- Product differentiation, product breakthroughs, new product launches and incorporation of several value-added functions in consumer electronics are likely to drive the global market
- The global market is expected to be driven by the growing use of electronic devices in various end-use industries
WILMINGTON, Del., October 18, 2022 /PRNewswire/ — In 2021, the value of the global market electronic equipment repair services market affected assessment of US$94.7 billion. The global market is expected to grow at a rate of 7.5% CAGR during the forecast period, 2022 to 2031. By 2031, the value of the global electronic equipment repair services market is predicted to reach a value of US$190.9 billion. The smart home appliance business is driven by increasing disposable income, use of electronic products and changing lifestyles of customers globally. The future business prospects for the global electronic equipment repair services market are expected to be created by the growing demand for refrigerators, smart TVs, and other appliances.
In addition, it is expected that the increasing use of automated electronic equipment in various sectors will increase the use of electronic equipment repair services in the industrial electronic repair industry. It is expected that both commercial and residential businesses will see an increase in the use of electronic equipment repair services.
Due to the high cost of electronic products, consumers frequently choose to buy refurbished models rather than new models, which is likely to become one of the important trends in electronic equipment repair service. The refurbished electronics business is expected to benefit greatly throughout the forecast period.
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Key Findings of the Market Report
- The growing popularity of various electronic products is expected to lead to an increase in future business opportunities in electronic equipment repair service. Additionally, the growing use of electronics repair services is driven by the expansion of automated systems in many businesses.
- Leading electronic equipment repair service providers focus on creating cutting-edge technology that is efficient and easy to use. Consumers are spending more on buying technology goods to improve their lives. This is expected to generate profitable prospects for the electronic equipment repair service over the forecast period.
- The global market is expected to be dominated by home appliance category over the forecast period. This can be attributed to the growing demand for refrigerators, televisions and other products among customers around the world. Devices are frequently purchased by consumers to save time and effort, which is expected to create opportunities for electronic equipment repair service.
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Global Electronic Equipment Repair Service Market: drivers of growth
- In 2021, the residential end-use category accounted for a significant share of the global market. The growing use of various consumer electronics devices in the home sphere is expected to lead to an increase in the need for home electronics repair services in the near future.
- Due to the existence of several foreign and domestic companies, Asia Pacific The market is expected to register rapid growth in the coming years. Furthermore, the strong R&D activities in the region are expected to unlock new potential for the global electronic equipment repair services market in the coming years.
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Global Electronic Equipment Repair Services Market: Key Competitors
- Quanzhou Travel Bags Co., Ltd.
- Encompass Supply Chain Solutions Inc.
- The Cableshoppe Inc.
- B2X Care Solutions GmbH
- Quest International, Inc.
- Mendtronix Inc.
Global Electronic Equipment Repair Services Market: Segmentation
type of product
- Consumer electronics
- Household appliances
- Medical equipement
- industrial equipment
kind of service
- Out of Warranty
- Industrial or Commercial
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