Latin America Maintenance, Repair & Overhaul Market Worth $41.01 Billion By 2028

Latin America Maintenance, Repair & Overhaul Market Growth & Trends

The Latin America maintenance, repair and overhaul market size is likely to reach USD 41.01 billion by 2028, registering a CAGR of 4.7% over the forecast period, according to a new report by Grand View Research, Inc. Rising investment in repair operations, coupled with the increasing frequency of scheduled and periodic maintenance and optimization in the supply chain is expected to drive the market during the forecast years.

The presence of stringent regulatory norms regarding worker safety and operating conditions during industrial production is expected to result in an increased frequency of the maintenance cycles, thereby boosting the market growth. In addition, rising concern regarding increasing the overall productivity in industrial operations without any machine failure is expected to augment the demand for maintenance, repair, and overhaul (MRO) services in the market.

The emergence of various e-commerce platforms coupled with the market players' web portals for product distribution is benefiting the market in terms of direct sales. In addition, factors such as strengthening the supply chain and rising trend to build an effective inventory management process are expected to create new growth avenues for the market during the forecast period.

The market includes a chain of various parts & components manufacturers, specialists, distributors, retailers, and end-users, where manufacturer and distributor play an important role in strengthening the value chain along with monitoring the product pricing. The prices are primarily commanded on a customer-by-customer basis for an enhanced sales process.

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Latin America Maintenance, Repair & Overhaul Market Report Highlights

• The industrial product segment led the market in 2020, in terms of revenue share. The segment is estimated to grow at a steady CAGR of 4.2% during the forecast years on account of rising production output coupled with industrial development in the region

• Transportation is expected to be the fastest-growing end-use segment during the forecast period owing to the increased expenditure of aircraft MRO due to rising fleet sizes

• The food, beverage, & tobacco end-use segment is also projected to have significant growth over the forecast years owing to the growing production cycles and manufacturing capacities, primarily in the F&B industry in the region

• Brazil is estimated to dominate the Latin America MRO market, in terms of revenue, growing at a CAGR of 4.4% during the forecast period, owing to the adoption of high periodic & scheduled MRO activities among various end-use industries in the country, including mining, construction, pharmaceuticals, and textiles

• Global market players attempt to gain a higher market share and enter new markets by partnering with the local companies for product distribution to leverage the existing distribution network of the latter

Latin America Maintenance, Repair & Overhaul Market Segmentation

Grand View Research has segmented the Latin America maintenance, repair & overhaul market on the basis of product, end-use, and country:

Latin America MRO Product Outlook (Revenue, USD Million, 2017 - 2028)

• Industrial

• Electrical

• Facility

Latin America MRO End-use Outlook (Revenue, USD Million, 2017 - 2028)

• Food, Beverage, & Tobacco

• Textile

• Wood & Paper

• Mining

• Oil & Gas

• Metal Processing & Foundry

• Rubber, Plastic & Non-Metallic

• Chemicals

• Pharmaceuticals

• Electrical & Electronics

• Transportation

• Machinery

• Construction

• Others

Latin America MRO Country Outlook (Revenue, USD Million, 2017 - 2028)

• Mexico

• Brazil

• Argentina

• Chile

• Peru

• Colombia

List of Key Players of Latin America Maintenance, Repair & Overhaul Market

• Adolf Würth GmbH & Co. KG.

• Applied Industrial Technologies

• Motion Industries, Inc.

• WESCO International, Inc.

• Sonepar

• W.W. Grainger, Inc.

• Fastenal Company

• SOLUPARTS

• SERVILUB

• ABB Mining

• Komatsu Ltd.