Albany, NY -- (SBWIRE) -- 03/23/2019 -- Electronic equipment repair service providers offer repair services for equipment such as consumer electronics, home appliances, medical equipment, and industrial equipment. At present, the consumer electronics segment of the electronic equipment repair service market is expanding at a higher rate due to increase in equipment failure rates and cost benefits of repairing old equipment instead of disposing it. Furthermore, the medical equipment segment is expected to maintain its market share over the forecast period due to high repairing costs and high labor charges as compared to other equipment.

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The adoption of electronic equipment such as smart phones, mobile phones, television, and others is rising rapidly among end-users globally. As the adoption of electronic equipment rises, the possibility of damage to products is also anticipated to increase, which is consequently expected to fuel the electronic equipment repair service market over the forecast period. In addition, demand for refurbished electronic equipment in emerging nations is also a major driver augmenting the market.

The penetration of smartphones and other equipment such as televisions, tablets, and notebooks is rising in emerging economies such as South America, Asia Pacific, and Middle East & Africa. This is expected to offer opportunities for the electronic equipment repair service market over the forecast period. Moreover, increasing government regulations for e-waste management is expected to create significant potential for the electronic equipment repair service industry in the near future. Demand for repair service providers is also increasing in order to recycle or reuse defective products and help in maintaining a sustainable environment.

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Based on product, the electronic equipment repair service market has been categorized into consumer electronics, home appliances, medical equipment, and industrial equipment. The consumer electronics segment has been further divided into smart phones & mobile phones, televisions, set-top boxes, notebooks & laptops, tablets, PC sets, and others. The home appliances segment has been further classified into refrigerators, air conditioners & coolers, microwaves, mixers, grinders & food processors, washing machines, and others.