With increasing disposable income and penetration of internet, adoption rate of smartphone among consumers have increased drastically over the past few decades. The increasing adoption of smartphone have evolved a growing path for smartphone repair industry. The typical home of 2.6 people has an average of 24 gadgets, including at least one smartphone double the number 15 years ago, according to the Consumer Electronics Association, a trade group in the US. According to CNBC, one can easily earn US$15 by doing the simple task of repairing a jammed button or malfunctioning operating system. In 2015 Americans spent US$4 billion on cell phone repairs. Although CNBC is way off on the profit price, the normal profit on a repair is US$80 average. According to LifeLine, US phone users need to repair their phones owing to some common causes such as falling into the liquid like a pool or puddle, getting knocked off a table, falling out of the user’s lap or pocket, and having liquid spilled on it. About 30% of iPhone damage is from these common causes. Furthermore, as per the SquareTrade 79% of people wait more than a week to get their device fixed. Americans spent 10.7 billion repairing and replacing phones. The repair industry is expected to grow a steady pace, as every single person can be a potential customer now or in the future. In addition, Americans throw away 416,000 cell phones every day, with 151.8 million phones trashed every year.
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Increased penetration of Online Businesses, paired with Proliferation of Social Media and Smartphones owing to increasing disposable income are the major factors driving the growth of smartphone repair industry. Global retail e-commerce sales stood at US$2,290 billion in 2017 and reached to US$2,774 billion in 2018. Global ecommerce sales are expected to total US$4.891 trillion worldwide in 2021. Thus, global e-commerce sales are predicted to show 20% growth, representing a huge number for business and certainly a steady trend with no signs of decline in near future. Around 68% of US use Facebook, with more than 70% visit You tube. Social media sites such as Instagram, Twitter, Pinterest, and Snapchat feature a rising number of new users each day. To add on, 6 Billion mobile subscription, 1.01 Billion Facebook users worldwide along with 400 Million Tweets per day with 84 million users access Twitter via mobiles has led to explosion in smartphone use and social media addiction.
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Based on component, the Smartphone Repair Market is bifurcated into Software and Hardware. Currently, hardware segment dominates the market, and is expected to remain dominant during the analysed period. Based on activity type, the global Smartphone Repair market is bifurcated into Screen Repair and Replacement, Battery Repair and Replacement, Button and Jack Repair and Replacement, Camera and sensor repair and replacement and Others (Software related). Currently, Screen Repair and Replacement segment dominates the market, with more than 61% share in 2020. Based on the business type, the global Smartphone Repair market is segmented into Brick-and-mortar stores and Company operated Service center.
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For a better understanding of the overall demand, a detailed analysis was conducted for the major region/country including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Netherlands, Poland, Rest of Europe); Asia-Pacific (China, India, South Korea, Rest of APAC) and Rest of the World. China and India lead the smartphone adoption globally, owing to high population growth paired with rising disposable income and emergence of low-cost Chinese smartphone brands. Some of the major players profiled in the report includes Apple inc., Best Buy Co. Inc., Cell Phone Repair Franchise Systems Inc., Square Trade, LG Electronics, Samsung Electronics, HTC Corporation, uBreakiFix, Staymobile, Motorola.
Smartphone Repair Market Segmentation
Market Insights, by Component
Market Insights, by Activity Type
Market Insights, by Business Type
Market Insights, by Region
Top Company Profiles