Global Repair And Maintenance Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
24 May, 2021
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.
Global Repair And Maintenance Market Size And Drivers:
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%.
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Trends In The Global Repair And Maintenance Market
Many personal services employers in Europe, especially in the UK, are increasingly offering zero-hours contracts to deal with uncertain consumer demand. Zer0-hours contracts, also known as casual contracts, enable companies to employ staff without giving work guarantee. Employees are given little notice before shifts, they are called to work whenever there is "piece work" or “contract work”, and they are generally not offered leaves and other employee benefits. These contracts are increasingly becoming popular owing to the flexibility it offers to both employers and employees. For instance, according to the Office for National Statistics, UK, there was a 14% increase in zero-hours contracts from 2015 and 30% increase in zero hours contracts from 2016, a significant proportion of these employees are expected to be from the personal services industry which often employ free lancers on a non-contractual basis.
Global Repair And Maintenance Market Segments:
The global repair and maintenance market is further segmented based on type and geography.
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
By Mode: Online, Offline
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 Insurance: Life Insurance, Property & Casualty Insurance, Health & Medical Insurance
By Geography: The global repair and maintenance market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia Pacific repair and maintenance market accounts for the largest share in the global repair and maintenance market.
Read More On The Report For The Global Repair And Maintenance Market At:https://www.thebusinessresearchcompany.com/report/repair-and-maintenance-global-market-report-2020-30-covid-19-impact-and-recovery
Repair And Maintenance Global Market Report 2021 The Business Research Company that provides repair and maintenance market overviews, analyzes and forecasts market size and growth for the global repair and maintenance market, repair and maintenance market share, repair and maintenance market players, repair and maintenance market segments and geographies, repair and maintenance market’s leading competitors’ revenues, profiles and market shares. The repair and maintenance market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.