Electronic Equipment Repair Service Market

Electronic Equipment Repair Service Market Outlook

The electronic equipment repair service market size is projected to reach USD 129,440.3 million by 2023. Expanding at 6.3% CAGR, the market is pegged to reach USD 238,452.7 million by 2033.

The market was thriving at a high CAGR of 5.7% from 2018 to 2022 previously. In terms of value, the market grew from USD 97,460.3 million in 2018 to USD 121,654.4 million in 2022.

The market growth is anticipated to be driven by multiple factors, like:

• The need for refurbished electronic equipment in developing countries
• Growing acceptance of important electronic items
• Surge in demand for electronic devices, such as laptops, in many developing nations.
• As many people get interested in buying electronic devices, there are more instances of these devices failing to function.

All the above-described factors have prompted the adoption of electronic equipment repair services to efficiently mend electronic equipment. Over the course of a year, average consumer electronics are likely to break often, in turn fueling the demand for electronic equipment repair services.

Attributes	Details
Electronic Equipment Repair Service Market (2018)	USD 97,460.3 million
Electronic Equipment Repair Service Market (2022)	USD 121,654.4 million
Electronic Equipment Repair Service Market CAGR (2018 to 2022)	5.7%
Electronic Equipment Repair Service Market Size (2023)	USD 129,440.3 million
Electronic Equipment Repair Service Market Size (2033)	USD 238,452.7 million
Electronic Equipment Repair Service Market CAGR (2023 to 2033)	6.3%

What Are the Driving Factors in the Market?

A number of factors contribute to the increased demand for electronic equipment repair services. An increase in the rate of equipment failure and high-cost savings from repairing, instead of replacing malfunctioning equipment is pushing the market growth.

Governments are taking a variety of initiatives that are fuelling the demand for electronic equipment repair services all around the world. These initiatives include considerate and environmentally responsible e-waste management. This means that when an electronic device is no longer in use, it is expected to be recycled for its commodity value, creating a market for electronic equipment repair services.

Key Restraints: Factors Impeding the Market Growth

The market is experiencing some setbacks due to a variety of factors. The main factor hindering the market's growth is the consumer electronics industry's constant technological advancements and breakthroughs. This results in consumers replacing their old items with new models.

Electronic equipment manufacturers are introducing repair manuals products parts and tools so that the customer can repair the device themselves. For instance,

In April 2022, Apple launched Self Service Repair in the United States. It offers repair manuals and authentic Apple tools and parts via Apple Self-Service Repair Store. The Self-Service Repair stores are already expanding in Europe, and have plans to extend to other geographies too.

The electronic equipment repair industry is projected to face the perils of the self-service repair trend over the forecast period. In addition to this, a lack of skilled labor is anticipated to stall market development.

Trends Guiding the Electronic Equipment Repair Service Market

The global electronic equipment repair services market is one of the few markets which is unaffected by a region's economic downturn. In fact, this sector benefits from consumers' poor financial circumstances, as many owners of electronic gadgets prefer to have them repaired rather than buy new ones.

This market could be aimed at people who own high-end electronic devices that are too expensive to replace and must be fixed instead.

2018 to 2022 Electronic Equipment Repair Service Market Outlook in Comparison to 2023 to 2033 Growth Forecast

Historical CAGR (2018 to 2022)	5.7%
Forecast CAGR (2023 to 2033)	6.3%

The electronic equipment repair service industry was valued at USD 97,460.3 million in 2018. Expanding at 5.7% CAGR, the market later gained a value of USD 121,654.4 million in 2022. In the preceding years, the market flourished owing to the factors such as:

• Increase in demand for electronic gadgets.
• Surge in malfunctions of these devices, increasing demand for electronic device repair services.
• Emphasis on better semiconductor manufacturing, stimulated the production of the electronic device. As a result, creating bright prospects for electronic equipment repair services.
• Escalated focus on refurbished electronic business.

