Global Consumer Electronics Repair and Maintenance Market Size Study, by Equipment Type (Mobiles, PC, Washing Machine, Refrigerator, Others), by End Users (Residential, Commercial), by Service Type (In-warranty, Out of Warranty), and Regional Forecasts 20

Global Consumer Electronics Repair and Maintenance Market Size Study, by Equipment Type (Mobiles, PC, Washing Machine, Refrigerator, Others), by End Users (Residential, Commercial), by Service Type (In-warranty, Out of Warranty), and Regional Forecasts 2022-2032

Global Consumer Electronics Repair and Maintenance Market is valued at approximately USD 16.42 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 3.6% over the forecast period 2024-2032. Consumer electronics repair and maintenance encompass the processes of repairing and replacing physical components of electronic tools, gadgets, appliances, and devices used by end users for both professional and non-professional purposes. Providers of refurbished electronic products also service televisions, stereos, speakers, video recorders, CD and DVD players, radios, and cameras. The consumer electronics repair and maintenance market is well-established in developed nations due to the highly organized service sector. With the digitalization of electronic equipment and the introduction of AI-driven smart features, there is an increasing demand for repair and maintenance services. The rise in digitalization and the proliferation of connected devices, driven by the Internet of Things (IoT), have resulted in a growing need for maintenance and repair of consumer electronics. This trend has led to the consumerization of information technology, where the lines between consumer electronics and IT are increasingly blurred. As consumer electronics become more technologically advanced, diverse, and affordable, the need for upkeep and repair grows, prompting market participants to expand their service locations, particularly in developing nations.

Predictive maintenance is a significant advancement in the consumer electronics repair and maintenance market. This approach involves estimating when to repair and maintain electrical equipment using logic, techniques, experience, and equipment lifespan. Predictive maintenance optimizes technicians' work in real-time, extends the equipment's life, and minimizes downtime. This method employs various inputs, including vital equipment sensors, ERP systems, computerized maintenance management systems, and smart factory management systems, to predict maintenance schedules. These strategies enable market participants to offer maintenance and repair contracts, contributing to market growth.

Despite the increasing need for maintenance services, the high cost of spare parts for electronic devices poses a challenge to market growth. Consumers often opt to purchase new products rather than repair their existing ones due to the high cost of replacement parts. For instance, the cost of a display screen for mobile phones or a laptop motherboard is significantly high, leading consumers to buy new devices instead of opting for repairs. This trend limits the market expansion. The market is driven by rapid growth in infrastructural development and various advancements in developing countries.

The key regions considered for the global Consumer Electronics Repair and Maintenance Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Europe is a dominating region in the Consumer Electronics Repair and Maintenance Market in terms of revenue. The market growth in the region is being attributed to factors including rising consumer spending on online or e-commerce platforms for consumer electronic items such as PCs, mobile phones, washing machines, and kitchen appliances. According to an AMR study, more than 280 million European consumers are expected to buy online and spend over $150 billion on consumer electronics in 2020. The market for consumer electronics repair and maintenance will grow as a result of increased consumer spending on consumer electronics devices and the necessity for repair and maintenance services to keep the products in working order. Additionally, the rising demand for reconditioned electronic items and their availability in the marketplace drive the market growth. For example, Refurbed, a European marketplace for used electronics, offers tasteful and updated refurbished gadgets. Other companies in the market for reconditioned gadgets include Back Market, Swappa, and Amazon Renew. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period fueled by rising disposable income, increasing penetration of smartphones and other electronic devices, growing environmental concerns and emphasis on e-waste management, and a surge in demand for refurbished electronics as a cost-effective option.

Major market players included in this report are:

iCracked Inc.

B2X Care Solutions GmbH

American Home Shield Corporation

Best Buy Co., Inc.

UrbanClap Technologies Private Limited

Asurion, LLC

Encompass Supply Chain Solutions, Inc.

Electronix Services

Ensure Services

CNS Brasil Informatica LTDA

The detailed segments and sub-segment of the market are explained below:

By Equipment Type:
• Mobiles
• PC
• Washing Machine
• Refrigerator
• Others

By End Users:
• Residential
• Commercial

By Service Type:
• In-warranty
• Out of Warranty

By Region:
• North America
U.S.
Canada
• Europe
UK
Germany
France
Spain
Italy
ROE
• Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
• Latin America
Brazil
Mexico
RoLA
• Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:
• Historical year – 2022
• Base year – 2023
• Forecast period – 2024 to 2032

Key Takeaways:
• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.

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