Electronics Spare Parts & Repair Markets are Booming
E-waste Recycling | 2024-01-17 13:05:03
The sticker shock of new electronic devices and the realization that older models could still perform adequately with a simple repair made it an attractive option.
By Paul Ploumis
SEATTLE (Scrap Monster): Unlike milk and bread, there’s no expiration date advertised for our electronics. That doesn’t mean they don’t have them. Some components, especially batteries, lose performance over time, and internet-connected devices remain tied to their makers after we buy them. And when the makers stop providing services and software updates, they die.
The tide has turned, and consumers are adopting a more sustainable approach, opting to repair and extend the lifespan of their electronic devices, especially smartphones, tablets, and smartwatches.
A growing number of manufacturers and brands are extending software support. Apple updates iPhones for about six years and Macs for six to eight years, depending on the model. For its new Pixel 8 phones, Google extended support to seven years. Now, the company provides updates to Chromebooks for up to a decade.
Furthermore, consumers are becoming more educated and cost-conscious about the lack of need to replace electronic devices, especially smartphones, continuously. In most cases, a three-year-old smartphone can continue to work adequately; it only needs a new battery.
The sticker shock of new electronic devices and the realization that older models could still perform adequately with a simple repair made it an attractive option.
A 2020 Consumer Technology Association survey showed that only 2 percent of consumers “report throwing their old mobile device in the trash, while more than ten times as many reported either trading in their old mobile device, selling it, giving it away, or recycling it.”
The global consumer electronics repair and maintenance market is expected to grow from $8.43 billion in 2022 to $9.64 billion in 2027 at a CAGR of 2.5 percent.
Recently, a new wave of regulations is forcing manufacturers to extend the lifespan of electronic consumer devices, continue providing software updates, facilitate the means for repair and replacement of critical components, and keep spare parts available for several years.
Courtesy: www.epsnews.com
