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Consumer Electronics Repair & Maintenance Industry Grows As Companies Lean Towards Making Quickfix Gadgets

Consumer Electronics Repair And Maintenance Market Report 2020-30: COVID 19 Growth And Change

Consumer Electronics Repair And Maintenance Global Market Report 2020-30: COVID 19 Growth And Change

The Business Research Company’s Consumer Electronics Repair And Maintenance Market Report - Opportunities And Strategies - Global Forecast To 2030

LONDON, GREATER LONDON, UK, December 3, 2020 /EINPresswire.com/ -- Avail up to 50% off on ALL research reports at: https://www.thebusinessresearchcompany.com/global-market-reports. Offer applies until Dec 31st.

An increase in equipment failure rates and cost benefits of repairing old equipment rather than disposing of them are expected to drive the consumer electronics repair and maintenance market. Branded and non-branded low-cost products regularly flood the market and need repair in time as they are made with poor quality material or for regular maintenance. However, research suggests that companies are now taking a different approach, which is building products that could be easily repaired for use, as fixing an issue in a gadget is always a cost-effective solution over buying a new one, thereby enhancing the trust of the customer. Customers tend to buy and refer the products of a company that offers repair manuals, spare parts and provides assistance and guidance on fixing the product. Apple has begun assembling the older iPhones in India. Companies like iFixit and Repair Cafe in the electronics repair industry are bringing people together to work on repairing devices. The European Commission is all set to discuss eco-design regulation for smartphones from 2021, including access to spare parts and repair information.

The global consumer electronics repair and maintenance market report shows an expected increase from $16.34 billion in 2019 to $16.52 billion in 2020 at a compound annual growth rate (CAGR) of 1.11%. The low growth rate is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The consumer electronics maintenance market is then expected to recover and reach $20.52 billion in 2023 at a CAGR of 7.5%.

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The Business Research Company
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