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According to The Business Research Company’s research report on the consumer electronics repair and maintenance market, the global market for consumer electronics repair and maintenance is supported by the large consumer population and disposable incomes in developed and developing countries. The consumer electronics maintenance market is also supported by rising penetration of televisions, video players, and other consumer electronic products which increases the demand of regular maintenance and servicing of these consumer electronic goods to increase their shelf life.
The global consumer electronics repair and maintenance market size reached a value of nearly $16.52 billion in 2020, having increased at a compound annual growth rate (CAGR) of 5.4% since 2015. The electronics repair market growth is to be at a rate of 7.6% from $16.52 billion in 2020 to $23.77 billion in 2025. It is then expected to grow at a CAGR of 7.1% from 2025 and reach $33.43 billion in 2030.
The Business Research Company’s report titled Consumer Electronics Repair and Maintenance Global Market Report 2021: COVID 19 Impact and Recovery to 2030 covers major consumer electronics repair and maintenance companies, consumer electronics repair and maintenance market share by company, consumer electronics repair and maintenance manufacturers, consumer electronics repair and maintenance infrastructure market size, and consumer electronics repair and maintenance market forecasts. The report also covers the global consumer electronics repair and maintenance market and its segments.
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Consumer demand for electronics has been uncertain, and this factor is expected to drive the market for consumer electronics repair and maintenance market during the forecast period. Demand for electronic products depends on consumer buying behavior which fluctuates with the current situation, such as an increase or decrease of disposable income, increased or decreased rates of the price of electronics products, and presently the pandemic situation is also impacting the demand of some consumer electronics products in the market. For example, due to the COVID-19 lockdown which was observed in almost all the countries across the globe during 2020, many businesses struggled and are struggling to navigate their way through, which has led to unemployment. Being more conscious of their budgets and outgoings, people are more inclined to repair their existing electronics products than to buy a new one. This is driving the consumer electronics repair and maintenance market. Also, COVID-19 has led to disruption in the supply chain of raw materials, and this resulted in increased prices of electronic products. For instance, according to a new report from Indian Express, the price for TVs and other consumer electronics products are expected to increase by 10% from January 2021.
This high purchasing cost of electronic products is encouraging users to maintain and manage their existing devices and equipment, which of course will increase the demand for electronics repair and maintenance services. For example, in case of machine breakdowns owing to electronic system failure, it is more costly to replace machines with new products. The repair cost will be lower than the cost related to buying of new device or solution. This factor is supporting the market expansion for the consumer electronics repair and maintenance industry.
Consumer Electronics Repair and Maintenance Global Market Report 2021: COVID 19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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