Electronic Equipment Repair Service Market Size worth $ 190.9 Billion by 2031, TMR Study

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Oct 18, 2022, 11:00 ET

Product differentiation, product breakthroughs, novel product launches, and incorporation of several value-added functions in consumer electronics is likely to drive the global market
The global market is anticipated to be driven by rising usage of electronic appliances across various end-use industries

WILMINGTON, Del., Oct. 18, 2022 /PRNewswire/ -- In 2021, the value of the global electronic equipment repair service market touched valuation of US$ 94.7 Bn. The global market is anticipated to progress 7.5% CAGR during the forecast period, from 2022 to 2031. By 2031, it is predicted that value of global electronic equipment repair service market will attain value of US$ 190.9 Bn. The business of smart home appliances is being driven by increasing disposable income, usage of electronic products, and evolving customer lifestyles globally. Future business prospects for the global market for electronic equipment repair service are projected to be brought on by the increasing demand for refrigerators, smart TVs, and other appliances.

In addition, it is projected that growing use of automated electronic equipment across a range of sectors will increase usage of electronic equipment repair services across the industrial electronic repair industry. It is anticipated that both commercial and residential businesses will see an increase in usage of electronic equipment repair services.

Due to the high cost of electronic products, consumers are frequently choosing to buy refurbished models instead of brand-new ones, which is likely to come up as one of the important trends in the electronic equipment repair service. The business of refurbished electronics is predicted to benefit greatly from this throughout the forecast timeframe.

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Key Findings of Market Report

The rising popularity of various electronic products is anticipated to lead to rising future business opportunities in electronic equipment repair service. In addition, the increasing usage of electronic products repair services is being driven by the expansion of automated systems across numerous businesses.
Key vendors in electronic equipment repair service are concentrating on creating cutting-edge technology that is effective and simple to use. More amount is being spent by consumers on buying technological goods to make their lives better. This is anticipated to generate profitable prospects for the electronic equipment repair service during the forecast period.
The global market is anticipated to be dominated by the home appliances category during the forecast timeline. This can be attributed to the rising demand for refrigerators, televisions, and other products amongst customers all around the world. Appliances are frequently bought by consumers to save both time and reduce effort, which is anticipated to drive opportunity for electronic equipment repair service.

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Global Electronic Equipment Repair Service Market: Growth Drivers

In 2021, the residential end-use category accounted for a sizable portion of the global market. The increasing use of various consumer electronics in the domestic sphere is expected to result in in the escalating need for repair services of domestic electronic devices in the near future.
Due to the existence of several foreign and domestic companies, Asia Pacific market is anticipated to record rapid growth in the forthcoming years. Furthermore, it is anticipated that the region's robust R&D activities will open up new potential for the global electronic equipment repair service market in the coming years.

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Global Electronic Equipment Repair Service Market: Key Competitors

Quanzhou Journey Bags Co., Ltd.
Encompass Supply Chain Solutions Inc.
The Cableshoppe Inc.
B2X Care Solutions GmbH
Quest International, Inc.
Mendtronix Inc.

Global Electronic Equipment Repair Service Market: Segmentation

Product Type

Consumer Electronics
Home Appliances
Medical Equipment
Industrial Equipment

Service Type

In Warranty
Out of Warranty

End Use

Industrial or Commercial
Residential

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