Electronic Equipment Repair Service Global Market 2024 - Growth Opportunities, Top Countries, Future Trends, Revenue And Forecast 2033
Overview and Scope
Electronic equipment repair
service refers to the services provided by technicians for maintaining,
testing, creating, and repairing electronic equipment. It can include tools,
mechanical components, and computer systems.
Sizing and Forecast
The electronic equipment repair
service market size has grown strongly in recent years. It will grow from
$112.26 billion in 2023 to $121.06 billion in 2024 at a compound annual growth
rate (CAGR) of 7.8%. The growth in the historic period can be
attributed to consumer demand for extended lifespan, shift towards
sustainability, rise in high-value devices, consumer awareness and rights,
industry collaboration..
The electronic equipment repair
service market size is expected to see strong growth in the next few years. It
will grow to $163.2 billion in 2028 at a compound annual growth rate (CAGR) of
7.8%. The growth in the forecast period
can be attributed to rising complexity of electronics, extended product
lifecycles, shift towards circular economy, growing iot and smart devices,
specialized component repair.. Major trends in the forecast period include
collaboration between manufacturers and repair service providers, regulations
and ""right to repair"" movements, advancements in iot
repair solutions, consumer preferences for sustainability, rise in complexity
of electronics..
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Segmentation & Regional
Insights
The electronic equipment repair
service market covered in this report is segmented –
1) By Types: Consumer
Electronics, Home Appliances, Industrial Equipment, Medical Equipment
2) By Warranty Type: In
Warranty, Out of Warranty
3) By End-Users: Commercial
and Industrial, Residential
Asia-Pacific was the largest
region in the electronic equipment repair service market in 2023. The regions
covered in the electronic equipment repair service market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South America,
Middle East, Africa
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Major Driver Impacting Market
Growth
Rising demand for electronic
products is significantly contributing to the growth of the electronic
equipment repair service market going forward. Electronic products refer to any
electronic equipment made to be purchased and utilized regularly for non-commercial
or professional uses by consumers. Electronic equipment repair services are
used for the repair and maintenance of electronic products and consumer
electronics. Most electronic devices used by consumers use flexible
electronics, so as consumer electronics become more popular, market demand
rises as well. For instance, according to published data by StockApps.com, a
Kenya-based website that attempts to inform investors about the various stock
apps available, in 2021, the global consumer electronics revenues were expected
to grow 3.6% year-over-year and hit $1.06 trillion, up from $1.02 trillion in
2020. Therefore, rising demand for electronic products will drive the market
for electronic equipment repair services.
Key Industry Players
Major companies operating in the
electronic equipment repair service market are focused on developing repair
tools such as surface devices to address the growing demand for the
right-to-repair movement. Surface devices refer to a series of personal computing
products designed to offer a versatile and high-performance computing
experience. For instance, in December 2021, Microsoft, a US-based technology
corporation, teamed up with iFixit, a US-based e-commerce and how-to website to
launch its repair tools for Surface devices, allowing authorized service
providers more accessibility for repairs. This partnership launched three new
tools, Surface Display Bonding Frame, Surface Display Debonding Tool, and
Surface Battery Cover for specific repair tasks, such as the Surface Display
Bonding Frame for screen replacement and the Surface Battery Cover for
component protection. While these tools are not available to the general
public, they offer authorized service providers greater independence in
conducting repairs, potentially leading to more competitive pricing.
The electronic equipment repair
service market report table of contents includes:
1. Executive Summary
2. Electronic Equipment Repair
Service Market Characteristics
3. Electronic Equipment Repair
Service Market Trends And Strategies
4. Electronic Equipment Repair
Service Market - Macro Economic Scenario
5. Global Electronic Equipment
Repair Service Market Size and Growth
.....................................
31. Global Electronic Equipment
Repair Service Market Competitive Benchmarking
32. Global Electronic Equipment
Repair Service Market Competitive Dashboard
33. Key Mergers And Acquisitions
In The Electronic Equipment Repair Service Market
34. Electronic Equipment Repair
Service Market Future Outlook and Potential Analysis
35. Appendix
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