Electronic Equipment Repair Service Market to Display Impressive Growth of 6.5% with Rising Demand | FMI

The market for electronic equipment repair services is expected to grow at a steady CAGR of 6.5% between 2022 and 2032. The market for electronic equipment repair services is expected to grow from US$ 121.2 billion in 2022 to US$ 228.2 billion in 2032. Previously, the market grew at a 7.4% CAGR (2015-2021), resulting in a market size of US$ 110.9 billion in 2021.

In response to improving economic conditions and the development of global electricity network systems, the volume of electronic devices and appliances has increased significantly. The number of electronic device repair services has also increased, making it a profitable global business. As a result of industrial automation in various sectors, there is a greater demand for electronic equipment that is prone to frequent malfunctions and breakdowns.

The introduction of the fourth industrial revolution, or IR 4.0, during the forecast years is expected to boost the market for industrial electronic equipment repair service even further.

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Portable smart devices with internet access have become an essential part of any modern-day person’s life. So many electronic device repair shops have sprouted up 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.

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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.