The UK repair of electrical equipment sector experienced significant fluctuations over the past years. From 2013 to 2018, there was overall growth, peaking in 2018 with a value of 713.8 million pounds. This was followed by a notable decline, dropping to 490.3 million pounds in 2023. Over the last two years alone, there was a year-on-year decrease of 4.12% in 2022 and 4.24% in 2023. The last five years exhibited a negative average variation per year (CAGR) of -7.24%.
Looking ahead, the sector is expected to continue its downward trend. Forecasted values predict a consistent decline, with an average annual contraction (CAGR) of -4.16% from 2024 to 2028, leading to an estimated value of 377.33 million pounds in 2028, marking a 19.13% reduction over this period.
Future trends to watch for include:
- Technological advancements in repair techniques reducing operating costs and influencing market dynamics.
- An increase in demand for electric and electronic products, potentially driving up the need for repair services.
- The impact of regulatory changes and trade policies on the import/export of electrical equipment repair services.
- Sustainability trends pushing for increased lifecycle maintenance of electrical products.