Mendtronix Inc, Moduslink Global Solutions, MicroFirst Gaming Inc, Quest International, Inc, The Cableshoppe Inc, uBreakiFix, B2X CARE SOLUTIONS GMBH, Redington Services, and Repair World Direct.
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The consumer electronics repair and maintenance market consists of revenues earned by entities engaged in repairing and maintaining consumer electronics, such as televisions, stereos, speakers, video recorders, CD and DVD players, radios, and cameras, without retailing new consumer electronics. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Consumer electronics repair and maintenance refers to the service of refurbishing and replacing body parts of electronic equipment, gadgets, devices, and appliances that end consumers use for professional and non-professional purposes. These are also engaged in repairing and maintaining consumer electronics such as televisions, stereos, speakers, video recorders, CD and DVD players, radios, and cameras, without retailing new consumer electronics.
Western Europe was the largest region in the consumer electronics repair and maintenance market in 2022. Asia Pacific was the second-largest region in the consumer electronics repair and maintenance market. The regions covered in the consumer electronics repair and maintenance reports are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of consumer electronics repair and maintenance are loudspeakers and sound bars, microphones, amplifiers and mixers, music players and other devices, televisions, video players, and video cameras. A microphone is a device that converts airborne sound waves into electrical signals or records them on a recording medium. The different service types include in-warranty, and warranty and are used by various verticals such as industrial and commercial, and residential.
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 consumer electronics repair and maintenance market.
The COVID-19 pandemic has significantly impacted the consumer electronics repair and maintenance industry as governments across the globe have imposed lockdowns and put restrictions on non-essential services to prevent the spread of the virus. Repair and maintenance services hugely depend on labor and the availability of labor during this pandemic is a big challenge.
The repair industry across countries such as the US, the UK, Germany, Italy, the Middle East, and India has also witnessed an increase in labor costs due to labor shortages during the lockdown. The repairing industry, in general, fixes around 25 million electronic appliances in a month, but due to lockdown and social distancing norms, the products are expected to pile up for repair. Besides, the supply chain disruptions in various countries have made it difficult to find spare components for mobile and other electronic appliances making consumers wait longer for availing of services.
The countries covered in the consumer electronics repair and maintenance market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Key Topics Covered:
1. Executive Summary
2. Consumer Electronics Repair And Maintenance Market Characteristics
3. Consumer Electronics Repair And Maintenance Market Trends And Strategies
4. Consumer Electronics Repair And Maintenance Market - Macro Economic Scenario
4.1 COVID-19 Impact On Consumer Electronics Repair And Maintenance Market
4.2 Ukraine-Russia War Impact On Consumer Electronics Repair And Maintenance Market
4.3 Impact Of High Inflation On Consumer Electronics Repair And Maintenance Market
5. Consumer Electronics Repair And Maintenance Market Size And Growth
5.1. Global Consumer Electronics Repair And Maintenance Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Consumer Electronics Repair And Maintenance Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Consumer Electronics Repair And Maintenance Market Segmentation
6.1. Global Consumer Electronics Repair And Maintenance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Loudspeakers and Sound Bars Microphones Amplifiers and Mixers Music players and other devices Televisions Video Players Video Cameras
6.2. Global Consumer Electronics Repair And Maintenance Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
In-warranty Out of Warranty
6.3. Global Consumer Electronics Repair And Maintenance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Industrial/commercial Residential
7. Consumer Electronics Repair And Maintenance Market Regional And Country Analysis
7.1. Global Consumer Electronics Repair And Maintenance Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Consumer Electronics Repair And Maintenance Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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