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.
Major Driver In The Repair and Maintenance Market
A growing emphasis on sustainability and waste reduction is fueling the market for repair and maintenance. The disposal of devices, equipment, and vehicles contributes to emerging waste issues globally, posing threats to human health and the environment due to potentially toxic substances. In 2023, a survey by GWI revealed that internationally, 44% of consumers actively participate in recycling their electronics. Among younger consumers, 53% not only recognize the importance of recycling but also actively promote it in their daily lives. This increasing concern for environmental pollution and the adoption of sustainable practices lead individuals to prioritize repairing or reusing products. As of 2024, this growing sense of sustainability continues to be a driving force behind the market's growth.
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Repair and Maintenance Market Competitive Landscape
Bridgestone Americas Inc., The Goodyear Tire & Rubber Company, Nippon Express Co. Ltd., Asbury Automotive Group Inc., Sonic Automotive Inc., LKQ Corporation, Emcor Group, LeasePlan Corporation N.V., Xerox Corporation, Firestone Complete Auto Care, Fanuc Corp., Belron, Juniper Networks Inc., Boyd Group Services Inc., ADNOC, Safelite Group Inc., Valvoline Inc., Driven Brands Inc., Jiffy Lube International Inc., MONRO INC., Les Schwab Tire Centers, Mavis Tire Supply Corporation, ABRA Auto Body & Glass, Service King Collision Repair, Meineke Car Care Centers Inc., American Residential Services, Midas International Corporation, Caliber Holdings LLC, Handyman Connection, Tilden Car Care Centers, CarcareONE, Christian Brothers Automotive Corporation, Kauffman Tire Inc., Transform SR Brands LLC, TBC Corporation
Key Repair and Maintenance Market Trend
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.
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Repair and Maintenance Market Segmentation
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
By Geography:The regions covered in the repair and maintenance market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Asia-Pacific was the largest region in the repair and maintenance market in 2023.
The Repair and Maintenance Global Market Report 2024 furnishes information about the global repair and maintenance market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
