Insights Into The Consumer Electronics Repair and Maintenance Market’s Growth Potential 2024-2033
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The consumer electronics repair and maintenance market has exhibited steady growth, expanding from $8.69 billion in 2023 to $8.94 billion in 2024, reflecting a compound annual growth rate (CAGR) of 2.9%. The historic period’s growth is attributed to increased disposable income, heightened environmental concerns regarding e-waste, the surge in e-commerce for consumer electronics, enhanced internet penetration, strong economic growth in emerging markets, and the escalating usage of TVs. Looking ahead, the market is projected to sustain steady growth, reaching $9.88 billion in 2028 at a CAGR of 2.5%. The forecast period’s growth can be attributed to a growing equipment failure rate, cost-benefit associated with repairing old equipment, increasing government regulations for e-waste management, the rising adoption of electronic devices, the increasing adoption of the Internet of Things (IoT), the demand for refurbished electronic products, higher purchase costs for some electronic products, uncertain consumer demand for consumer electronics, and a growing sense of sustainability. Notable trends for the forecast period involve a focus on adopting IoT for operations, implementing AR-based procedures for enhanced performance, and merging with financial and other electronic component companies to strengthen financial stability and achieve faster and better performance.
The consumer electronics repair and maintenance market is anticipated to witness growth due to an escalation in equipment failure rates and the cost benefits associated with repairing old equipment rather than disposing of it. Branded and non-branded low-cost products flooding the market often require repair due to poor-quality materials or regular maintenance needs. Companies are shifting towards building products that can be easily repaired, fostering customer trust in cost-effective solutions over purchasing new items. Brands like Apple have started assembling older iPhones in India, and initiatives like iFixit and Repair Cafe bring communities together to work on device repairs. Eco-design regulations for smartphones, including access to spare parts and repair information, are being discussed by the European Commission in 2021. This underscores the market’s growth potential driven by increased equipment failure rates and the economic advantages of repairing old electronic devices.
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What Are The Key Trends That Influence Consumer Electronics Repair and Maintenance Market Share Analysis?
Consumer electronics repair and maintenance services are increasingly utilizing augmented reality (AR) to enhance repair procedures. AR combines real-world views with computer-generated images to provide users with step-by-step repair instructions. For instance, Dell’s 2022 AR Assistant app uses AR to guide users through repairs for over 97 systems in seven languages. The app leverages a smartphone camera to overlay instructions on the device being repaired and includes augmented clone technology for realistic 360-degree interaction, making repairs easier and reducing waste.
Which Market Players Are Driving Growth In The Consumer Electronics Repair and Maintenance Market?
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.
How Is The Global Consumer Electronics Repair and Maintenance Market Segmented?
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
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The Consumer Electronics Repair and Maintenance Global Market Report 2024 provides an overview of the consumer electronics repair and maintenancemarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The consumer electronics repair and maintenance market forecast analyzes consumer electronics repair and maintenance market size, consumer electronics repair and maintenance market share, leading competitor and their market positions.
The Table Of Content For The Consumer Electronics Repair and Maintenance Market Include
1. Consumer Electronics Repair and Maintenance Market Executive Summary
2. Consumer Electronics Repair and Maintenance Market Segments
3. Consumer Electronics Repair and Maintenance Market Size And Template Market Growth Rate
4. Key Consumer Electronics Repair and Maintenance Market Trends
5. Major Consumer Electronics Repair and Maintenance Market Drivers
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25. Key Mergers And Acquisitions In The Consumer Electronics Repair and Maintenance Market
26. Top Consumer Electronics Repair and Maintenance Companies
27. Consumer Electronics Repair and Maintenance Market Opportunities And Strategies
28. Consumer Electronics Repair and Maintenance Market, Conclusions And Recommendations
29. Appendix
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