Consumer Electronics Repair and Maintenance Global Market Report 2024

The consumer electronics repair and maintenance market size has grown steadily in recent years. It will grow from $8.69 billion in 2023 to $8.94 billion in 2024 at a compound annual growth rate (CAGR) of 2.9%. Historical growth can be attributed to several factors, including a rise in disposable income, heightened environmental awareness regarding e-waste, the expansion of e-commerce in the consumer electronics sector, increased internet accessibility, robust economic growth in emerging markets, and the growing prevalence of television usage.

The consumer electronics repair and maintenance market size is expected to see steady growth in the next few years. It will grow to $9.88 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%. Forecasted growth stems from rising equipment failure rates favoring repairs, increased government e-waste regulations, higher adoption of electronic devices and IoT, demand for refurbished products, elevated initial purchase costs, uncertain consumer demand, and a growing sustainability focus. Trends include IoT integration for operational efficiency, augmented reality implementation, and strategic mergers for financial stability and improved performance.

The consumer electronics repair and maintenance market is poised for growth, driven by an upsurge in equipment failure rates and the cost benefits associated with repairing old devices rather than replacing them. The market experiences a constant influx of branded and non-branded low-cost products, which often require repair due to poor material quality or regular wear and tear. A notable shift in company strategies involves designing products that are easily repairable. Addressing issues in gadgets through repair is considered a cost-effective alternative to purchasing new ones, thereby fostering customer trust. Companies providing repair manuals, spare parts, and guidance on product fixing are gaining customer preference. Apple's initiative to assemble older iPhones in India, along with entities such as iFixit and Repair Cafe, fostering collaborative repair efforts, underscores this trend. The European Commission's discussion of eco-design regulations for smartphones, emphasizing access to spare parts and repair information, further supports the growth of the consumer electronics repair and maintenance market.

The burgeoning adoption of smartphones is set to propel the consumer electronics repair and maintenance market. Smartphones, combining mobile phone functionality with advanced features akin to personal computers, are highly portable but prone to various types of damage, including screen cracks, water damage, and battery issues. The resultant increase in repair needs creates a consistent demand for maintenance and repair services. Notably, a report by Uswitch Limited in February 2023 revealed that there were 71.8 million active mobile connections in the UK in 2022, marking a 3.8% increase from 2021. The projection of 68.3 million people in the UK by 2025, with 95% owning smartphones, underscores the escalating adoption of smartphones as a key driver for the growth of the consumer electronics repair and maintenance market.

Consumer electronics repair and maintenance service providers are strategically incorporating augmented reality (AR) into their procedures. AR enhances reality by combining direct and indirect views of physical environments with computer-generated images, providing users with an enriched view of the real world. AR-based repair and maintenance procedures offer real-time digital information, empowering users with step-by-step instructions for asset repair. A notable example is Dell, a US-based technology company, which introduced the 2022 AR Assistant app. This app utilizes augmented reality to guide users through step-by-step, at-home repairs or replacements for over 97 different systems in 7 languages. The AR Assistant app leverages mixed reality and informational overlays on the device being repaired, utilizing a smartphone camera. Its augmented clone technology further enhances the repair experience by displaying a cloned server in any desired space, facilitating a 360-degree interaction with a high degree of realism. This approach not only simplifies at-home repairs but also contributes to waste reduction, making the repair process less stressful for users.

Major players in the consumer electronics repair and maintenance market are actively developing new products and services to cater to larger customer bases, drive more sales, and increase revenue. Repair services focus on rectifying items that have experienced problems or damage, while maintenance services concentrate on keeping items in good working order through regular upkeep and preventive measures. For instance, Apple, a leading US-based technology company, launched the Self-Service Repair program in November 2021. This innovative program allows consumers who are confident in handling their own repairs to access Apple's original tools and parts. The initial phase of the program focuses on the most frequently repaired modules, including the iPhone's camera, battery, and display. The Self-Service Repair program is designed for individual specialists who possess knowledge and skills in fixing electronic devices.

Major companies operating in the consumer electronics repair and maintenance market report are Redington, uBreakiFix, B2X CARE SOLUTIONS GMBH, Encompass Supply Chain Solutions Inc., Onsitego, The Allstate Corporation, Global Electronic Services Inc., Electronix Services, MicroFirst Gaming Inc., Quest International Inc., Serviceman India, Urban Company, Star Electronics Service, Kanto Camera Service, CND Electronic Technology (Shenzhen) Co. Ltd., Anhui LeedeTech Co. Ltd., Shenzhen Xieyuanxin Optoelectronics Co. Ltd., Moduslink, Repair World Direct, Square Trade, The IRP company, Feba Electronics Repair Service, Mendtronix Inc., The Cableshoppe Inc.

Western Europe was the largest region in the consumer electronics repair and maintenance market share in 2023. Asia-Pacific was the second-largest region in the global consumer electronics repair and maintenance market. The regions covered in the consumer electronics repair and maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the consumer electronics repair and maintenance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain. The consumer electronics repair and maintenance market consists of revenues earned by entities engaged in repairing and maintaining consumer electronics, such as televisions, stereos, speakers, video recorders, CD and DVD players, radios, and cameras, without retailing new consumer electronics. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The primary categories of consumer electronics repair and maintenance cover loudspeakers, sound bars, microphones, amplifiers, mixers, music players, televisions, video players, and cameras. Microphones serve the purpose of converting sound waves into electrical signals or recording them onto a medium. Services offered include in-warranty and out-of-warranty repairs, utilized across diverse sectors including industrial, commercial, and residential settings.

The consumer electronics repair and maintenance market research report is one of a series of new reports that provides consumer electronics repair and maintenance market statistics, including consumer electronics repair and maintenance industry global market size, regional shares, competitors with a consumer electronics repair and maintenance market share, detailed consumer electronics repair and maintenance market segments, market trends and opportunities, and any further data you may need to thrive in the consumer electronics repair and maintenance industry. This consumer electronics repair and maintenance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.