Over the forecast period, the market is projected to thrive at a 6.3% CAGR. The market is projected to expand from USD 129,440.3 million in 2023 to USD 238,452.7 million by 2033.

In the electronic equipment repair services market, companies with top-notch workforces and up-to-date product databases have found success.

Individual company profitability is determined by aspects, such as speed, service accuracy, and volume. On the other hand, these electric appliance repair services could be aimed at people who own high-end electronic devices. These are usually too expensive to replace and must be fixed instead.

Companies in this industry fix a wide range of electronic devices, including computers, communication equipment, and other electronic devices. Electronic equipment such as smartphones, mobile phones, televisions, and other devices are becoming increasingly popular among end-users around the world.

As the usage of electronic equipment develops, the risk of product damage is likely to rise as well. Consequently, this is fueling the market over the forecast period. The growth of the refurbished market is expected to be exponential. This can be attributed to a drastic increase in the quality of available products and the presence of an efficient network of skilled professionals, particularly in developed regions.

It is a key factor that is expected to drive the revenue growth of the market. Furthermore, the market is expected to witness the continuous introduction of various breakthroughs and developments in a variety of electronic equipment technologies. Consequently, raising the demand for these items, results in an increase in market potential opportunities.

The market is expected to be driven by improved product life cycle management and increased usage of fleet management analytics.

2018 vs 2023

Year	2018
Market Value	USD 97,460.3 million

Year	2023
Market Value	USD 129,440.3 million

2022 vs 2033

Year	2022
Market Value	USD 121,654.4 million

Year	2033
Market Value	USD 238,452.7 million

Segment-wise Analysis

Which is the Leading Product Type Segment in the Market?

In the global electronic equipment repair service market, the consumer electronics category held a maximum revenue share of 76.3% in 2022. Strong demand for electronics and appliances to equip houses with the latest technologies is projected to fuel category expansion in the future years. This can be attributed to the frequent work-from-home customers due to hybrid work models.

During the forecast period, India's appliances and consumer electronics business is expected to generate great revenue. Electronic device sales are expected to significantly increase leading to following expansion of electronic repair shops. The regional growth is expected to be boosted due to the increasing use of televisions, refrigerators, and other consumer electronic gadgets in this industry.

Category	Product Type
Top Segment	Consumer Electronics
Market Share	76.3%

Residential Segment Captured 61.2% Market Share in 2022

On the basis of end users, the residential segment is projected to gain sizeable profit over the assessment period. In 2022, the segment accounted for 61.2% market share. The future growth of the segment can be attributed to the increasing adoption of TVs, refrigerators, and other consumer electronics.

The widespread adoption of hybrid work models by many corporations has increased the demand for electronic appliances at an individual level. Professionals are outfitting their homes with recent technologies, to scale their work performance and make their work-from-home enjoyable. People are also increasingly installing smart home appliances. This is projected to enhance the electronic equipment repair services for residential applications.

Category	End Use
Top Segment	Residential
Market Share	61.2%

What Is the Regional Outlook of the Electronic Equipment Repair Service Market?

Value CAGR (2023 to 2033)

Countries	CAGR (2023 to 2033)
The United Kingdom	6.1%
China	11.8%
India	10.5%

2022 Value Share in Global Market:

Country/ Region	Value Share (2022)
North America	23.5%
Europe	27.7%
The United States	19.4%
Germany	7.8%
Japan	6.3%
Australia	4.2%

During the forecast period, Europe's market accounted for significant revenue shares in the global electronic equipment repair services market. In 2022, the region accounted for 27.7% market share. Indicating that it is expected to continue to be the industry's front-runner over the coming decade.

North America and Asia Pacific accounted for considerable revenue shares during the projected period. They are also likely to maintain their current market positions over the projection period.

Various electronic equipment repair service companies exist all over the world, and some of them exclusively offer in-home repairs. In addition to their in-store repair services, uBreakiFix, one of the prominent consumer electronic repair companies in North America, offers in-home repair services.

