Smartphone Repair

Smartphone Repair

The smartphone repair market is a growing industry that offers a range of services to repair and maintain smartphones. With the increasing number of smartphone users, the demand for smartphone repair services is also on the rise. With increasing disposable income and penetration of the internet, the adoption rate of smartphone among consumers have increased drastically over the past few decades. The increasing adoption of the smartphone has evolved a growing path for the smartphone repair industry. The typical home of 2.6 people has an average of 24 gadgets, including at least one smartphone double the number 15 years ago, according to the Consumer Electronics Association, a trade group in the US.

Smartphone Repair Market is expected to grow at a strong CAGR of 5% during the forecast period owing to the increasing time spending on smartphones globally. For instance, on average, people spend 3 hours and 15 minutes on their phones per day.

• Based on components, the smartphone repair market is bifurcated into Software and Hardware. Currently, the hardware segment dominates in 2022. As per Urgagdgetdotors, 30% of Americans cracked their phone screen in 2019. A cracked screen is the most common repair work in this industry. Approximately 50 million cracked and smashed phones are repaired every year in the US.
• Based on activity type, the global smartphone repair market is bifurcated into screen repair and replacement, battery repair and replacement, button and jack repair and replacement, camera and sensor repair and replacement, and others. Currently, the Screen Repair and Replacement segment dominates the market, with more than 65% share in 2022. The Square Trade survey stated that as many as 66% of consumers damaged their devices over the past years, including cracks, scratches, and damaged batteries.
• Based on the business type, the global smartphone repair market is segmented into brick-and-mortar stores and company-operated service centers. Company-operated services are often more comprehensive and specialized than self-repair services, which are offered by companies that provide customers with the tools and resources needed to repair their own smartphones. Company-operated services are also often more expensive than self-repair services, but they offer a higher level of expertise and assurance that the repair will be completed correctly. Due to these factors, the company-operated services segment acquires dominating share in the market.
• For a better understanding of the market adoption of the industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), Rest of World. China and India lead the smartphone adoption globally, owing to high population growth paired with rising disposable income and emergence of low-cost Chinese smartphone brands.
• Some of the major players operating in the market include Apple inc., Best Buy Co. Inc., Cell Phone Repair Franchise Systems Inc., SquareTrade, Inc, LG Electronics, SAMSUNG, HTC Corporation, uBreakiFix, Staymobile, Motorola Mobility LLC.