Electronic Equipment Repair Service Global Market Report 2024

The electronic equipment repair service market size has grown strongly in recent years. It will grow from $112.26 billion in 2023 to $121.06 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed in the historical period can be attributed to several factors, including increased consumer demand for extended product lifespan, a notable shift towards sustainability practices, a rise in the prevalence of high-value devices, heightened consumer awareness and rights, and collaborative efforts within the industry.

The electronic equipment repair service market size is expected to see strong growth in the next few years. It will grow to $163.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing complexity of electronics, extended product lifecycles, a shift towards a circular economy, the growing prevalence of IoT and smart devices, and the emergence of specialized component repair services. Key trends in the forecast period include collaborative efforts between manufacturers and repair service providers, the influence of regulations and 'right to repair' movements, advancements in IoT repair solutions, a growing consumer preference for sustainability, and the continued rise in the complexity of electronic devices.

The increasing demand for electronic products is significantly boosting the electronic equipment repair service market. This market involves repairing and maintaining electronic products and consumer electronics used by individuals for personal or professional purposes. As the popularity of consumer electronics grows, which often utilize flexible electronics, the demand for repair services escalates. For instance, in 2021, global consumer electronics revenues were anticipated to rise by 3.6% year-over-year, reaching $1.06 trillion compared to $1.02 trillion in 2020, as reported by StockApps.com, a Kenyan website providing information on stock applications.

The surge in e-commerce activity is expected to drive the growth of the electronic equipment repair service market. E-commerce involves the online buying and selling of goods and services and requires swift resolution of technical issues associated with electronic products. This facilitates improved customer satisfaction and ensures the smooth operation of electronics sold online. For instance, in August 2023, the US Census Bureau estimated that retail e-commerce sales for the second quarter of 2023 reached $277.6 billion, marking a 2.1% increase from the first quarter of the same year.

Prominent companies in the electronic equipment repair service market are prioritizing self-service repair offerings that grant consumers access to genuine parts. These genuine parts are components or materials endorsed by the original equipment manufacturer (OEM), meeting the specified quality standards. For example, in December 2022, Apple Inc. introduced its Self-Service Repair program across eight European countries. This program allows customers to purchase genuine Apple parts and tools for do-it-yourself repairs on specific iPhone and Mac notebook models, offering over 200 individual parts and tools, along with comprehensive repair manuals. This initiative aims to provide experienced users with resources similar to those used by Apple Store locations and authorized service providers.

Leading companies within the electronic equipment repair service sector are concentrating on innovating repair tools, including surface devices, to cater to the escalating demands associated with the right-to-repair movement. Surface devices encompass a range of personal computing products renowned for their versatility and high-performance computing capabilities. Microsoft, a US-based technology giant, collaborated with iFixit, a US-based e-commerce and instructional platform, in December 2021. This collaboration aimed to introduce repair tools specifically for Surface devices, granting authorized service providers enhanced accessibility for conducting repairs. Three new tools emerged from this partnership including the Surface Display Bonding Frame, Surface Display Debonding Tool, and Surface Battery Cover, each designed for distinct repair tasks such as screen replacement and component protection. While these tools remain exclusive to authorized service providers, their availability potentially fosters more competitive pricing by granting greater autonomy in repair operations.

In November 2021, Clipper Logistics plc, a UK-based logistics entity, successfully acquired CE Repair Services Group B.V. for a transaction value totaling $13.5 million. This strategic acquisition significantly augments Clipper's existing capabilities in electronic product repair across both the UK and mainland Europe. CE Repair Services Group B.V., headquartered in the Netherlands, specializes in offering consumer electronics repair services, thereby fortifying Clipper's position in the repair service domain within the region.

Major companies operating in the electronic equipment repair service market report are B2X Care Solutions GmbH, Electronix Services, Encompass Supply Chain Solutions Inc., Global Electronic Services Inc., iCracked Inc., Mendtronix Inc., MicroFirst Gaming Inc., Quanzhou Journey Bags Co. Ltd., Quest International Inc., Redington Services, The Cableshoppe Inc., UBIF Franchising Co., OTC Industrial Technologies, Precision Electronic Repair Services, ACS Industrial Services Inc., iFixIt, Samsung Authorized Service Centers, LG Authorized Service Centers, Apple Authorized Service Providers, Dell Authorized Service Centers, HP Authorized Service Centers, Lenovo Authorized Service Centers, Sony Authorized Service Centers, Toshiba Authorized Service Centers, Acer Authorized Service Centers, Alienware Authorized Service Centers, Asus Authorized Service Centers, Belkin Authorized Service Centers, BenQ Authorized Service Centers, Bose Authorized Service Centers.

Asia-Pacific was the largest region in the electronic equipment repair service market in 2023. The regions covered in the electronic equipment repair service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electronic equipment repair service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of electronic equipment for which repair services are offered include consumer electronics, home appliances, industrial equipment, and medical equipment. Consumer electronics repair services entail the diagnosis of malfunctions and functional testing in devices such as TVs and smartphones, followed by the necessary repairs. These services may be categorized as warranty or out-of-warranty, catering to various end-users such as commercial, industrial, and residential clients.

The electronic equipment repair service market research report is one of a series of new reports that provides electronic equipment repair service market statistics, including electronic equipment repair service industry global market size, regional shares, competitors with an electronic equipment repair service market share, detailed electronic equipment repair service market segments, market trends and opportunities, and any further data you may need to thrive in the electronic equipment repair service industry. This electronic equipment repair service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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