The Repair and Maintenance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Repair and Maintenance Global Market Report 2024, The repair and maintenance market size has grown strongly in recent years. It will grow from $1536.06 billion in 2023 to $1665.26 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to equipment aging, economic conditions, regulatory compliance, preventive maintenance, environmental concerns, infrastructure investment.
The repair and maintenance market size is expected to see strong growth in the next few years. It will grow to $2263.54 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to focus on asset management, health and safety compliance, energy efficiency, circular economy initiatives, supply chain resilience. Major trends in the forecast period include predictive maintenance technologies, digital work order management, augmented reality (ar) for training, collaboration with oems, integration of artificial intelligence.
A growing sense of sustainability and focus on reducing waste will result in more repair and maintenance of various devices, equipment or vehicles, thus driving the market for the repair and maintenance. The waste from disposed of devices, equipment or vehicles and their parts is one of the emerging problems in developed and developing countries worldwide. This waste can have an adverse impact on human health and the environment because it can contain toxic substances. For example, according to a 2022 survey conducted by GWI, a UK based audience research company, internationally, 44% of consumers make the effort to recycle their electronics. Another research shows that, among younger consumers, around 53% are not only aware of the importance of recycling, but say they actively participate in promoting it in their daily lives. People are also showing concern for environmental pollution for their discarded products, thus trying to repair or reuse them. Therefore, the growing sense of sustainability is expected to drive the market growth.
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The repair and maintenance market covered in this report is segmented –
1) By Type: Automotive Repair and Maintenance, Commercial and Industrial Machinery and Equipment Repair and Maintenance, Electronic and Precision Equipment Repair and Maintenance, Personal Goods Repair And Maintenance
2) By Mode: Online, Offline
3) By Service: Off-Site Service, On-Site Service
Subsegments Covered: Automotive Mechanical and Electrical Repair and Maintenance, Automotive Body, Paint, Interior, and Glass Repair, Other Automotive Repair and Maintenance Consumer Electronics Repair and Maintenance, Computer and Office Machine Repair and Maintenance, Communication Equipment Repair and Maintenance, Other Electronic and Precision Equipment Repair and Maintenance, Home And Garden Equipment Repair And Maintenance, Appliance Repair And Maintenance, Reupholstery And Furniture Repair, Footwear And Leather Goods Repair, Other Personal And Household Goods Repair And Maintenance
Major companies operating in repair and maintenance are introducing innovative repair and maintenance apps such as Front door to provide reliable services to customers. Front door app aims to revolutionize home maintenance and repair and is designed to make homeowners’ lives easier by providing a one-stop shop for all their home repair and maintenance needs. For instance, in April 2023, Frontdoor Inc., a US-based appliance repair and maintenance company launched the Front door app. This app is a first-of-its-kind mobile app helpful for addressing the evolving needs of tech-savvy homeowners. Additionally, it is helpful for addressing a wide range of issues, including running toilets or glitch washing machines. Homeowners can use the app to video chat with pre-qualified Experts for real-time diagnosis and solutions.
The repair and maintenance market report table of contents includes:
1. Executive Summary
2. Repair and Maintenance Market Characteristics
3. Repair and Maintenance Product/Service Analysis -Product/Service Examples
4. Repair and Maintenance Market Trends And Strategies
5. Repair and Maintenance Market – Macro Economic Scenario
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26. Germany Repair and Maintenance Market
27. France Repair and Maintenance Market
28. Italy Repair and Maintenance Market
29. Spain Repair and Maintenance Market
30. Austria Repair and Maintenance Market
Top Major Players:
- Bridgestone Americas Inc
- The Goodyear Tire & Rubber Company
- Nippon Express Co. Ltd
- Asbury Automotive Group Inc
- Sonic Automotive Inc
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