Electronic Equipment Repair Service Market size is set to gain momentum over 2021-2027, given the rising demand for electronic products like laptops in various developing economies. However, the growing interest in purchase of electronic products has subsequently resulted in increased cases of failure in their functions. Average consumer electronics are likely to witness a failure rate of nearly 5% over the course of a year, which will boost the demand for electronic device repair services.
Electronic device repair refers to the process of troubleshooting a piece of malfunctioning equipment to effectively repair it. Electronic repair technicians focus on consistently testing and maintaining the equipment to reduce instances of breaking down, by gaining a significant understanding of the operation and structure of the electrical components like diodes and capacitors.
Rising prominence of refurbished business for electronic devices is one of the major factors fostering the electronic equipment repair service market trends. For example, a refurbished product marketplace namely Flipkart’s 2GUD.com had nearly 2.5 million product listings in 2020, out of which, 3-4% consisted of refurbished electronic goods including mobile phones and TVs. In addition, rising concern regarding the rapid generation of e-waste worldwide will further create lucrative growth opportunities for the industry over the foreseeable future.
On the basis of end use, the market share from residential applications is poised to depict a high growth rate through 2027, as a result of the growing adoption of TVs, refrigerators, and other consumer electronic devices in this sector. Moreover, robust demand for electronics and appliances to equip homes with the latest technologies, while consumers continue to work from home during the pandemic will also fuel the segment expansion in the coming years.
From a regional perspective, the Asia Pacific electronic equipment repair service market will witness appreciable growth by 2027. This is a result of the implementation of favorable policies, such as a production-linked incentive scheme to support electronics manufacturers in India. The appliances and consumer electronics sector in India is projected to register $200 billion in revenue by 2025. Considerable surge in electronic device sales and the subsequent expansion of electronic repairing centers will thus bolster the regional growth.
The competitive landscape of the electronic equipment repair service market comprises of companies such as Electronix Services Ltd., iCracked Inc. (SquareTrade), and Encompass Supply Chain Solutions, Inc., among others. These firms are focusing on strategic partnerships, acquisitions, and new service launches to sustain their strong position across the global market. For instance, Encompass Supply Chain Solutions finalized an agreement with Element Electronics in June 2021. The deal has been struck with an objective to offer repair parts support for the consumer electronics company’s home refrigeration products.
Declining Sales of Non-Essential Products Amid COVID-19 To Influence Electronic Equipment Repair Service Market Trends:
The ongoing coronavirus pandemic has had a wide-ranging impact on the production of consumer electronics across the globe. During the crisis, consumers began rapidly shifting their preference from non-essential products like TVs, to necessities like food and cleaning products. Declining disposable incomes as well as depressed consumer sentiment have affected interest in consumer electronics and in turn, created hindrance to electronic repair services demand in recent times.
Despite the reduced sales of non-essential electronics, some categories including computers and other peripherals are expected to benefit from the pandemic, owing to the substantial growth of remote working. Sales of desktop computers and laptops, for instance, grew substantially in 2020. This burgeoning reliance on electronic communication devices in the pandemic era may thus help the industry regain traction in the upcoming years.
The electronic equipment repair service market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2021 to 2027 for the following segments:
Market, By Product
Market, By Application
The above information has been provided for the following regions and countries: