Dublin, Aug. 29, 2022 (GLOBE NEWSWIRE) -- The "Consumer Electronics Repair and Maintenance Global Market Report 2022 by Type, Service Type, End User" report has been added to ResearchAndMarkets.com's offering.
The global consumer electronics repair and maintenance market is expected to grow from $7.98 billion in 2021 to $8.38 billion in 2022 at a compound annual growth rate (CAGR) of 5.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $9.60 billion in 2026 at a CAGR of 3.5%.
The main types of consumer electronics repair and maintenance are loudspeakers and sound bars, microphones, amplifiers and mixers, music players and other devices, televisions, video players, video cameras. A microphone is a device that converts airborne sound waves into electrical signals or records them on a recording medium. The different service types include in-warranty, out of warranty and is used by various verticals such as industrial and commercial, residential.
Western Europe was the largest region in the consumer electronics repair and maintenance market in 2021. Asia Pacific was the second largest region in the consumer electronics repair and maintenance market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
An increase in equipment failure rates and cost benefits of repairing old equipment rather than disposing of them are expected to drive the consumer electronics repair and maintenance market. The branded and non-branded low-cost products regularly flood the market and need repair in some time as they are made with poor quality material or due to regular maintenance.
However, research suggests that companies are now taking a different approach, which is building products that could be easily repaired for use as fixing an issue in a gadget is always a more cost-effective solution than buying a new one, thereby enhancing the trust of the customer. Customers tend to buy and refer the products of the company that offers a repair manual, spare parts and provide assistance and guidance on fixing the product. Apple has begun assembling an older iPhone in India. Companies like iFixit and Repair Cafe are bringing people together to work on repairing devices.
The European Commission is set to discuss eco-design regulations for smartphones from 2021, including access to spare parts and repair information. Therefore, an increase in equipment failure rates and cost benefits of repairing old equipment is promoting the consumer electronics repair and maintenance market.
Scope
Markets Covered:
1) By Type: Loudspeakers and Sound Bars; Microphones; Amplifiers and Mixers; Music players and other devices; Televisions; Video Players; Video Cameras
2) By Service Type: In-warranty; Out of Warranty
3) By End User: Industrial and commercial; Residential
Key Topics Covered:
1. Executive Summary
2. Consumer Electronics Repair And Maintenance Market Characteristics
3. Consumer Electronics Repair And Maintenance Market Trends And Strategies
4. Impact Of COVID-19 On Consumer Electronics Repair And Maintenance
5. Consumer Electronics Repair And Maintenance Market Size And Growth
6. Consumer Electronics Repair And Maintenance Market Segmentation
7. Consumer Electronics Repair And Maintenance Market Regional And Country Analysis
8. Asia-Pacific Consumer Electronics Repair And Maintenance Market
9. China Consumer Electronics Repair And Maintenance Market
10. India Consumer Electronics Repair And Maintenance Market
11. Japan Consumer Electronics Repair And Maintenance Market
12. Australia Consumer Electronics Repair And Maintenance Market
13. Indonesia Consumer Electronics Repair And Maintenance Market
14. South Korea Consumer Electronics Repair And Maintenance Market
15. Western Europe Consumer Electronics Repair And Maintenance Market
16. UK Consumer Electronics Repair And Maintenance Market
17. Germany Consumer Electronics Repair And Maintenance Market
18. France Consumer Electronics Repair And Maintenance Market
19. Eastern Europe Consumer Electronics Repair And Maintenance Market
20. Russia Consumer Electronics Repair And Maintenance Market
21. North America Consumer Electronics Repair And Maintenance Market
22. USA Consumer Electronics Repair And Maintenance Market
23. South America Consumer Electronics Repair And Maintenance Market
24. Brazil Consumer Electronics Repair And Maintenance Market
25. Middle East Consumer Electronics Repair And Maintenance Market
26. Africa Consumer Electronics Repair And Maintenance Market
27. Consumer Electronics Repair And Maintenance Market Competitive Landscape And Company Profiles
29. Key Mergers And Acquisitions In The Consumer Electronics Repair And Maintenance Market
29. Consumer Electronics Repair And Maintenance Market Future Outlook and Potential Analysis
30. Appendix
Companies Mentioned
- Encompass Supply Chain Solutions Inc.
- Electronix Services
- iCracked Inc.
- Mendtronix Inc.
- Moduslink Global Solutions
- MicroFirst Gaming Inc.
- Quest International, Inc.
- The Cableshoppe Inc.
- uBreakiFix
- B2X CARE SOLUTIONS GMBH
- Redington Services
- Repair World Direct
For more information about this report visit https://www.researchandmarkets.com/r/9esoe1
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