Global Electronic Equipment Repair Services Market To Reach
Electronic Equipment Repair Services Market – TechSci Research
Changing consumer preferences for electronic equipment repair service, increasing innovation, increasing urbanization and technological advancements are the major factors driving the global electronic equipment repair services market over the course of the forecast period.
According to TechSci Research report, “Global Electronic Equipment Repair Services Market By Product Type (Consumer Electronics, Home Appliances, Industrial Equipment, Medical Equipment, and Others), By Service Type (Under Warranty or Out of Warranty)) , By End-Use (Commercial v / s Residential), By Region, Competition, Forecast and Opportunity, 2026 “the global electronic equipment market is expected to register a CAGR of over 4.30% during 2021-2026F and is expected to reach approximately USD 128.07 billion by 2026, in terms of value.
The global electronic equipment repair services market has grown at a significant rate in recent years and is also expected to register high growth in the coming years, owing to the increasing dependence on electronic equipment and tools. equipment failures; and changing preferences of the young and dynamic population who are very active towards technology. Besides, increasing demand for refurbished electronic equipment, government initiatives for e-waste management, and availability of electronic equipment insurance service are some other reasons which are boosting the global repair services market. repair of electronic equipment.
The coronavirus pandemic has had a huge impact on the production of electronic equipment around the world. During the pandemic, consumers began to temporarily shift their preference away from non-essential products like televisions, refrigerators, air conditioners, etc. to basic necessities like healthy foods, immunity boosters and cleansers. Due to the foreclosure, declining disposable income as well as low consumer confidence negatively impacted buying interest in new electronic equipment. The demand for electronic equipment repair services also declined during the pandemic.
The demand for electronic equipment repair services is increasing due to the increasing failure rates of electronic equipment. Failure rates of electronic equipment are increasing due to several issues such as increased temperature, current or voltage, ionizing radiation, mechanical shock, poor quality of spare parts, overuse of components. electronic products and many other causes. Most of the people in developing countries like India and Brazil prefer electronic equipment repair services over purchasing new electronic equipment resulting in the growth of the global electronic equipment repair services market.
Browse 139 figures spread over 182 pages and an in-depth table of contents on the “Global Electronic Equipment Repair Services Market”
The global electronic equipment repair services market is segmented in terms of product type, service type, end use, region, and company. In terms of product type, the global electronic equipment repair services market can be segmented into consumer electronics, home appliances, industrial equipment, medical equipment, and others.
Among these, consumer electronics has dominated the global electronic equipment repair services market with the majority of market share in 2020 as modern homes have many electrical appliances which usually include clothes dryers, dishwashers, freezers, microwave ovens, etc. at the time, everyone is busy in their professional life and do not have enough time to solve their problems with electronic equipment in repair shops, so companies offer equipment repair services home electronics for customers, which is convenient for most consumers. Therefore, companies began to focus on home repair services.
In terms of region, the global electronic equipment repair services market is divided into North America, Asia-Pacific, Europe, South America, Middle East, and Africa. Among these, the Asia-Pacific region is expected to hold the largest market share in the global electronic equipment repair services market in 2020, owing to the availability of cheap labor costs, increasing urbanization, increasing population, changing preferences and increasing disposable income.
In addition, government regulations related to electronic waste management are also driving the growth of the electronic equipment repair services market in the region. Various major market players are setting up their manufacturing plants and outlets in this region to save transportation time and to excel against their competitors.
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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 major players operating in the global electronic equipment repair services market. Large companies are expanding their manufacturing bases in developing countries to meet growing demand in developing countries in North America, Asia-Pacific, Europe, the Middle East and Africa, and from South America.
âElectronic equipment is important because it adds comfort to everyone’s life. However, there are many electronic devices that are used in the home or office to easily perform many daily tasks. Thus, the demand for electronic equipment has increased. In developing countries like India, Vietnam and Indonesia, people are very price sensitive, which makes it difficult for them to buy expensive or new electronic equipment. Hence, there is an increased demand for electronic equipment repair services. said Mr. Karan Chechi, Research Director at TechSci Research, a research-driven global management consultancy.
Global electronic equipment repair services market by product type (consumer electronics, household appliances, industrial equipment, medical equipment and others), by type of service (under warranty or out of warranty), by end use (commercial or Residential), by Region, Competition, Forecast and Opportunity, 2026 âhas assessed the future growth potential of the global electronic equipment repair services market and provides statistics and information on the size, structure and future growth of the market . The report aims to provide cutting edge market insights and help policymakers make sound investment decisions. Further, the report also identifies and analyzes emerging trends as well as critical drivers, challenges and opportunities in the global Electronic Equipment Repair Services market.
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