The latest study by Fact.MR, a market research and competitive intelligence provider, reveals that the global heavy machinery maintenance & repair market is estimated at US$ 182.8 billion in 2022 and is expected to progress at a CAGR of 4.5% between 2022 and 2032. The market is expected to grow amid increased government spending on infrastructure and the rising urban population across the world.
Rising urbanization has compelled the infrastructure industry to develop across the world. Suitable macroeconomic factors such as rising employment, low-interest rate, and an increase in disposable income have also led to a rise in the demand for residential housing, ultimately leading to an increase in the demand for heavy machinery and equipment. The maintenance & repair service industry is adopting new technology trends that help them in providing the best services to clients.
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The use of artificial intelligence in sectors such as power, mining, and construction, among others, has created a new wave in heavy machinery and equipment and its ancillary industries. With new and advanced developed machines and equipment, demand for skilled labour and their services has also increased manifold.
“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).
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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.
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
- Construction
- Energy & Utility
- Farming
- Food Industry
- Forestry & Ground Care
- Industrial Heavy Machinery
- Material Handling
- Mining
- Transportation
- Others (Not Covered Elsewhere)
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Market Development
The business environment in the heavy machinery maintenance & repair market sees extreme competition among major players. To gain a solid hold in the market, key market players are employing organic and inorganic growth strategies.
- For instance, in June 2021, CNH Industrial acquired Raven Industries, enhancing its precision agriculture capabilities and scale.
Moreover, market participants are focusing on expanding their service offerings by integrating advanced technology into their services.
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