According to a new report, The India, Brazil, U.S., consumer electronics repair and maintenance market size was valued at $3,753.5 million in 2020, and is projected to reach $4,751.1 million by 2030, registering a CAGR of 2.0% from 2021 to 2030. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Over the last few years there is increase in the digitalization of all the electronic equipment. Therefore, most of the equipment are available with AI driven smart features. This, in turn, increases the need for repair and maintenance. Market players are expanding their service centers in smaller towns of Brazil and India; the market is already well-established in the U.S. Moreover, application of digitalization in consumer electronic products is increasing efficiency in making supply chain process easier and transparent.
The number of social media users has increased considerably with rise in internet penetration. Taking this into consideration, most of the key players in the consumer electronics repair and maintenance strategize on promoting their products and services on these social media platforms. Social media marketing is one of the major strategies adopted by various companies and industries on imparting awareness about their services among target customers on social media channels.
For example, companies like Urbanclap Technologies India Private Limited, American Home Shield ProConnect, and others continuously indulged in advertisement and promotion of their services to increase their customer base. Thus, through social media advertisement and promotion strategy, India, Brazil, U.S., consumer electronics repair and maintenance market opportunities is gaining traction and increasing its customer reach among its target segments.
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However, there are some costly spare parts in electronic equipment. These include mobile phones and laptops and these spare parts cost higher and in such cases residential end users prefer buying the new product rather than repair it or maintaining it. In the mobile phones, sometimes, the price of a display screen is much higher so that the customers do not invest much amount in repair the display screens and prefer buying the new mobile phones. This restricts the growth of the India, Brazil, U.S., consumer electronic equipment repair and maintenance market trends.
Similarly, in laptops if a motherboard is damaged cost for new motherboard is almost half of the new laptops and hence customers do not rely on Repair and using the laptops again for the next 2-3 years. Customers prefer buying a new laptop, which will give them life of another 8 to 10 years rather than just Repair the laptop and using it for 2 to 3 years. These factors limit India, Brazil, U.S., consumer electronic equipment repair and maintenance market growth.
The key players profiled in the India, Brazil and U.S., consumer electronic equipment repair and maintenance analysis includes American Home Shield ProConnect, Asurion, LLC, Best Buy Co., Inc., B2X Care Solutions GmbH, CNS Brasil Informática LTDA, Complete Appliance Protection, Inc., Fixt Inc., OneCall India, Onsitego and Urbanclap Technologies India Private Limited
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Key findings of the study:
1) By equipment type, the mobile segment dominated the market in 2020, and is expected to retain its dominance throughout the India, Brazil and U.S., consumer electronic equipment repair and maintenance market forecast period.
2) By end user, the residential segment led the market demand in 2020, and is expected to retain its dominance throughout the forecast period.
3) By service type, the out of warranty segment dominated the global market in 2020, and is expected to retain its dominance throughout the forecast period.
4) By market type, the organized segment is expected to grow at a significant CAGR during the forecasted period.
5) By country, the U.S. accounted for highest India, Brazil and U.S., consumer electronic equipment repair and maintenance market share in 2020, and is expected to grow at a CAGR of 1.2%.
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