Dublin, Dec. 22, 2021 (GLOBE NEWSWIRE) -- The "Global Electronic Equipment Repair Service Market, By Product Type (Consumer Electronics, Home Appliances, Industrial Equipment, Medical Equipment and Others), By Service Type (In Warranty v/s Out of Warranty), By End Use, By Region, Competition Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The global electronic equipment repair service market is forecast to grow at a CAGR of 4.30%, in value terms, to reach USD128.07 billion by 2026.
The global electronic equipment repair service market is witnessing consistent growth, owing to increasing dependence on electronic equipment, rising equipment failure rates and growing demand for refurbished electronic equipment. Moreover, innovative offerings to target customers, rapid urbanization and technological advancements are fueling the growth of the global electronic equipment repair service market. Furthermore, factors such as availability of electronic equipment insurance, introduction of "right to repair" law and the entry of various players are further fueling the electronic equipment repair service market at the global level.
According to a report published by the World Health Organization (WHO) in collaboration with UN Environment Program (UNEP), it was found that in 2019 the amount of generated electronic waste reached a record of 53.6 million metric tons where the Asian region comes out with the largest contributor of e-waste with a volume of 24.9 million metric tons, followed by America with 13.1 million metric tons and Europe with 12 million metric tons. This is one of the major concerns across the globe. Thus, the government is taking major initiatives in order to find a solution for the e-waste issue worldwide. For instance, the governments have passed the" Right to Repair" laws in order to reduce e-waste by increasing the lifespan of electronic products and making them easy to get repaired.
The COVID-19 pandemic posed a challenge for the electronic equipment repair service industry. Electronic repair service businesses got impacted as customers were avoiding coming outside as they were no longer comfortable meeting a stranger and letting them touch their electronic equipment and allowing strangers at home. During the pandemic, people were using electronic devices significantly more than usual. Due to complete lockdown and strict government restrictions, people preferred their electronic equipment even when partially broken. Therefore, this resulted in decreased demand for electronic equipment repair services.
The global electronic equipment repair service market can be segregated based on product type, service type, end use, region and company. In terms of product type, the global electronic equipment repair service market is segmented into consumer electronics, home appliances, industrial equipment, medical equipment, and others. Among these, consumer electronics segment has dominated the global electronic equipment repair service market with the majority of market share in 2020. Additionally, in-home repair service is constantly increasing as it saves a significant amount of commutation expense of electronic equipment from home to the service center. However, there are various electronic equipment repair service companies across the globe and some of them are only providing in-home repair services. For instance, uBreakiFix, one of the largest consumer electronic repair companies in North America, also provides in-home repair services apart from their in-store repair services.
In terms of region, the global electronic equipment repair services market is segmented into Asia-Pacific, North America, Europe, South America, and Middle East & Africa. Among which, the Asia-Pacific region has dominated the global electronic equipment repair service market with a majority of market share around 33% in the year 2020 and will continue to dominate the market during the forecast period.
Quest International Inc., B2X Care Solutions GmbH, Redington (India) Limited, Asurion LLC (uBreakiFix), Transform SR Brands LLC. (Sears Home Services), Mendtronix Inc., Global Electronic Services, Inc., MicroFirst Gaming Inc., The CableShoppe Inc (CSI), ACS Industrial Services, Inc., etc. are some of the leading players operating in the global electronic equipment repair service market.
Objective of the Study:
- To analyze the historical growth in the market size of the global electronics equipment repair services market from 2016 to 2020.
- To estimate and forecast the market size of global electronics equipment repair services market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast global electronics equipment repair services market based on by product type, by service type, by end use, by region and by company.
- To identify the dominant region or segment in the global electronics equipment repair services market.
- To identify drivers and challenges for the global electronics equipment repair services market.
- To examine competitive developments such as expansions, new services launch, mergers & acquisitions, etc., in the global electronics equipment repair services market.
- To identify and analyze the profile of leading players operating in the global electronics equipment repair services market.
- To identify key sustainable strategies adopted by market players in the global electronics equipment repair services market.
Key Topics Covered:
1. Service Overview
2. Research Methodology
3. Impact of COVID-19 on Global Electronics Equipment Repair Service Market
4. Voice of Customer
4.1. Service Satisfaction Level
4.2. Reasons Behind Availing Electronic Equipment Repair Services
4.3. Post Availing Services Challenges
4.4. Consumer Expectation
5. Executive Summary
6. Global Electronics Equipment Repair Service Market Outlook, 2016-2026F
6.1. Market Size and Forecast
6.1.1. By Value
6.2. Market Share and Forecast
6.2.1. By Product Type (Consumer Electronics, Home Appliances, Industrial Equipment, Medical Equipment and Others)
6.2.2. By Service Type (In Warranty v/s Out of Warranty)
6.2.3. By End Use (Commercial v/s Residential)
6.2.4. By End-User (Men, Women and Kids)
6.2.5. By Region
6.2.6. By Company (2020)
6.3. Market Map
7. Asia-Pacific Electronic Equipment Repair Service Market Outlook, 2016-2026F
8. North America Electronic Equipment Repair Service Market Outlook, 2016-2026F
9. Europe Electronic Equipment Repair Service Market Outlook, 2016-2026F
10. South America Electronic Equipment Repair Service Market Outlook, 2016-2026F
11. Middle East & Africa Electronic Equipment Repair Service Market Outlook, 2016-2026F
12. Market Dynamics
12.1. Drivers
12.2. Challenges
13. Market Trends and Developments
14. Competitive Landscape
14.1. Quest International Inc.
14.2. B2X Care Solutions GmbH
14.3. Redington (India) Limited
14.4. Asurion LLC (uBreakiFix)
14.5. Transform SR Brands LLC. (Sears Home Services)
14.6. Mendtronix Inc.
14.7. Global Electronic Services, Inc.
14.8. MicroFirst Gaming Inc.
14.9. The Cableshoppe Inc (CSI)
14.10. ACS Industrial Services, Inc.
15. Strategic Recommendations
16. About the Publisher & Disclaimer
For more information about this report visit https://www.researchandmarkets.com/r/y9h9k3
