Major companies in the repair and maintenance market include Arnold Clark Automobiles Limited; Caterpillar; Apple Inc; Encompass Supply Chain Solutions Inc. and Asbury Automotive Group.
The repair and maintenance market consists of sales of repair and maintenance services by entities (organizations, sole traders and partnerships) that provide repair and maintenance services for automotive, personal goods, electronics and other products but excluding aerospace and defense equipment. The repair and maintenance market is segmented 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 global repair and maintenance market is expected to grow from $1172.05 billion in 2020 to $1261.56 billion in 2021 at a compound annual growth rate (CAGR) of 7.6%. The 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 $1643.07 billion in 2025 at a CAGR of 7%.
Asia Pacific was the largest region in the global repair and maintenance market, accounting for 36% of the market in 2020. Western Europe was the second largest region accounting for 29% of the global repair and maintenance market. Africa was the smallest region in the global repair and maintenance market.
Many personal services employers in Europe, especially in the UK are increasingly offering zero-hours contracts to deal with uncertain consumer demand. Zero-hours contracts also known as casual contracts enables companies to employ staff without giving work guarantee. Employees are given little notice before shifts, they are called to work whenever there is “piece work “ or “contract work”, they are generally not offered leaves and other employee benefits. These contracts are increasingly becoming popular owing to flexibility it offers to both employers and employees. For instance, according to the Office for National Statistics, UK, there was a 14% increase in zero-hours contracts from 2015 and 30% increase in zero hours contracts from 2016, a significant proportion of these employees are expected to be from the personal services industry which often employ free lancers on a non-contractual basis.
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