What Fueled Repair and Maintenance Market?
The repair and maintenance market has seen considerable growth due to a variety of factors.
• Over the recent years, the market size for repair and maintenance has expanded remarkably. It is predicted to rise from $1587.84 billion in 2024 to $1725.32 billion in 2025, with a compound annual growth rate (CAGR) of 8.7%.
Factors contributing to this historical growth involve equipment aging, economic circumstances, regulatory adherence, preventive upkeep, environmental issues, and investment in infrastructure.
What Is The Projected Growth Of The Repair and Maintenance Market?
The repair and maintenance market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for repair and maintenance is forecasted to witness robust expansion in the forthcoming years. The market is projected to surge to a valuation of $2341.56 billion by 2029, with a compound annual growth rate (CAGR) of 7.9%.
This growth during the projection period is attributed to the emphasis on asset management, compliance with health and safety standards, energy efficiency, circular economy strategies, and supply chain resilience. The prediction period will see major trends like the adoption of predictive maintenance technologies, evolution of digital work order management, leveraging augmented reality (AR) for training, partnerships with OEMs, and the incorporation of artificial intelligence.
What Are The Key Drivers Fueling Growth In The Repair and Maintenance Market?
The heightened awareness of sustainability and reducing waste is poised to increase the repair and maintenance of various devices, equipment, or vehicles, which will fuel the market for these services. Discarded devices, equipment or vehicles and their parts contribute to waste issues in both developed and developing nations globally. These wastes can detrimentally impact human health and the environment due to the presence of potentially harmful substances. For instance, a 2022 study by GWI, a UK based audience research company, revealed that 44% of consumers worldwide make conscious attempts to recycle their electronics. Further research indicates that approximately 53% of younger consumers recognize the significance of recycling and claim that they actively advocate it in their everyday lives. People are increasingly worried about the environmental pollution caused by their discarded items, and as such, attempt to repair or reuse them. Therefore, heightened sustainability awareness is predicted to stimulate market growth.
What Are The Principal Market Segments In The Global Repair and Maintenance Healthcare Industry?
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:
1) By Automotive Repair And Maintenance: Engine Repair, Transmission Repair, Brake Repair, Tire Services
2) By Commercial And Industrial Machinery And Equipment Repair And Maintenance: Heavy Machinery Repair, HVAC Maintenance, Electrical Equipment Repair, Industrial Equipment Servicing
3) By Electronic And Precision Equipment Repair And Maintenance: Consumer Electronics Repair, Medical Equipment Maintenance, Computer Repair, Instrument Calibration
4) By Personal Goods Repair And Maintenance: Clothing Alterations, Shoe Repair, Jewelry Repair, Appliance Repair
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Which Emerging Market Trends Are Altering The Repair and Maintenance
A growing number of repair and maintenance businesses in Europe, particularly in the UK, are opting for zero-hours contracts in response to unpredictable consumer demand. These contracts, also known as casual contracts, allow businesses to hire staff without providing a work assurance. With minimal notice prior to shifts, employees are summoned for 'piece work' or 'contract work' and typically do not receive the usual employee benefits such as leaves. The popularity of these contracts is on the rise due to the flexibility they provide both employers and employees with. For example, data from the Office for National Statistics, an independent producer of official statistics in the UK, showed that in 2022, one million workers were on zero-hours contracts, making up about 3.2% of the total workforce. It is therefore plausible to assume a significant portion of these workers are likely to come from the repair and maintenance sector, a field that frequently employs freelancers on a non-contractual basis.
Who Are the Key Players in the Repair and Maintenance Market?
Major companies operating in the repair and maintenance market include:
• Bridgestone Americas Inc.
• The Goodyear Tire & Rubber Company
• Asbury Automotive Group Inc.
• Sonic Automotive Inc.
• LKQ Corporation
• Emcor Group
• LeasePlan Corporation N.V.
• Firestone Complete Auto Care
• Fanuc Corp.
• Belron
• Boyd Group Services Inc.
• 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
What are the Regional Insights into the Repair and Maintenance Market?
Asia-Pacific was the largest region in the repair and maintenance market in 2024. Western Europe was the second-largest region in the repair and maintenance market. The regions covered in the repair and maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
