Research report presented by UnivDatos, Emphasis on Component (Software, Hardware); Activity Type (Screen Repair and Replacement, Battery Repair and Replacement, Button and Jack Repair and Replacement, Camera & sensor Repair and Replacement, Others (Software related); Business Type (Brick-and-mortar stores, Company operated Service center) and Geographical analysis (key regions and countries).
Smartphones have changed the world in a remarkably brief time frame. Currently, nearly half of the world’s population uses a smartphone and annual spending on new smartphone hardware exceeds 370 billion US dollars. Owing to the growing dependence on smartphones as well as 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 smartphone, compared to the customers in the developed economy. The growth of Chinese brands, which offer higher specification devices at affordable price, has generated faster upgrade cycle. In addition, the rise of used and refurbished smartphones is also catalyzing this trend. About 50% of the smartphone users in Australia, China, Germany, and Saudi Arabia revealed that they would spend more than US$400 to replace their current smartphones. In comparison, only 13% of the smartphone users in Japan would spend more than US$400 on their new smartphone device.
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Insights Presented in the Report
“Currently Hardware component segment dominates the Smartphone repair market with more than 90% share in 2020.”
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 analyzed period. As per Urgagdgetdotors, 30% of Americans have cracked their phone screen in 2019. Cracked screen is the most common repair work in this industry. Approximately 50 million cracked and smashed phones are repaired every year in the US.
“Screen Repair and Replacement is the major activity conducted in the Smartphone Repair market.”
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. The Square Trade survey, stated that as many as 66% of consumers damaged their devices over the past year, including cracks, scratches, and damaged batteries.
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“Company operated Service center dominates the smartphone repair market in terms of value.”
Based on the business type, the global Smartphone Repair market is segmented into Brick-and-mortar stores and Company operated Service center. Company operated Service center charge almost double the charge for repairing smartphone, compared to what is charged by Brick-and-mortar stores. In terms of volume Brick-and-mortar stores perform more smartphone repair related activity.
“Asia-Pacific dominates the Smartphone Repair Market, accounting for 72.9% share in 2020.”
For a better understanding of the overall demand and penetration of smartphone repair related business, 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.
Top 10 Competitive Players
Some of the major players operating in 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. The industry has witnessed emergence of several small and big phone repair start-ups who are coming up with innovative ideas to repair phone at low price range.
Smartphone Repair Market can further be customized as per the requirements. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
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