Consumer Electronics Repair and Maintenance Global Market Report 2022: Growing Cost Benefits from Repairing Old Devices and Rising Device Failure Rates

Consumer Electronics Repair and Maintenance Global Market Report 2022: Growing Cost Benefits from Repairing Old Devices and Rising Device Failure Rates

News Summary:

  • The main types of consumer electronics repair and maintenance are speakers and soundbars, microphones, amplifiers and mixers, music players and other devices, televisions, video players, and camcorders. A microphone is a device that converts sound waves in the air into electrical signals or records them on a recording medium. Various service types include warranty service and warranty service and are used in various industries such as industrial, commercial and residential.

  • The global appliance repair and maintenance market is projected to grow from $7.98 billion in 2021 to $8.38 billion in 2022, at a compound annual growth rate (CAGR) of 5.1%. This growth was primarily due to companies restructuring their operations and recovering from the impact of COVID-19. COVID-19 has previously led to restrictive containment measures with social distancing, telework, and closure of commercial activities, leading to operational challenges. The market is expected to reach $9.6 billion in 2026 with a CAGR of 3.5%.

Western Europe was the largest region for the home appliance repair and maintenance market in 2021. Asia Pacific was the second largest region for the home appliance repair and maintenance market. The regions covered by this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Rising equipment failure rates and the cost benefits of repairing older equipment rather than scrapping it are expected to drive the consumer electronics repair and maintenance market.

It has been suggested that Customers are strengthened. Customers are more likely to purchase and recommend products from companies that provide repair manuals and spare parts, as well as help and guidance on how to repair their products. Apple has started assembling older iPhones in India. Companies like iFixit and Repair Cafe bring people together to fix their devices.

Cheap branded and non-branded products regularly flood the market and after a while need to be repaired either because they are made of inferior materials or because of regular maintenance. However, research shows that fixing a device problem is always a more cost-effective solution than buying a new device, so companies are now taking a different approach to building products that can be easily repaired and used.

The European Commission will discuss ecodesign regulations for smartphones from 2021, including access to spare parts and repair information. Therefore, increasing device failure rates and cost advantages from repairing older devices are driving the home appliance repair and maintenance market.

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