Electronic Equipment Repair Service Market 2024 – By Industry Analysis, Future Prediction, Business Overview And Forecast To 2033

Overview and Scope
Electronic equipment repair service refers to the services provided by technicians for maintaining, testing, creating, and repairing electronic equipment. It can include tools, mechanical components, and computer systems.

Sizing and Forecast
The electronic equipment repair service market size has grown strongly in recent years. It will grow from $112.26 billion in 2023 to $121.06 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%.  The  growth in the historic period can be attributed to consumer demand for extended lifespan, shift towards sustainability, rise in high-value devices, consumer awareness and rights, industry collaboration..

The electronic equipment repair service market size is expected to see strong growth in the next few years. It will grow to $163.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.  The growth in the forecast period can be attributed to rising complexity of electronics, extended product lifecycles, shift towards circular economy, growing iot and smart devices, specialized component repair.. Major trends in the forecast period include collaboration between manufacturers and repair service providers, regulations and “”right to repair”” movements, advancements in iot repair solutions, consumer preferences for sustainability, rise in complexity of electronics..

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Segmentation & Regional Insights

The electronic equipment repair service market covered in this report is segmented –

1) By Types: Consumer Electronics, Home Appliances, Industrial Equipment, Medical Equipment

2) By Warranty Type: In Warranty, Out of Warranty

3) By End-Users: Commercial and Industrial, Residential

Asia-Pacific was the largest region in the electronic equipment repair service market in 2023. The regions covered in the electronic equipment repair service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
Rising demand for electronic products is significantly contributing to the growth of the electronic equipment repair service market going forward. Electronic products refer to any electronic equipment made to be purchased and utilized regularly for non-commercial or professional uses by consumers. Electronic equipment repair services are used for the repair and maintenance of electronic products and consumer electronics. Most electronic devices used by consumers use flexible electronics, so as consumer electronics become more popular, market demand rises as well. For instance, according to published data by StockApps.com, a Kenya-based website that attempts to inform investors about the various stock apps available, in 2021, the global consumer electronics revenues were expected to grow 3.6% year-over-year and hit $1.06 trillion, up from $1.02 trillion in 2020. Therefore, rising demand for electronic products will drive the market for electronic equipment repair services.

Key Industry Players
Major companies operating in the electronic equipment repair service market are focused on developing repair tools such as surface devices to address the growing demand for the right-to-repair movement. Surface devices refer to a series of personal computing products designed to offer a versatile and high-performance computing experience. For instance, in December 2021, Microsoft, a US-based technology corporation, teamed up with iFixit, a US-based e-commerce and how-to website to launch its repair tools for Surface devices, allowing authorized service providers more accessibility for repairs. This partnership launched three new tools, Surface Display Bonding Frame, Surface Display Debonding Tool, and Surface Battery Cover for specific repair tasks, such as the Surface Display Bonding Frame for screen replacement and the Surface Battery Cover for component protection. While these tools are not available to the general public, they offer authorized service providers greater independence in conducting repairs, potentially leading to more competitive pricing.

The electronic equipment repair service market report table of contents includes:
1. Executive Summary
2. Electronic Equipment Repair Service Market Characteristics
3. Electronic Equipment Repair Service Market Trends And Strategies
4. Electronic Equipment Repair Service Market – Macro Economic Scenario
5. Global Electronic Equipment Repair Service Market Size and Growth
……………………………….
31. Global Electronic Equipment Repair Service Market Competitive Benchmarking
32. Global Electronic Equipment Repair Service Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Electronic Equipment Repair Service Market
34. Electronic Equipment Repair Service Market Future Outlook and Potential Analysis
35. Appendix

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