The market for electronic equipment repair services is anticipated to grow at a consistent CAGR of 6.5% between 2022 and 2032. It is expected that the market for electronic equipment repair services will increase from US$ 121.2 billion in 2022 to US$ 228.2 billion in 2032. Before this, the market expanded at a faster CAGR of 7.4% (2015–2021), reaching a value of US$ 110.9 Bn in that year.
The adoption of electronic equipment repair services has been prompted by the rising demand for electronic devices, such as laptops, in many developing countries. Electronic device malfunctions are increasing, though, as consumer interest in buying them grows.
Average consumer electronics are more likely to break down more frequently over a year, driving up demand for electronic equipment repair services.
The COVID-19 pandemic presented challenges for the market for repair services for electronic equipment. Customers avoided going outside because they were no longer at ease conversing with strangers, giving strangers access to their technology, or letting strangers into their homes.
Throughout the outbreak, consumers used electronic devices significantly more frequently than usual. Due to the total lockdown and strict government restrictions, consumers preferred their electronic equipment, even if it was partially damaged. As a result, the market for services to repair electronic equipment was worth US$ 72.3 billion in 2015 and will be worth US$ 110.9 billion in 2021.
Given that non-essential services have been restricted and lockdowns have been implemented by governments all over the world, the COVID-19 pandemic has had a significant impact on the consumer electronics repair and maintenance industry.
Consumer electronics had the largest revenue share and was expected to grow at a 7.1% CAGR in the market for electronic equipment repair services globally.
In addition, as more people choose to work from home during the pandemic, there will be a strong demand for electronics and appliances to outfit homes with the newest technologies. India’s consumer electronics and appliances market is anticipated to post higher revenue during the forecast period.
Key Segments
By Product Type:
- Consumer Electronics
- Computer-Related Products
- Others
By Region:
- North America
- South America
- Europe
- the Asia Pacific
- Middle East & Africa
