Smartphone Repair Market Report - Industry Size and Global Share 2021: Business Expansion Strategies, Growth Dynamics, Opportunities and Challenges Forecast to 2027
A comprehensive overview of the Smartphone repair market is recently added by UnivDatos Market Insights to its humongous database. The Smartphone repair market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Smartphone Repair market. The Smartphone Repair market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Smartphone Repair market at the global and regional levels. The Global Smartphone Repair market is expected to grow at a CAGR of 5.4% from 2021-2027 to reach USD 258.3 billion by 2027.
Market Overview
Global Smartphone
Repair market is experiencing significant growth on account of the increasing adoption of smartphones, owing to increasing
disposable income and high penetration of online business. According to
data obtained from one of the top consulting firms, the growing dependence on
smartphones as well as the availability of affordable smartphones, the average
global smartphone replacement cycle has reached 21 months. Customers from the
emerging market are being more aggressively replacing their smartphones,
compared to the customers in the developed economy.
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Furthermore, the growth of Chinese brands, which
offer higher specification devices at an affordable price, has generated a faster
upgrade cycle. In addition, the rise of used and refurbished smartphones is
also catalyzing this trend. For instance, the global used smartphone
market would grow at 22% annually between 2015 and 2020, with shipments nearly
tripling to 223 million units in 2020. North American used smartphone market
reached to reach 55.2 million units by 2020 compared to 15.2 million in 2015.
COVID-19 Impact
The COVID19 pandemic has witnessed
the emergence of doorstep smartphone repair services. When the entire world
stood still at the time of lockdown, it was heartbreaking for the unorganized
smartphone repair business. In countries such as India and other developing
countries, small repair businesses dominate the market in terms of volume.
Owing to the sudden outbreak of Covid-19, company-operated smartphone repair
centers started doorstep service, to sustain in the market.
Smartphone Repair market report is studied thoroughly with several
aspects that would help stakeholders in making their decisions more curated.
By Component, the market is primarily bifurcated into:
·
Software Repair and Replacement
·
Hardware Repair and Replacement
Hardware repair
and replacement components dominated the global Smartphone Repair market and
will grow at 4.5% CAGR to reach USD 229.2 billion markets by the year 2027.
By Activity Type, the market is mainly segmented into:
·
Screen
Repair and Replacement
·
Battery
Repair and Replacement
·
Button
and Jack Repair and Replacement
·
Camera
and sensor repair and replacement
·
Others
(Software related)
Amongst activity
types, the Screen Repair and
Replacement segment accounted for the largest share and
is expected to grow at the CAGR of 3.9% during the forecast period 2021-2027.
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By Business Type, the market is primarily studied into:
·
Brick-and-mortar stores
·
Company-operated Service center
In 2020,
the Company operated Service center segment dominated the global Smartphone
Repair market with nearly 61% share.
Global Smartphone
Repair Market Geographical Segmentation Includes:
·
North America (United States, Canada,
Rest of North America (excluding Mexico))
·
Europe (Germany, United Kingdom,
France, Netherlands, Poland, Rest of Europe)
·
Asia-Pacific (China, India, and Rest
of Asia-Pacific)
·
Rest of the World
Based on
the estimation, the Asia-Pacific region dominated the Smartphone Repair market,
owing to the high penetration of smartphones in India and China. The region
generated revenue of almost USD 132.7 billion in 2020.
The
major players targeting the market include:
· Apple inc.
· Best Buy Co. Inc.
· Cell Phone Repair Franchise Systems Inc.
· Square Trade
· LG Electronics
· Samsung Electronics
· HTC Corporation
· uBreakiFix
· Staymobile
· Motorola
Competitive Landscape
The degree of competition among prominent global companies has been
elaborated by analyzing several leading key players operating worldwide. The
specialist team of research analysts sheds light on various traits such as
global market competition, market share, most recent industry advancements,
innovative product launches, partnerships, mergers, or acquisitions by leading
companies in the Smartphone Repair market. The major players have been analyzed
by using research methodologies for getting insight views on global
competition.
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Key questions resolved through this
analytical market research report include:
·
What are the latest trends, new
patterns, and technological advancements in the Smartphone Repair Market?
·
Which factors are influencing
the Smartphone Repair market over the forecast period?
·
What are the global challenges,
threats, and risks in the Smartphone Repair market?
·
Which factors are propelling
and restraining the Smartphone Repair market?
·
What are the demanding global
regions of the Smartphone Repair market?
·
What will be the global market
size in the upcoming years?
·
What are the crucial market
acquisition strategies and policies applied by global companies?
We understand the
requirement of different businesses, regions, and countries, we offer
customized reports as per your requirements of business nature and geography. Please
let us know If you have any custom needs.
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Labels: Smartphone Repair Market