New Model: Global Supply Chain Disruptions Make Sourcing New Appliances Difficult, Supporting Industry Demand
When economic conditions are weak, consumers will choose DIY repairs. When the economy is strong, consumers weigh the decision to repair or replace more lightly, sometimes opting to replace. The appliance repairer must consider both of these possibilities when pricing. Before the COVID-19 pandemic, homeownership rates and weak consumer confidence led to weak performance overall. DIY was an option for cash-strapped consumers. Then COVID-19 shutdowns and increased unemployment changed home life in many ways. People were using their appliances more and for those unable to complete repairs, individuals needed repair services. COVID-19 supply chain disruptions hindered the availability of both new appliances and parts. COVID-19 recovery was small and mixed, and due in part to the economic volatility, revenue has been declining at a CAGR of 1.3% over the past five years, and is expected to total $6.3 billion in 2023, when revenue will jump an estimated 0.5%.
Industry operators repair and maintain home and garden equipment and household-type appliances, such as lawn mowers, edgers, snow and leaf blowers, washing machines, clothes dryers and refrigerators. Operators in this industry do not retail new equipment or appliances. This industry excludes automotive repairs or electronic and computer repair services. Industry services are provided to both businesses and households.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
Table of Contents
Methodology
LOADING...
