Personal Goods Repair and Maintenance Global 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 expansion observed in the historical period can be ascribed to an increase in disposable income, robust economic growth in emerging markets, rapid urbanization, heightened internet penetration, and greater accessibility 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 anticipated growth in the forecast period can be attributed to an increasing sense of sustainability, higher costs associated with purchasing new products, a rising failure rate of personal goods, and the cost-effectiveness associated with repairing old items, along with the increasing government regulations for waste management. Major trends expected in the forecast period include companies focusing on adopting IoT for their operations to enhance efficiency and monitor the real-time status of devices, implementing AR-based procedures to improve performance, considering mergers with financial and other household appliances companies to strengthen financial stability and enhance overall performance, and adopting predictive maintenance solutions to reduce breakdowns and improve efficiency by predicting parts failures in advance.

The expected growth in the personal goods repair and maintenance market can be attributed to the increasing trend of household gardening. Gardening, practiced as a hobby or for maintaining and growing plants, demands regular maintenance of tools. Tools used in gardening need routine upkeep to ensure they remain sharp, clean, and free from potential bacterial, fungal, or insect infestations. With a growing number of people participating in gardening activities, the demand for the maintenance of gardening equipment is on the rise. For example, RubyHome, a US-based luxury real estate brokerage firm, reported that 55% of American households are engaged in gardening activities. In 2021, approximately 18.3 million U.S. households started gardening. A survey conducted by the Agri-Food Analytics Lab at Dalhousie University in Canada revealed that 51% of Canadian respondents grew at least one variety of fruit or vegetable in their gardens. Of these, 17.4% began gardening in 2020 during the COVID-19 pandemic, with 67% citing the pandemic as an influence on their decision to start gardening. Consequently, the rise in household gardening is expected to be a driving force for the personal goods repair and maintenance market.

The personal goods repair and maintenance market are anticipated to experience growth due to rapid urbanization. Urbanization, characterized by the increasing concentration of the population in urban areas, is influenced by migration and people's preference for urban living. Urban dwellers often have busy lifestyles and limited time for DIY (do-it-yourself) repairs, leading them to seek professional assistance for maintenance needs. According to the World Bank, over 50% of the world's population is projected to reside in urban areas by 2022, and this number is expected to grow to 6 billion by 2045. Thus, rapid urbanization is a significant driver for the personal goods repair and maintenance market.

Major companies in the personal goods repair and maintenance market are concentrating on innovative solutions such as self-service repair to gain a competitive edge. Self-service repair allows individuals to take control of fixing or maintaining their belongings without professional assistance. Apple Inc., a US-based technology company, introduced a self-service repair program in November 2021. This program provides customers comfortable with completing their own repairs access to genuine parts and tools from Apple, where they can review the repair manual for the specific product they want to fix.

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.

Asia-Pacific was the largest region in the personal goods repair and maintenance market in 2023. Western Europe was the second-largest region in the personal goods repair and maintenance market. The regions covered in the personal goods repair and maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the personal goods repair and maintenance market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The personal goods repair and maintenance market consists of revenues earned by entities that provide services such as Air-conditioners, window, repair and maintenance services, Furniture refinishing shops, Furniture reupholstering shops, Garden tool sharpening and repair services, Tool, home and garden, sharpening and repair services without retailing new home and garden tools. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. . The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The primary categories within personal goods repair and maintenance include home and garden equipment repair and maintenance, appliance repair and maintenance, reupholstery and furniture repair, and footwear and leather goods repair, among other personal and household goods repair services. Businesses specializing in home and garden equipment repair and maintenance focus on fixing and maintaining various items such as lawnmowers, edgers, ice and leaf cleaners, washing machines, dryers, and freezers. These services are available through different modes, including online and offline, and offer various service types such as inspection, maintenance, and repair.

The personal goods repair and maintenance market research report is one of a series of new reports that provides personal goods repair and maintenance market statistics, including personal goods repair and maintenance industry global market size, regional shares, competitors with a personal goods repair and maintenance market share, detailed personal goods repair and maintenance market segments, market trends and opportunities, and any further data you may need to thrive in the repair and maintenance of the personal goods industry. This personal goods repair and maintenance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.