Repair and Maintenance Global Market Opportunities and Strategies to 2034

This report describes and explains the repair and maintenance market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global repair and maintenance market reached a value of nearly $1.59 trillion in 2024, having grown at a compound annual growth rate (CAGR) of 6.56% since 2019. The market is expected to grow from $1.59 trillion in 2024 to $2.32 trillion in 2029 at a rate of 7.79%. The market is then expected to grow at a CAGR of 7.70% from 2029 and reach $3.36 trillion in 2034.

Growth in the historic period resulted from increasing industrial automation, aging infrastructure and equipment, rise in consumer electronics and growth of the automotive sector. Factors that negatively affected growth in the historic period were the high initial cost and shortage of skilled workforce.

Going forward, rising penetration of smart and connected devices, expansion in the energy sector, government regulations and safety standards and rapid technological obsolescence will drive growth. Factors that could hinder the growth of the repair and maintenance market in the future include dependency on external vendors, intense competition and price pressure and impact of trade war and tariffs.

Asia Pacific was the largest region in the repair and maintenance market, accounting for 31.79% or $507.59 billion of the total in 2024. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the repair and maintenance market will be Middle East and Africa where growth will be at CAGRs of 12.01% and 11.70% respectively. These will be followed by Western Europe and Eastern Europe where the markets are expected to grow at CAGRs of 8.02% and 7.88% respectively.

The global repair and maintenance market is highly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 1.13% of the total market in 2024. Emcor Group was the largest competitor with a 0.23% share of the market, followed by Johnson Controls International plc with 0.17%, Siemens AG with 0.15%, Schneider Electric SE with 0.12%, Caterpillar Inc with 0.11%, Komatsu Ltd with 0.11%, LKQ Corporation with 0.09%, Honeywell International Inc with 0.06%, Rockwell Automation Inc with 0.05% and Fanuc Corp with 0.04%.

The repair and maintenance market is segmented by type into automotive repair and maintenance, commercial and industrial machinery and equipment repair and maintenance, electronic and precision equipment repair and maintenance and personal goods repair and maintenance. The automotive repair and maintenance market was the largest segment of the repair and maintenance market segmented by type, accounting for 60.51% or $966.04 billion of the total in 2024. Going forward, the automotive repair and maintenance segment is expected to be the fastest growing segment in the repair and maintenance market segmented by type, at a CAGR of 8.54% during 2024-2029.

The repair and maintenance market is segmented by mode into online and offline. The offline market was the largest segment of the repair and maintenance market segmented by mode, accounting for 81.53% or $1.3 trillion of the total in 2024. Going forward, the online segment is expected to be the fastest growing segment in the repair and maintenance market segmented by mode, at a CAGR of 9.81% during 2024-2029.

The repair and maintenance market is segmented by service into off-site service and on-site service. The on-site service market was the largest segment of the repair and maintenance market segmented by service, accounting for 70.66% or $1.12 trillion of the total in 2024. Going forward, the off-site service segment is expected to be the fastest growing segment in the repair and maintenance market segmented by service, at a CAGR of 7.93% during 2024-2029.

The top opportunities in the repair and maintenance market segmented by type will arise in the automotive repair and maintenance segment, which will gain $489.5 billion of global annual sales by 2029. The top opportunities in the repair and maintenance market segmented by mode will arise in the offline segment, which will gain $550.14 billion of global annual sales by 2029. The top opportunities in the repair and maintenance market segmented by service will arise in the on-site services segment, which will gain $508.45 billion of global annual sales by 2029. The repair and maintenance market size will gain the most in the USA at $145.37 billion.

Market-trend-based strategies for the repair and maintenance market include focus on strengthening aftermarket services through multi-brand expansion and customer solutions, focus on advancing healthcare maintenance through digitalization and high-performance infrastructure, focus on enhancing vehicle safety and performance through innovative tyre maintenance programs, focus on driving fleet efficiency through subscription-based, data-driven tyre services, focus on transforming vehicle care through transparent multi-brand services, focus on modernizing home services through digital, subscription-based solutions and focus on empowering customers through digital self-service and real-time support.

Player-adopted strategies in the repair and maintenance market include focus on strengthening market position through strategic acquisitions, focus on expanding business capabilities through new launches and focus on strategic partnerships to expand business expertise.

To take advantage of the opportunities, the analyst recommends the repair and maintenance market companies to focus on expanding multi-brand aftermarket services, focus on digitalized healthcare maintenance and infrastructure, focus on innovative tyre maintenance programs, focus on proactive tyre maintenance and performance programs, focus on transparent multi-brand vehicle services, focus on digital subscription-based home services, focus on digital self-service and real-time customer support, focus on automotive repair and maintenance services, focus on online repair and maintenance services, focus on off-site repair and maintenance services, focus on expanding distribution across the fast-growing genotoxicity segment, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, continue to use B2B promotions and focus on targeting end-users through people-centric strategies.