New York, Feb. 16, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Consumer Electronics Repair and Maintenance Global Market Report 2022" - https://www.reportlinker.com/p06229725/?utm_source=GNW
, Quest International, Inc., The Cableshoppe Inc., uBreakiFix, B2X CARE SOLUTIONS GMBH, Redington Services and Repair World Direct.
The global consumer electronics repair and maintenance market is expected to grow from $7.98 billion in 2021 to $8.38 billion in 2022 at a compound annual growth rate (CAGR) of 5.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $9.60 billion in 2026 at a CAGR of 3.5%.
The consumer electronics repair and maintenance market consists of sales of consumer electronics repair and maintenance services by entities (organizations, sole traders and partnerships) that are 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. Only goods and services traded between entities or sold to end consumers are included.
The main types of consumer electronics repair and maintenance are loudspeakers and sound bars, microphones, amplifiers and mixers, music players and other devices, televisions, video players, video cameras.A microphone is a device that converts airborne sound waves into electrical signals or records them on a recording medium.
The different service types include in-warranty, out of warranty and is used by various verticals such as industrial and commercial, residential.
Western Europe was the largest region in the consumer electronics repair and maintenance market in 2021.Asia Pacific was the second largest region in the consumer electronics repair and maintenance market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
An increase in equipment failure rates and cost benefits of repairing old equipment rather than disposing of them are expected to drive the consumer electronics repair and maintenance market.The branded and non-branded low-cost products regularly flood the market and need repair in some time as they are made with poor quality material or due to regular maintenance.
However, research suggests that companies are now taking a different approach, which is building products that could be easily repaired for use as fixing an issue in a gadget is always a cost-effective solution than buying a new one, thereby enhancing the trust of the customer.Customers tend to buy and refer the products of the company that offers repair manual, spare parts and provide assistance and guidance on fixing the product.
Apple has begun assembling the older iPhone in India.Companies like iFixit and Repair Cafe are bringing people together to work for repairing devices.
The European Commission is all set to discuss eco-design regulation for smartphones from 2021, including access to spare parts and repair information. Therefore, an increase in equipment failure rates and cost benefits of repairing old equipment is promoting the consumer electronics repair and maintenance market.
The COVID-19 pandemic has significantly impacted the consumer electronics repair and maintenance industry as governments across the globe have imposed lockdowns and put restrictions on non-essential services to prevent the spread of the virus.Repair and maintenance services hugely depend on labor and the availability of labor during this pandemic is a big challenge.
The repair industry across countries such as US, the UK, Germany, Italy, the Middle East and India have also witnessed an increase in labor cost due to labor shortages in the lockdown.The repairing industry, in general, fixes around 25 million electronic appliances in a month, but due to lockdown and social distancing norms, the products are expected to pile up for repair.
Besides, the supply chain disruptions in various countries have made it difficult to find spare components for mobile and other electronic appliances making consumers wait longer for availing services.
The countries covered in the consumer electronics repair and maintenance market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06229725/?utm_source=GNW
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