The global consumer electronics repair and maintenance market size was valued at $15.29 Billion in 2021, and is projected to reach $21.63 Billion by 2031, registering a CAGR of 3.61%.
Making sure that electronic equipment is kept in good operating order is known as electronic maintenance. It entails checking, testing, and fixing electrical equipment as required to avoid issues that can result in a power outage or an electrical fire. Both companies and residences should maintain their electronic and electrical systems regularly to keep occupants and employees safe and avoid having to replace or repair expensive equipment. Typically, electricians and other maintenance people with knowledge of the process do electrical equipment maintenance. They frequently utilize an electronic and electrical maintenance checklist as well. Electronic and electrical safety regulations must always be implemented by the staff in their work area in order to guarantee a secure working environment during the repair.
The need for consumer electronics repair and maintenance in North America will be driven by the high spending capacity of the population on consumer electronics goods as well as the growing need for maintenance and repair of these products. This study indicates that the retail sales of consumer electronics are on the rise and that the market will surpass $480 billion by 2023. Also, the significant prevalence of internet shopping among North American consumers has boosted the region's sales of consumer electronics. All of these elements will help the North American consumer electronics repair and maintenance market expand.
The consumer electronics repair and maintenance market is segmented based on equipment type, end-user, service type, and region. Based on equipment type, the market is categorized into Mobile, PC, Washing Machine, Refrigerator, and Others. According to the end user, it is fragmented into residential and commercial. As per service type, the market is categorized into in-warranty and out-of-warranty. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and the rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, South Africa, and the rest of LAMEA).
By equipment type, mobile was the highest revenue contributor in 2021 with a CAGR of 2.95%. The nations that are emerging, like Brazil and India, are those that are expanding at the quickest rates worldwide. These countries' populations of mobile phone users are increasing as a result of their continued development. The need for service centers is growing as more industry participants express interest in having their phones available in these locations. Motorola, Samsung, Apple, BlackBerry, and Microsoft are a few of the major players in the market. Certain industry players own and operate mobile phone repair businesses.
By end user, the residential segment was the highest revenue contributor in 2021 and garners more than 65% of market share in global market. Consumers typically spend more money on appliances like washing machines and air conditioners due to improvement in the standard of living. As a result, service stops are increasingly essential. While unorganized service providers are commonplace in developed regions, approved service centers predominate in those same countries. Many market participants have been expanding their service centers in tier 2 and tier 3 cities since their customer bases are expanding. In addition, the middle-income group is growing more dependent on appliances like air conditioning, washing machines, personal computers, and mobile phones, creating a critical demand for service stations.
By service type, the out-of-warranty segment was the highest revenue contributor in 2021 with a CAGR of 3.5% during the forecast period. Although the warranties on products like mobile phones, laptops, and air conditioners are normally two to three years, consumer electronics are typically used for longer than two years. The lifespan of a product might range from one to ten years, depending on the brand and the type of product. As a result, products frequently outlive their warranties and need further maintenance and repairs. These services are provided by unlicensed individual service providers or authorized service centers. The numerous service providers could be organized or not. There are a large number of unorganized independent service providers in Brazil and India because of the increasing adoption of these products in smaller cities.
By region, Europe holds the largest share of 33.26% in 2021 and is expected to grow at a CAGR of 2.28% during the forecast period. Rising consumer expenditure on online or e-commerce for consumer electronics items including PCs, mobile phones, washing machines, and kitchen appliances, among others, is predicted to fuel the consumer electronics repair and maintenance market. As a result of rising consumer expenditure on consumer electronics products and the requirement for repair and maintenance to keep the goods in working order, the market for consumer electronics repair and maintenance will expand.
The major players operating in the global consumer electronics repair and maintenance are Encompass Supply Chain Solutions, Inc., American Home Shield Corporation, Asurion, LLC, Ensure Services, Best Buy Co., Inc., iCracked Inc., B2X Care Solutions GmbH, Electronix Services, CNS Brasil Informatica LTDA, and UrbanClap Technologies Private Limited.
Making sure that electronic equipment is kept in good operating order is known as electronic maintenance. It entails checking, testing, and fixing electrical equipment as required to avoid issues that can result in a power outage or an electrical fire. Both companies and residences should maintain their electronic and electrical systems regularly to keep occupants and employees safe and avoid having to replace or repair expensive equipment. Typically, electricians and other maintenance people with knowledge of the process do electrical equipment maintenance. They frequently utilize an electronic and electrical maintenance checklist as well. Electronic and electrical safety regulations must always be implemented by the staff in their work area in order to guarantee a secure working environment during the repair.