By 2033, the Asia Pacific market is projected to have grown significantly. This is due to the deployment of beneficial policies, such as a production-linked incentive plan to help India's electronics industry. As a result of the significant increase in electronic device sales and the following expansion of electronic repair shops, regional growth is projected to be boosted.

How can Service Providers Scale their Electronic Equipment Repair Service Business?

In the electronic equipment repair service business, there is a lot of rivalry from other start-ups. In this sector, companies with top-notch workforces and up-to-date product databases have found success. Individual company profitability is determined by aspects such as speed, service accuracy, and volume.

FMI has analyzed the market in detail to provide guidelines while making an electronic equipment repair service business plan.

• Businesses can invest in various marketing techniques. These include radio commercials, newspaper advertisements, website banners, referrals, billboards, discounts, direct mailers, and yellow pages.
• By upgrading their knowledge and gaining substantial experience, the business owner can extract a good amount of service charge. Having a team of employees that are experts in various popular devices can also raise the profit significantly.
• Emerging and underdeveloped economies offer a pool of low-cost labor for equipment repair service businesses. Largely present in Asia Pacific and the Middle East and Africa, the use of such labor increases the profit margin. Consequently, increasing the electrical repair service business’s overall revenue.
• Companies can invest in training people from emerging or underdeveloped nations. By offering skills and job opportunities to these individuals, companies can reap long-term benefits.
• India and China are generating huge demand for electronic equipment repair services. This can be attributed to the growing demand for electronics and the increasing standard of living. Companies can focus on setting up electronic repair shops in these countries to meet the surge in demand.
• Companies can employ sustainable materials and practices to fix electronic gadgets. By practicing green repair services, businesses can gain traction with the increasing population of discerning citizens.
• COVID-19 outbreak led to the emergence of remote repair services. These services include remotely monitoring, accessing, and repairing products in use at customer sites. Companies can adopt these services for better customer experience and improved outcomes. These services are also cost-effective since technicians don’t need to travel to the user’s location.

Companies in Electronic Equipment Repair Services Industry

• Encompass Supply Chain Solutions Inc
• uBreakiFix
• iCracked Inc
• Moduslink Global Solutions
• Mendtronix Inc.

Scope of Electronic Equipment Repair Service Market Report

Attribute	Details
Market Size Value in 2023	USD 129,440.3 million
Market Forecast Value in 2033	USD 238,452.7 million
Global Growth Rate	6.3%
Forecast Period	2023 to 2033
Historical Data Available for	2018 to 2022
Market Analysis	USD million/ billion for Value
Key Regions Covered	North America; Latin America; Europe; East Asia; South Asia; Oceania; and the Middle East & Africa
Key Countries Covered	The United States, Canada, Brazil, Mexico, Chile, Peru, Argentina, Rest of LATAM, EU-4, United Kingdom, BENELUX, Nordic, Russia, Poland, Rest of Europe, China, Japan, South Korea, India, Thailand, Indonesia, Singapore, Rest of South Asia.
Key Market Segments Covered	Product Type, End Use, Region
Key Companies Profiled	Encompass Supply Chain Solutions Inc; uBreakiFix; iCracked Inc; Moduslink Global Solutions; Mendtronix Inc.
Pricing	Available upon Request

Key Segments

By Product Type:

• Consumer Electronics
• Computer Related Products
• Others

By End Use:

• Residential
• Industrial or Commercial

By Region:

• North America
• South America
• Europe
• Asia Pacific
• The Middle East & Africa

Frequently Asked Questions

How Big is the Electronic Equipment Repair Service Market?

The market is valued at USD 129,440.3 million in 2023.

Who are the Key Electronic Equipment Repair Service Market Players?

Mendtronix Inc and uBreakiFix are key market players.

Which is the Key Segment by End-user Type?

The residential sector is likely to remain preferred through 2033.

Which is the Go-to-Market Strategy?

Players opt for acquisitions and integration of advanced technologies.

Which are the Key Asian Countries in the Electronic Equipment Repair Service Market?

China and India dominate the Asian market.