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Repair and Maintenance Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region
The Business Research Company offers in-depth market insights through Repair and Maintenance Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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.
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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
Major Driver - Repair And Maintenance In The Age Of Sustainability
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.
Competitive Landscape:
Major companies operating in the repair and maintenance market report are 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
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Top Trend - Innovative Repair And Maintenance Apps Transforming The Customer Experience
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Repair and Maintenance Market Characteristics
3. Repair and Maintenance Market Trends And Strategies
4. Repair and Maintenance Market - Macro Economic Scenario
5. Repair and Maintenance Market Size And Growth
…..
27. Repair and Maintenance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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