By 2023, the market for electronic equipment repair services is expected to grow to a value of US$ 129,440.3 million. The market is expected to reach US$ 238,452.7 million by 2033, growing at a 6.3% CAGR.
Prior to 2022, the market was expanding at a strong compound annual growth rate of 5.7%. The market expanded from US$ 97,460.3 million in 2018 to US$ 121,654.4 million in 2022 in terms of value.
The electronic equipment repair service industry is projected to be augmented by strengthened semiconductor manufacturing. To cite an example, President Joe Biden approved the CHIPS and Science Act of 2022 in August 2022. The purpose of this legislation was to bolster local chip manufacturing. The legislation was backed by a total of US$ 53 billion in funding.
Growing importance of refurbished electronic business is projected to be a principal driver for the industry in focus. HyperXchange, which is a refurbished electronics brand, revealed FY2022 to 2023 growth in businesses. The brand cited that increasing demand for refurbished electronics, mainly mobile phones and laptops has led to business growth.
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Over the forecast period, the industry is also projected to witness a surge in concern pertaining to e-waste generation. This is projected to complement the market dynamics in the following years.
Heightened awareness about the role of medical electronics to operate successfully is projected to augment product sales. These are specially designed to find out about health problems. Additionally, they are suitable for imaging systems and medical procedures. Increasing adoption of this equipment is expected to increase the demand for electronic equipment repair services.
In emerging economies, a surge in the execution of production-related incentive schemes and other such conducive policies is projected to augment the market. In line with this, smart electronics manufacturers are also seen concentrating on their footprint expansion.
Key Trends in the Electronic Equipment Repair Service Market
In a rapidly evolving technological landscape, the Electronic Equipment Repair Service Market stands at the forefront, witnessing significant shifts and innovations. As the demand for electronic devices continues to surge, the repair service industry is undergoing transformative changes. Here are the key trends shaping the Electronic Equipment Repair Service Market:
- Rising Demand for Smartphones and Wearables Repair: The proliferation of smartphones and wearable devices has led to an increased demand for repair services. As these gadgets become integral to daily life, consumers are seeking prompt and reliable repair solutions, driving growth in the electronic repair market.
- Specialized Repair Services for High-End Electronics: The emergence of high-end electronic devices, such as premium laptops, gaming consoles, and advanced cameras, has given rise to specialized repair services. Consumers are willing to invest in expert technicians who possess the skills and knowledge to handle intricate repairs for sophisticated electronics.
- Focus on Sustainable Repair Practices: With a growing awareness of environmental sustainability, there is a shift towards eco-friendly repair practices. Repair service providers are adopting sustainable measures, including recycling, refurbishing, and utilizing environmentally friendly components, to align with the global push towards a circular economy.
- Integration of Advanced Technologies: Artificial intelligence (AI) and machine learning (ML) are being integrated into electronic repair services. Predictive maintenance models and diagnostic tools powered by AI help technicians identify potential issues before they escalate, enhancing the efficiency and effectiveness of repair processes.
Top Highlights from the FMI’s Analysis of Electronic Equipment Repair Service Market:
- Europe is projected to account for a prominent market share, gaining a sizeable 27.7% market share in 2022. Within the region, Germany enjoyed a 7.8% market share in 2022. The United States is projected to expand at 6.1% CAGR over the forecast period.
- North America follows after Europe, clinching a market share of 23.5% in 2022. The United States reported a 19.4% market share in the same year.
- The Asia Pacific is reckoned to expand at a robust pace. FMI has estimated China and India to attain a CAGR of 11.8% and 10.5%, respectively.
- On the basis of end use, the residential segment is projected to grab a total of 61.2% market share.
- Based on product type, consumer electronics is anticipated to hold a 76.3% market share over the estimated timeline.
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Glad Tidings: A Closer Look at the Key Developments in Electronic Equipment Repair Service Market
- In March 2023, European Union proposed a new rule, forcing companies to repair old products for up to 10 years of the product’s lifecycle. The new rule is going to empower consumers with the right to repair. Heavy electronics also fall under this rule, including television, and washing machine, etc. Consumers can get it repaired by the company even after the sales guarantee expiry.
- In April 2023, Mobile Tech Lab announced that it is going to focus on repair, not replacement. The Manitoba-based tech retailer is going to repair various consumer electronics including tablets, computers, televisions, etc.
- LG Electronics gave permission to Dayton Appliance Parts (DAP) to circulate LG repair parts from DAP’s site in three states in August 2022.
- In November 2020, the European Parliament voted for a new policy to introduce compulsory labeling for electronics with repairability ratings. This initiative aims to boost consumer confidence while shopping for electronics and electricals. France announced that it is going to observe repairability tags for laptops, smartphones, and other electronics.
Key Segments
By Product Type:
- Consumer Electronics
- Computer Related Products
- Others
By End Use:
- Residential
- Industrial or Commercial
By Region:
- North America
- South America
- Europe
- Asia Pacific
- The Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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