The global heavy machinery maintenance & repair market is set to reach a valuation of US$ 182.9 billion in 2022 and further expand at a CAGR of 4.5% to climb to US$ 284 billion by the end of 2032.
Heavy machinery maintenance & repair currently accounts for 18% share of the global maintenance & repair market. The infrastructure industry, as a whole, is witnessing significantly high investments across the globe. In today’s industry 4.0 environment, heavy machinery and equipment have become an integral part of most industries. From construction to power, and aerospace to transport, every single sector is directly or indirectly dependent on the use of heavy machinery and equipment.
For more insights into the Market, Request a Sample of this Report:
Key Takeaways from Market Study
- The global heavy machinery maintenance & repair market is projected to expand at a CAGR of 4.5% and reach US$ 284 billion by 2032.
- The market exhibited 3.3% CAGR between 2017 and 2021.
- Under type, automotive repair and maintenance services dominate and are valued at US$ 84 billion in 2022.
- North America leads the market with 31% share in 2021.
- Demand for heavy machinery maintenance & repair services is expected to increase at CAGRs of 4.5% and 4.8%, respectively, in Europe and South Asia & Oceania.
Prominent heavy machinery maintenance & repair service providers are Advanced Technology Services, Astro Machine Works, Caterpillar Inc., CNH Industrial Company, Wrench Deere & Company, Exline, Inc., GoCodes, Heavy Equipment Mechanical, Hidramar Group, Indufit Machine, L&H Industrial, Linde plc, PSI Repair Services, and SuperService.
The global market is highly fragmented owing to the low entry barriers and top global players trying to gain market share through various organic and inorganic strategies.
- In June 2022, Wrench acquired mobile vehicle repair network YourMechanic.
Fact.MR has provided detailed information about the providers of heavy machinery maintenance & repair services positioned across regions, revenue growth, and service offering expansion, in the recently published report.
“Global Spending on Infrastructure Development Paving the Path for Maintenance & Repair Service Providers”
Across economies, government spending on infrastructure development has increased manifold in recent years. Governments are spending huge amounts on the development of different sectors such as roads, bridges, railways, telecom, and power sectors, among others. This has created high demand for heavy machinery and equipment.
Continuous use of machinery causes wears and tear and requires repair and maintenance at regular intervals. Maintenance and repair service providers are coming up with different service plans such as monthly/quarterly/half-yearly subscription plans where an end-user company can buy a plan depending on their requirement. Such plans help service providers gain new clients at a comparatively low rate (customer acquisition cost).
“Technology Integration into Service Offerings Will Drive Market Expansion”
On the eve of Industry 4.0, smart machinery and equipment are gradually becoming common across different sectors. New heavy machines are coming with inbuilt chips and sensors that track performances and keep a track record of the health of these machines.
As new machines are technology-enabled, repair and maintenance have become handy in comparison to previous methods. With the help of technology, one can identify any breakdown or defect in advance and reduce manufacturing/process breakdown time.
Segmentation of Heavy Machinery Maintenance & Repair Market
· By Type :
- Automotive Repair and Maintenance
- Electronic & Precision Equipment Repair and Maintenance
- Commercial & Industrial Machinery Repair and Maintenance
· By End-use Industry :
- Aerospace & Defense
- Energy & Utility
- Food Industry
- Forestry & Ground Care
- Industrial Heavy Machinery
- Material Handling
- Others (Not Covered Elsewhere)
· By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
For in-depth competitive analysis, Buy Now:
Questionnaire answered in the Market outlook Report of Heavy Machinery Maintenance & Repair include:
- What is the key strategy deployed by large players to maximize Heavy Machinery Maintenance & Repair Market growth?
- What are the main challenges faced by players in the Heavy Machinery Maintenance & Repair market Demand?
- With the advent of technological advancement, how will the Heavy Machinery Maintenance & Repair market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Heavy Machinery Maintenance & Repair market size?
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That’s why focus on offering insights that can actually make a difference to bottom-lines.
Specialties: Competition Tracking, Customized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership.
US Sales Office :
11140 Rockville Pike
Rockville, MD 20852
Tel: +1 (628) 251-1583