Press Release: June 19, 2020
The increase in usage of smartphones has created a booming smartphone repair industry. Rising popularity of fragile smartphones that comes with larger display screens, has boosted demand for aftermarket services. As dependence on smartphones increases, the market for repair services is expected to grow at a faster rate. Lower prices of repair devices and increase in demand for refurbish smartphones are some of the factors boosting demand for smartphone aftermarket services. The growth in smartphone aftermarket is also affected by rising internet penetration and having access to information about the latest technological advancements.
Increasing adoption of repairing services and refurbished smartphones are major factors that are expected to drive the growth of smartphone aftermarket over the forecast period. Demand for smartphone repair services is expected to grow owing to fragile smartphone screens, short battery life, and other parts that make smartphones more susceptible to repair. Further, expensive smartphones are repaired rather than replaced. The smartphone repair industry is expected to experience growth over the forecast period, owing to rise in adoption of expensive smartphones among users.
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Refurbish mobile phones is also expected to drive the growth of smartphone aftermarket. These phones usually have minor defects and sold at lower prices. Several wholesalers are selling their electronic products at low cost, with after sale services and decent warranty periods.
However, consumers tend to replace cellphones rather than repairing their mobile devices due to rapid advancement in technology and falling prices of smartphones. Falling prices have supported demand for new smartphones. An expected rise in consumer income over the next five years will encourage consumers to replace their smartphones rather than repair it.
Also, consumers have preconceived notions about the quality of refurbished products and avoid purchasing these smartphones.
On the basis of the region, smartphone aftermarket is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Among regions, Asia-Pacific is expected to account for the largest market share over the forecast period, owing to presence of larger customer base of smartphones in the region. Further, increasing adoption of e-commerce sites such as amazon is expected to have positive impact on the growth of the smartphone market and subsequently smartphone aftermarket in the region.
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Key players operating in smartphone aftermarket include Lenovo group Limited, HTC Corporation, Motorola Inc., Micromax Informatics Ltd., Nokia Corporation, Xiaomi Corporation, Apple Inc., Huawei Technologies Co., Ltd., Vivo Communication Technology Co. Ltd., Sony Corporation, Google, Blackberry, One plus Asustek Computer Inc., Lenovo Group Limited, and OPPO Mobile Telecommunications Corp., Ltd,. among others.
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