According to the market analysis report by Future Market Insights (FMI), the electronic equipment repair service market is forecasted to reach a net worth of US$ 228.2 Bn in 2032 growing up from US$ 110.9 Bn in 2021. It is estimated to witness an impressive CAGR of 6.5% through these years.
With the improving economic conditions and development of worldwide electricity network systems there has been a significant increase in the volume of electronic devices and appliances. The amount of electronic device repair services has also surged along with it, making it an attractive business around the world.
Industrial automation in various sectors has also increased the demand for electronic equipment that is prone to frequent malfunctions and breakdowns. Industrial electronic equipment repair service is anticipated to augment the market size further along with the introduction of the fourth industrial revolution or IR 4.0 during the forecast years.
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Portable smart devices with an internet connection have become an essential part of any modern-day individual. So many electronic device repair facilities have emerged in local markets. In this regard, the market for electronic equipment repair services is expected to experience huge growth with the institutionalization of such facilities.
The report also analyses the market survey obtained during the Covid-19 pandemic, which had a severe impact on the growth of the market system providing services for fixing electronic devices. It has been observed that the growth rate dipped down from 7.8% recorded during the years 2015 to 2021.
“In recent, there has been a rise in the volume of refurbished electronic devices and gadgets over the e-commerce platforms. Opening up of such new business opportunities is expected to further boost the demand for electronic equipment repair service market in the coming days.”
With the growth in electronic manufacturing companies in South East Asian countries, the availability of cheap electronic devices has increased in the local markets all across the Middle-income countries.
This factor is anticipated to have some negative impacts on the electronic equipment repair warranty services as per the market analysis report.
Key Takeaways
- Over the forecast period of 2022 to 2032, the global electronic equipment repair service market share is expected to observe an absolute dollar growth of US$ 107 Bn and reach a valuation of US$ 228.2 Bn.
- As per the market analysis report, consumer electronics is the most attractive segment for the electronic equipment repair service market that is predicted to witness a growth rate of 7.1% over the forecast years.
- Among the different geographical regions, Europe is the leading market for fixing electronic devices with an expected to be valued at around US$ 68.6 Bn, recording a CAGR of 6.5% during the forecast time period.
- Asia Pacific countries are emerging as new leaders in the residential electronic equipment market owing to the highest growth rate of China, which is expected to reach a valuation of nearly US$ 25.2 Bn by the end of the year 2032.
- The American electronic equipment repair service market was estimated to be valued at US$ 13.9 Bn in the year 2021 and is expected to grow at a CAGR of 6.5% through the forecast years.
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Competitive Landscape
The major players operating in the global glaucoma treatment market include Encompass Supply Chain Solutions, uBreakFix, iCracked, Inc., Moduslink Global Solutions, Medtronix Inc., the Cableshope Inc., Redington services, B2X Care Solutions GMBH.
Electronic appliances manufacturing companies are enthusiastically providing repair service warranty services for their customers these days. The adoption of such business models has made the American electronic equipment repair service market highly competitive.
Long-term agreements of industrial electronic equipment repair service companies with various established industries are the major strategy adopted by top companies.
Collaboration with hospitals for providing healthcare medical device repair services is also turning out to be a remunerative option for some market players these days.
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