Personal Goods Repair And Maintenance: Market Report 2024

The personal goods repair and maintenance market size has grown strongly in recent years. It will grow from $148.08 billion in 2023 to $158.43 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to rise in disposable income, strong economic growth in emerging markets, rapid urbanization, increased internet penetration, and increased availability of mobile devices.

The personal goods repair and maintenance market size is expected to see strong growth in the next few years. It will grow to $203.5 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to growing sense of sustainability, higher purchase cost of new products, growing personal goods failure rate and cost-benefit associated with repairing old goods, increasing government regulations for waste management. Major trends in the forecast period include companies should focus on adopting iot for their operations to enhance efficiency and to keep track of the real-time status of devices, implementing ar-based procedures to enhance their performance, consider merging with financial and other household appliances companies to strengthen their financial stability and enhance their performance, consider adopting predictive maintenance solutions to reduce breakdowns and improve efficiency by predicting parts failures in advance.

Market Overview -
Personal goods repair and maintenance refer to the service of repair and maintenance of such goods that are primarily used for personal, family, and household purposes. Repair and maintenance can help identify any environmental problems and root causes of failure, and saves the cost of new piping and foundation changes.

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Household Gardening Boosts Growth Of Personal Goods Repair And Maintenance Market
An increase in household gardening is expected to propel the growth of the personal goods repair and maintenance market. The practice of maintaining and growing a garden, especially as a hobby is referred to as gardening. Gardening tools require regular maintenance and remain in good working condition with routine maintenance. In addition to being sharp, tools also need to be pristine and antiseptic. Tools can spread bacterial, fungal, or insect infestations across the garden if they come into contact with plants or soil that has such issues. With an increase in the number of people involved in gardening, the need for the maintenance of gardening equipment is also rising. For instance, according to RubyHome a US-based luxury real estate brokerage firm, 55% of American households engage in gardening activities and maintain a garden in their house. Nearly 18.3 million U.S. households started gardening in 2021. In addition, according to 2021 research among 1,023 Canadian adults, conducted by the Agri-Food Analytics Lab at Dalhousie University, a public research university in Canada, 51% of respondents said they grew at least one variety of fruit or vegetable in a garden. Of those, 17.4% started growing food at home in 2020 during COVID-19. In addition, 67% of new gardeners in 2020 agreed that the pandemic influenced their decision to start gardening. Therefore, the increase in household gardening is expected to drive the personal goods repair and maintenance market going forward.

Competitive Landscape -
Major companies operating in the personal goods repair and maintenance market report are Frontdoor Inc, Mr. Appliance, Furniture Medic, Lee Company, Home-Tech Consolidated, Inc, NuShoe, Pride Air Conditioning & Appliance, Inc., Arista Air Conditioning Corp., One Hour Heating & Air Conditioning, Bhangar Wala Enterprises Private Limited, Finvictus India Private Limited, Rich Life Trading Private Limited, Imexture Trade India Private Limited, Shanxi Sida Yungui Mechanical & Electrical Engineering Co., Ltd, Zhejiang Materials Industry, Zhejiang Yasha Decoration Co., Ltd, Melbourne Digital Television Services, D.K Computer Solution, Shanghai Trendzone Construction Decoration Group Co., Ltd, Huizhou Huijinlong Mechanical & Electrical Repairing Co., Ltd, Domex appliances services, Glotech repairs, capital Repairs, UK Service home AEID services, MESURE PROCESS, Libre Service Casiers Maintenance, Slak, Hamitouche Hayat, Depannage, SARL Arcade Multiservices, Repair World Direct, Square Trade, Electronix Services, Meggitt PLC, MRO services, Feba Electronics Repair Service, Hilti Group, Holcim, Lufthansa Technik, Ufa, Mendtronix Inc, The Cableshoppe Inc, uBreakiFix, iCracked, Inc, P.C. Richard & Son, Inc, Daikin Holdings America Inc, Otis Worldwide Corporation, Terminix Global Holdings, Inc, Schindler Elevator Corporation, Evernex, Quanta services, Emcor Group Inc, MYR Group, MMR Group INC, Encompass Supply Chain Solutions, B2X Care Solutions, Moduslink Global Solutions, Redington Services, Quest International Inc

Increasing Focus On Introducing Self-Service Repair To Gain A Competitive Edge
Major companies operating in the personal goods repair and maintenance market are focused on developing innovative solution such as self-service repair to gain a competitive edge in the market. The advantage of self-service repair is that it allows individuals to take control of fixing or maintaining their own belongings or systems without the need for professional assistance. For instance, in November 2021, Apple Inc., a US-based technology company, announced its self-service repair program. This program allows customers who are comfortable completing their own repairs to access Apple's genuine parts and tools. To use the self-service repair program, customers first review the repair manual for the product they want to repair.

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Key Segments -

The personal goods repair and maintenance market covered in this report is segmented -

1) By Type: 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
2) By Mode: Online, Offline
3) By Service: Inspection, Maintenance, Repair

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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