Global Electronic Equipment Repair Service Market – Snapshot
Electronic equipment repair service providers offer repair services for equipment such as consumer electronics, home appliances, medical equipment, and industrial equipment. At present, the consumer electronics segment of the electronic equipment repair service market is expanding at a higher rate due to increase in equipment failure rates and cost benefits of repairing old equipment instead of disposing it. Furthermore, the medical equipment segment is expected to maintain its market share over the forecast period due to high repairing costs and high labor charges as compared to other equipment.
The electronic equipment repair service market is expanding at a rapid pace owing to introduction of a number of new and innovative electronic equipment and products in the market. This is augmenting demand for electronic equipment repair industries as well as technicians across the world. In addition, the demand for refurbished electronics products is rising rapidly around the globe, driven primarily by consumers from developing regions due to the low levels of disposable incomes in these regions. Rise in demand for refurbished electronic equipment is anticipated to provide substantial expansion opportunities to the electronic equipment repair service market. Furthermore, rise in demand for smartphones & tablets and other electronic equipment, especially in developing regions, is driving the global electronic equipment repair service market. This is largely due to the growing requirement for Internet accessibility among end-users.
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However, poor-quality or duplicate spare parts of electronic equipment is a major factor restraining the electronic equipment repair service market. Moreover, the shift in consumer behavior toward buying new electronic equipment is anticipated to hinder the electronic equipment repair service market.
Rise in adoption of electronic equipment insurance services around the globe is a major factor expected to create new opportunities for the electronic equipment repair service market over the forecast period. Moreover, electronic equipment service providers across the world are emphasizing on providing online home services to meet the requirements of their customers in an efficient manner. Furthermore, with a wide range of services offered by service providers, including insurance and warranty for equipment, the electronic equipment repair service market is anticipated to see prominent expansion opportunities in the coming years.
Based on product, the electronic equipment repair service market has been segmented into consumer electronics repair, home appliances repair, medical equipment repair, and industrial equipment repair. The consumer electronics repair segment has been further divided into smartphones, mobile phones, televisions, and set-top boxes. The smartphone sub-segment is projected to expand at a robust pace, primarily due to increasing adoption of smartphones in developing regions. The home appliances segment can be further classified into refrigerators, air conditioners & coolers, microwaves, mixers, grinders & food processors, washing machines, and others. Demand for repair of home appliances is anticipated to increase due to technological development in electronic appliances across the world. As compared to the industrial equipment segment, the medical equipment segment is expected to expand at a faster rate during the forecast period.
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Based on service, the market is segmented into in warranty and out of warranty. The out of warranty service segment is expected to dominate the market during the forecast period. As compared to warranty service, out of warranty service offers advanced repairing solutions and maintenance services to consumers, which has led to the expansion of the out of warranty service segment across different regions.
The residential segment is not only expected to contribute a major revenue share to the global electronic equipment repair service market, but is also projected to expand at a significant pace during the forecast period from 2018 to 2026.This is primarily due to increase in number of consumers across the world and rapid technological advancements in electronic equipment technology. As compared to the residential segment, the industrial & commercial segment is anticipated to expand at a slower pace in the coming years.
Rising demand for electronic equipment and increasing focus on e-waste management have led to the strong presence of electronic equipment service providers in the market. Some of the major players in the global electronic equipment repair service market are Encompass Supply Chain Solutions Inc., uBreakiFix, iCracked, Inc., Moduslink Global Solutions, Mendtronix Inc., The Cableshoppe Inc., Redington Services, Electronix Services, B2X CARE SOLUTIONS GMBH, Quest International, Inc, MicroFirst Gaming Inc., Global Electronic Services, Inc., and others.