Industrial Machinery Repair/Aftermarket Services Market was estimated at $246.2 Billion, Annual Growth 8.5%: Research by Market Decipher

In Pune, India, on May 12, 2024, Market Decipher published a new report on the “Industrial Machinery Repair/Aftermarket Services Market, 2024 – 2034.” This report highlights the rapid growth in repair and aftermarket services across various industries. There is a noticeable increase in demand for these services in B2C, B2B, and B2G sectors, driven by a stronger focus on machinery maintenance standards in developing countries. To stay ahead, service providers must embrace digitalization early on to enhance customer acquisition and communication networks.

Aftermarket services play a crucial role in the manufacturing and industrial sectors, especially as the number of installed bases continues to grow. Studies show that profit margins in repair services often exceed those in product sales within industries, presenting a significant revenue opportunity for industrial equipment companies. The profitability of aftermarket services can be up to four times higher than equipment sales, making them a lucrative focus area. Additionally, targeting sales efforts at existing customers yields higher returns on investment and quicker impacts compared to selling new equipment.

The industry is shifting towards digitalization, with companies using digital and analytics to improve various aspects of the commercial ecosystem, including sales and distribution networks. While the B2C segment has already adopted e-commerce, the B2B segment is quickly following suit. On average, the EBIT margin for aftermarket services is 27%, substantially higher than the 11% for new equipment sales.

By refining their aftermarket service strategies, companies can tap into new revenue streams and leverage their existing portfolio and installed base. This involves using customer data to segment and prioritize leads effectively. The report explores key areas such as understanding the new growth wave, service margin/profits, sustainability in the service industry, the impact of service engineers/local service companies, quality improvement/customer feedback, and more.

The report also delves into different types of services, applications, business spaces, warranty types, providers, industries, and parts analysis within the industrial machinery repair/aftermarket services market. Some of the key companies in this market include Deere & Company, ABB Ltd, CNH Industrial NV, Linde AG, Caterpillar Inc., and more.

For organizations looking for specific sector or country reports, Market Decipher offers custom research services tailored to their needs. Market Decipher, a market research and consultancy arm of Decipher Market Insights, focuses on providing market reports to organizations of all sizes. Their services include syndicated research and custom research to help businesses develop relevant strategies for sustainable growth.

For more information, please visit Market Decipher’s website or contact David Correa at Decipher Market Insights Pvt. Ltd. in Pune, India. Effective Strategies for Time Management

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