The electronic & precision equipment repair and maintenance market comprises of the sales of electronic & precision equipment repair or maintenance services by entities (sole traders, organizations and partnerships) that provide the electronic equipment repair or maintenance services for electronic equipment that includes electronic products & navigational, measuring, electro-medical and control instruments. Electronic equipment repair service industry is one of the industries that can benefit from the delicate economic condition of the region or even benefit from the delicate financial position of an individual. Electronic equipment repair service work in repairing different types of electronic devices for instance communication devices, household appliances, medical monitoring devices, computer, and other electronics. The electric equipment repair service market is growing at a rapid pace owing to the introduction of several new or innovative electronic equipment & products in the market.
As per study, “Electronic and Precision Equipment Repair and Maintenance Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global electronic and precision equipment repair and maintenance market include Wireless Communications; Apple Inc; Verizon Wireless; Qualcomm Inc among others. Leading companies are using artificial intelligence (AI)-predictive analysis to increase the quality of their services. This analysis with the use of Internet-of-Things (IoT) technology sensors enables the service providers for identifying the decisive part which has the possibility to fail & understand the current status of the components.
Based on type, electronic and precision equipment repair and maintenance market is segmented as communication equipment repair & maintenance, computer & office machine repair & maintenance, consumer electronics repair & maintenance, and others electronics & precision equipment repair & maintenance. The consumer electronics repair segment is further sub-segmented as television, mobile-phones, smart-phones, and set-top boxes. The smart-phone segment is expected to witness higher growth rate due to growth in adoption of smart-phones in developing regions during the forecast period. Additionally, based on mode form, market is segmented as online mode and offline mode.
The electronic & precision equipment repair and maintenance market is primarily driven by installed base of electronic equipment, equipment failure- rates, and cost benefit of routinely keeping up or fixing broken & idle equipment, as opposed to replacing it. Apart from this, rise in demand for tablets & smart –phones and other equipment, especially in developing regions is also a major driven factor for market. However, increase in shift in consumer behavior toward buying new electronic equipment and poor-quality or duplicate spare parts of electronic equipment may impact the market. Moreover, rise in demand for refurbished electronic equipment is a key opportunity for market.
Based on geography, the Western Europe region is a leading region in global electronic and precision equipment repair and maintenance market owing to growth in demand for automated machinery in industries along with introduction of a number of new or innovative electronic equipment & products across the region. The Asia-Pacific and North-America regions are anticipated to exhibit substantial growth rate due to growth in adoption of consumer electronic products over the forecast period. It is predicted that future of the global market will be optimistic as a result of rapid adoption of smart-phones, tablets, and other mobile technologies during the forecast period.
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Ankur Gupta, Head Marketing & Communications