The global personal goods repair and maintenance market report by TBRC expands on the industry outlook and opportunities.
LONDON, April 5, 2022 /PRNewswire/ — Companies operating in the personal goods repair and maintenance market are focusing on adopting advanced technologies such as the internet of things and augmented reality to enhance their performance.
The global personal goods repair and maintenance market size is expected to grow from $124.52 billion in 2021 to $136.77 billion in 2022 at a compound annual growth rate (CAGR) of 9.8%. Personal goods repair and maintenance market growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $190.07 billion in 2026 at a CAGR of 8.6%.
Companies operating in personal goods repair and maintenance are increasingly using IoT technology to enhance the repair and maintenance of personal goods to improve efficiency. The increasing use of household appliances and other personal goods leads to an increasing demand for the maintenance and repair of damaged or faulty equipment. Repair and maintenance companies are adopting IoT to monitor, maintain, and optimize products for improved availability, utilization, and performance. IoT also helps customers set up repair work requests at the shop remotely integrated with payment through their smartphones.
The personal goods repair and maintenance market is segmented by type into home and garden equipment repair and maintenance, appliance repair and maintenance, reupholstery and furniture repair, footwear and leather goods repair, other personal and household goods repair and maintenance. The other personal and household goods repair and maintenance segment was the largest segment of the market segmented by type, accounting for 40.0% of the total in 2021. Going forward, appliance repair and maintenance segment is expected to be the fastest growing segment at a CAGR of 12.0% during 2021-2026.
The personal goods repair and maintenance market is also segmented by mode into online and offline and by service type into inspection, maintenance, and repair.
Market Growth Opportunities
The top opportunities in the personal goods repair and maintenance market segmented by type will arise in the appliance repair and maintenance segment, which will gain $29,371.5 million of global annual sales by 2026. The top opportunities in the personal goods repair market segmented by mode will arise in the offline segment, and by service type will arise in the repair segment.
The personal goods repair and maintenance market size will gain the most in the USA at $13,193.2 million.
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