Consumer Electronics Repair and Maintenance Global Market Opportunities and Strategies to 2030: COVID-19 Growth and Change

This report describes and explains the global consumer electronics repair and maintenance market and covers 2015 to 2020, termed the historic period, and 2020 to 2025 termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.

The global consumer electronics repair and maintenance market reached a value of nearly $16,520.0 million in 2020, having increased at a compound annual growth rate (CAGR) of 5.4% since 2015. The market is expected to grow from $16,520.0 million in 2020 to $23,772.3 million in 2025 at a rate of 7.6%. The market is then expected to grow at a CAGR of 7.1% from 2025 and reach $33,436.2 million in 2030.

Growth in the historic period resulted from rise in disposable income, increased environmental concerns for e-waste, growth in e-commerce for consumer electronics, increased internet penetration, strong economic growth in emerging markets and increasing usage of TVs.

Going forward, growing equipment failure rate and cost-benefit associated with repairing old equipment, increasing government regulations for e-waste management, rising adoption of electronic devices, increasing adoption of internet of things (IoT), increasing demand for refurbished electronic products, higher purchase cost of some electronic products, uncertain consumer demand for consumer electronics and growing sense of sustainability will drive the growth. Factors that could hinder the growth of the consumer electronics repair and maintenance market in the future include the coronavirus pandemic, lack of skilled workforce, high cost involved in training service technicians and shortage in electronic components supply.

The consumer electronics repair and maintenance market is segmented by type into loudspeakers and sound bars, microphones, amplifiers and mixers, music players and other audio devices, televisions, video players and video cameras. The televisions market was the largest segment of the consumer electronics repair and maintenance market segmented by type, accounting for 54.8 % of the total in 2020. Going forward, the amplifiers and mixers segment is expected to be the fastest growing segment in the consumer electronics repair and maintenance market segmented by type, at a CAGR of 14.6% during 2020-2025.

The consumer electronics repair and maintenance market is segmented by service type into in-warranty and out of warranty. The out of warranty market was the largest segment of the consumer electronics repair and maintenance market segmented by service type, accounting for 57.0% of the total in 2020. Going forward, the out of warranty segment is expected to be the fastest growing segment in the consumer electronics repair and maintenance market segmented by service type, at a CAGR of 7.9% during 2020-2025.

The consumer electronics repair and maintenance market is segmented by end user into industrial and commercial and residential. The residential market was the largest segment of the consumer electronics repair and maintenance market segmented by end user, accounting for 85.4% of the total in 2020. Going forward, the residential segment is expected to be the fastest growing segment in the consumer electronics repair and maintenance market segmented by end user type, at a CAGR of 8.2% during 2020-2025.

The consumer electronics repair and maintenance market is segmented by geography into Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Western Europe was the largest region in the global consumer electronics repair and maintenance market, accounting for 35.8% of the total in 2020. It was followed by Asia Pacific, and North America then the other regions. Going forward, the fastest-growing regions in the consumer electronics repair and maintenance market will be Middle East, and, Asia-Pacific where growth will be at CAGRs of 10.0% and 9.7% respectively. These will be followed by Africa, and Eastern Europe where the markets are expected to grow at CAGRs of 9.3% and 8.0% respectively.

The COVID-19 pandemic has disrupted global economies and supply chains across various industries, including the consumer electronics repair and maintenance sector. COVID-19 originated in the Wuhan Province of China, in December 2019 and spread across the world. Many countries have imposed an unexpected and unprecedented lockdown and also implemented various travel restrictions and quarantine measures to curb the coronavirus spread. Its impact has been seen on the global consumer electronics repair and maintenance market, as replacement parts and accessories supply chains were disrupted and manufacturing closed down in accordance with the government measures to prevent the spread of the virus.

Lockdown measures taken by governments globally have disrupted the supply chain in different industries including consumer electronics repair and maintenance industry. The players in the consumer electronics repair and maintenance market suffered huge losses due to the shutdown of original equipment manufacturing sites and disruption of replacement parts supply chains resulting from the COVID-19 pandemic lockdowns.

The consumer electronics repair and maintenance market is highly fragmented with large number of local players having intense competition. The market fragmentation can be attributed to the availability of large number of service provider, innovative product repairing approach, and high competition among the players in the market. The top 10 companies in the market occupied 3.81% of market share in the global consumer electronics repair and maintenance market. Major players in the market include Redington, uBreakiFix, B2X CARE SOLUTIONS GMBH, Encompass Supply Chain Solutions Inc., Onsitego, The Allstate Corporation, Global Electronic Services, Inc., Electronix Services, MicroFirst Gaming Inc. and Quest International, Inc.

The top opportunities in the consumer electronics repair and maintenance market segmented by type will arise in the television segment, which will gain $4,930.5 million of global annual sales by 2025. The top opportunities in segment by service type will arise in the out of warranty segment, which will gain $4,373.2 million of global annual sales by 2025. The top opportunities in segment by end user will arise in the residential segment, which will gain $6,771.0 million of global annual sales by 2025. The consumer electronics repair and maintenance market size will gain the most in China at $1,597.4 million.

Market-trend-based strategies for the consumer electronics repair and maintenance market include focusing on adopting IoT for their operations to enhance efficiency and to keep track of real-time status of devices, focusing on implementing AR-based procedures to enhance their performance and merging with financial and other electronic component companies to strengthen the financial stability and fast and better performance.

Player-adopted strategies in the consumer electronics repair and maintenance market include focusing on achieving growth by increasing its base business, product innovation, and acquisitions.

To take advantage of the opportunities, the publisher recommends the consumer electronics repair and maintenance companies to focus on adopting IoT in repair and maintenance, implementing augmented reality for maintenance and repair, offer competitive pricing, expand in emerging markets, leverage social media to maximize reach and focus on offering services to target end-users.