Smartphones used to be reserved for wealthier individuals with the means to spend a few hundred on a shiny new device, but times have changed since they were originally introduced. It’s common to see smartphones in almost everyone’s hands nowadays, which creates a booming secondary industry geared towards tablet and smartphone repair. Here are some interesting facts you might not be aware of regarding this blossoming industry.

  1. Consumers spent $23.5 billion in the United States alone in 2014 to replace smartphones. A large majority of replacements were due to cracked screens, which is a big motivator to consider owning and operating a cell phone repair franchise.
  2. More than 66 percent of all smartphone repair shops were opened within the last two years, creating little to no barriers to entry as the industry continues to expand to meet consumer needs.
    When someone purchases a new phone, someone typically buys the old one, even if it is in need of a few small repairs. That indicates strong potential for businesses to grow and expand.
  3. iPhones and iPads depreciate very slowly, with iPhones retaining 50 percent of their value for resale and iPads almost 70 percent. The high resale value is likely due to the well-known brand, reputation, and durability of the products. It’s typical for Apple devices to sell for as much as six times other phone brands.
  4. Taking in old or broken phones and repairing them allows business owners to turn a profit while still offering attractive deals to consumers. Franchises can expect to sell Apple devices for nearly 60 percent less than the cost brand new, while still turning a profit.
  5. In a survey of Apple device users, 25 percent reported that they’d cracked the screen on their device at least once. Taking the phone to a smartphone repair shop is more economical than buying a new device.
  6. More than half of repair shops sell accessories such as cases and screen protectors to help protect devices, creating another source of revenue.
  7. Market expectations predict the industry to grow by at least five percent in the next year for a grand total of $1.5 billion due to the high price of phones and number of small parts that can be repaired.

A smartphone repair franchise is an excellent opportunity to own a business while continuing to grow as you flourish in a technologically relevant field.