The need for consumer electronics repair and maintenance in North America will be driven by the high spending capacity of the population on consumer electronics goods as well as the growing need for maintenance and repair of these products. This study indicates that the retail sales of consumer electronics are on the rise and that the market will surpass $480 billion by 2023. Also, the significant prevalence of internet shopping among North American consumers has boosted the region's sales of consumer electronics. All of these elements will help the North American consumer electronics repair and maintenance market expand.
The consumer electronics repair and maintenance market is segmented based on equipment type, end-user, service type, and region. Based on equipment type, the market is categorized into Mobile, PC, Washing Machine, Refrigerator, and Others. According to the end user, it is fragmented into residential and commercial. As per service type, the market is categorized into in-warranty and out-of-warranty. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and the rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, South Africa, and the rest of LAMEA).
By equipment type, mobile was the highest revenue contributor in 2021 with a CAGR of 2.95%. The nations that are emerging, like Brazil and India, are those that are expanding at the quickest rates worldwide. These countries' populations of mobile phone users are increasing as a result of their continued development. The need for service centers is growing as more industry participants express interest in having their phones available in these locations. Motorola, Samsung, Apple, BlackBerry, and Microsoft are a few of the major players in the market. Certain industry players own and operate mobile phone repair businesses.
By end user, the residential segment was the highest revenue contributor in 2021 and garners more than 65% of market share in global market. Consumers typically spend more money on appliances like washing machines and air conditioners due to improvement in the standard of living. As a result, service stops are increasingly essential. While unorganized service providers are commonplace in developed regions, approved service centers predominate in those same countries. Many market participants have been expanding their service centers in tier 2 and tier 3 cities since their customer bases are expanding. In addition, the middle-income group is growing more dependent on appliances like air conditioning, washing machines, personal computers, and mobile phones, creating a critical demand for service stations.
By service type, the out-of-warranty segment was the highest revenue contributor in 2021 with a CAGR of 3.5% during the forecast period. Although the warranties on products like mobile phones, laptops, and air conditioners are normally two to three years, consumer electronics are typically used for longer than two years. The lifespan of a product might range from one to ten years, depending on the brand and the type of product. As a result, products frequently outlive their warranties and need further maintenance and repairs. These services are provided by unlicensed individual service providers or authorized service centers. The numerous service providers could be organized or not. There are a large number of unorganized independent service providers in Brazil and India because of the increasing adoption of these products in smaller cities.
By region, Europe holds the largest share of 33.26% in 2021 and is expected to grow at a CAGR of 2.28% during the forecast period. Rising consumer expenditure on online or e-commerce for consumer electronics items including PCs, mobile phones, washing machines, and kitchen appliances, among others, is predicted to fuel the consumer electronics repair and maintenance market. As a result of rising consumer expenditure on consumer electronics products and the requirement for repair and maintenance to keep the goods in working order, the market for consumer electronics repair and maintenance will expand.
The major players operating in the global consumer electronics repair and maintenance are Encompass Supply Chain Solutions, Inc., American Home Shield Corporation, Asurion, LLC, Ensure Services, Best Buy Co., Inc., iCracked Inc., B2X Care Solutions GmbH, Electronix Services, CNS Brasil Informatica LTDA, and UrbanClap Technologies Private Limited.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the consumer electronics repair and maintenance market analysis from 2021 to 2031 to identify the prevailing consumer electronics repair and maintenance market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the consumer electronics repair and maintenance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global consumer electronics repair and maintenance market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Equipment Type
- Mobiles
- PC
- Washing Machine
- Function
- Semi-Automatic
- Automatic
- Refrigerator
- Others
By End Users
- Residential
- Commercial
By Service Type
- In-warranty
- Out of Warranty
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa,
- Rest of LAMEA
Key Market Players
- Encompass Supply Chain Solutions, Inc.
- iCracked Inc.
- CNS Brasil Informatica LTDA
- American Home Shield Corporation
- Ensure Services
- Best Buy Co., Inc.
- B2X Care Solutions GmbH
- Electronix Services
- UrbanClap Technologies Private limited
- Asurion, LLC
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CONSUMER ELECTRONICS REPAIR AND MAINTENANCE MARKET, BY EQUIPMENT TYPE
CHAPTER 5: CONSUMER ELECTRONICS REPAIR AND MAINTENANCE MARKET, BY END USERS
CHAPTER 6: CONSUMER ELECTRONICS REPAIR AND MAINTENANCE MARKET, BY SERVICE TYPE
CHAPTER 7: CONSUMER ELECTRONICS REPAIR AND MAINTENANCE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Encompass Supply Chain Solutions, Inc.
- iCracked Inc.
- CNS Brasil Informatica LTDA
- American Home Shield Corporation
- Ensure Services
- Best Buy Co., Inc.
- B2X Care Solutions GmbH
- Electronix Services
- UrbanClap Technologies Private limited
- Asurion, LLC
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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