NOIDA, India, May 28, 2021 /PRNewswire/ -- 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.
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.
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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.
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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.
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.
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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.
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?
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About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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