DUBLIN--(BUSINESS WIRE)--The "Consumer Electronics Repair and Maintenance Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global consumer electronics repair and maintenance market.
This report focuses on consumer electronics repair and maintenance market which is experiencing strong growth. The report gives a guide to the consumer electronics repair and maintenance market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
The global consumer electronics repair and maintenance market is expected to increase from $16.34 billion in 2019 to $16.52 billion in 2020 at a compound annual growth rate (CAGR) of 1.11%. The low growth rate is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $20.52 billion in 2023 at a CAGR of 7.5%.
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North America was the largest region in the consumer electronics repair and maintenance market in 2019. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The COVID-19 pandemic has significantly impacted the consumer electronics repair and maintenance industry as governments across the globe have imposed lockdowns and put restrictions on non-essential services to prevent the spread of the virus. Repair and maintenance services hugely depend on labor and the availability of labor during this pandemic is a big challenge. The repair industry across countries such as US, the UK, Germany, Italy, the Middle East and India have also witnessed an increase in labor cost due to labor shortages in the lockdown. The repairing industry, in general, fixes around 25 million electronic appliances in a month, but due to lockdown and social distancing norms, the products are expected to pile up for repair. Besides, the supply chain disruptions in various countries have made it difficult to find spare components for mobile and other electronic appliances making consumers wait longer for availing services.
The consumer electronics repair and maintenance market covered in this report is segmented by type into consumer electronics; home appliances; medical equipment; industrial equipment. It is also segmented by service type into in-warranty; out of warranty and by end-user into industrial/commercial; residential.
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 cost-effective solution than buying a new one, thereby enhancing the trust of the customer.
Key Topics Covered:
1. Executive Summary
2. Consumer Electronics Repair and Maintenance Market Characteristics
3. Consumer Electronics Repair and Maintenance Market Size and Growth
3.1. Global Consumer Electronics Repair and Maintenance Historic Market, 2015 - 2019, $ Billion
3.2. Global Consumer Electronics Repair and Maintenance Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
4. Consumer Electronics Repair and Maintenance Market Segmentation
4.1. Global Consumer Electronics Repair and Maintenance Market, Segmentation by Type
4.2. Global Consumer Electronics Repair and Maintenance Market, Segmentation by Service Type
4.3. Global Consumer Electronics Repair and Maintenance Market, Segmentation by End User
5. Consumer Electronics Repair and Maintenance Market Regional and Country Analysis
5.1. Global Consumer Electronics Repair and Maintenance Market, Split by Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Consumer Electronics Repair and Maintenance Market, Split by Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
Companies Profiled
- Encompass Supply Chain Solutions Inc
- Electronix Services
- iCracked Inc
- Mendtronix Inc
- Moduslink Global Solutions
For more information about this report visit https://www.researchandmarkets.com/r/4aiv03
