The repair and maintenance market consists of sales of repair and maintenance services by entities (organizations, sole traders and partnerships) that provide repair and maintenance services for automotive, personal goods, electronics and other products but excluding aerospace and defense equipment.The repair and maintenance market is segmented into automotive repair and maintenance; commercial and industrial machinery and equipment repair and maintenance; electronic and precision equipment repair and maintenance; and personal goods repair and maintenance.
The global repair and maintenance market is expected to grow from $1172.5 billion in 2020 to $1261.6 billion in 2021 at a compound annual growth rate (CAGR) of 7.%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.The market is expected to reach $1643.7 billion in 2025 at a CAGR of 7%.
