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2024 U.S. Industry Statistics & Market Forecast - Appliance Repair and Maintenance
Market Size & Industry Statistics
The total U.S. industry market size for Appliance Repair and Maintenance:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|
| Market Forecast ($ millions) | ||||||
| Projected Industry Growth Rate (%) | ||||||
Industry Insights
The Appliance Repair and Maintenance Industry has been rapidly evolving with the advent of technological advancements. Here are some of the key trends that are impacting the industry today:1. Smart Appliances – With the widespread adoption of smart tech, more appliances are incorporating smart features, allowing users to control their appliances remotely or access real-time information like energy usage and maintenance alerts.
2. Increasing Demand for Energy Efficiency – With the rise of environmental awareness, customers are becoming more conscious of energy-efficient appliances. This shift is driving appliance manufacturers to develop more energy-efficient appliances that require less maintenance and repairs.
3. Shorter Product Lifecycles – Technological advancements and changing customer preferences are driving shorter product lifecycles, which presents both a challenge and an opportunity for the repair and maintenance industry. Shorter product lifecycles mean more frequent repairs, which is good for business, but the need to stay updated with new technologies can be costly for appliance repair and maintenance companies.
4. Growth of DIY Repairs – The internet has made it easier for homeowners to find DIY repair resources, which poses a threat to professional repair and maintenance service providers. To remain competitive, companies in the sector must meet customer expectations for speedy, high-quality repairs.
5. Emphasis on Customer Service – Companies are under increased pressure to deliver a high level of customer service, with customers demanding a responsive, courteous, and timely service. Successful companies are those that work towards establishing a customer-first culture.
Product & Services Breakdown
Research products and services in the Appliance Repair and Maintenance industry generating sales. Note that products are broken into categories with different levels of classification.| Product Description | Number of Companies | Sales ($ millions) | Percent of Total Sales |
|---|---|---|---|
Industry Total |
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Maintenance And Repair - Appliances And Powered Household Equipment |
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Maintenance And Repair - Major Household-Type Appliances |
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Maintenance And Repair - Other Appliances And Household Equipment (Include Household-Type Power Hand Tools.) |
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Resale Of Merchandise |
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Resale Of Parts And Supplies Not Included In Repair Work |
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Resale Of Other Merchandise |
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U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) | |
|---|---|---|
| Total Revenue | Order at top of page |
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| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Appliance Repair and Maintenance company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Appliance Repair and Maintenance industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
|
| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Appliance Repair and Maintenance measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 5% | Order at top of page |
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| General and Operations Managers | 5% | |||
| Sales and Related Occupations | 5% | |||
| Office and Administrative Support Occupations | 16% | |||
| Other Office and Administrative Support Workers | 6% | |||
| Office Clerks, General | 6% | |||
| Office Clerks, General | 6% | |||
| Installation, Maintenance, and Repair Occupations | 40% | |||
| Vehicle and Mobile Equipment Mechanics, Installers, and Repairers | 12% | |||
| Small Engine Mechanics | 11% | |||
| Motorboat Mechanics and Service Technicians | 7% | |||
| Other Installation, Maintenance, and Repair Occupations | 25% | |||
| Home Appliance Repairers | 14% | |||
| Home Appliance Repairers | 14% | |||
| Production Occupations | 21% | |||
| Textile, Apparel, and Furnishings Workers | 12% | |||
| Miscellaneous Textile, Apparel, and Furnishings Workers | 6% | |||
| Upholsterers | 6% | |||
Appliance Repair and Maintenance Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Appliance Repair and Maintenance industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Appliance Repair and Maintenance industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Appliance Repair and Maintenance industry. |
Source:
Innovation News
- Dec 11, 2023: Ghiringhelli Specialty Foods trademarks "MR.G'S" - Garlic-based sauces
- Apr 26, 2023: Pacific Register trademarks "PACIFIC REGISTER" - Non-metal vent cover for HVAC ducts
- May 31, 2020: Ghiringhelli Specialty Foods trademarks "GOLDEN GATE KITCHENS" - Food preparation; Food preparation services
Recent Federal Contracts for Appliance Repair and Maintenance- Apr 02, 2024: MECO CONTRACTORS LLC (Arp, TX) awarded $250,446
- Mar 28, 2024: DIVERSIFIED LABORATORY REPAIR INCORPORATED (Gaithersburg, MD) awarded $14,750
- Mar 26, 2024: GLOBAL SERVICE TITAN LLC (Auburn, GA) awarded $23,964
- Mar 13, 2024: ENGINEERED COOLING SERVICES, INC. (Pensacola, FL) awarded $206,691
- Mar 12, 2024: MISCELLANEOUS FOREIGN AWARDEES (Washington, DC) awarded $143,811
- Mar 08, 2024: BURHANI ENTERPRISES INC (Chicago, IL) awarded $21,256
- Apr 02, 2024: MECO CONTRACTORS LLC (Arp, TX) awarded $250,446
- Mar 28, 2024: DIVERSIFIED LABORATORY REPAIR INCORPORATED (Gaithersburg, MD) awarded $14,750
- Mar 26, 2024: GLOBAL SERVICE TITAN LLC (Auburn, GA) awarded $23,964
- Mar 13, 2024: ENGINEERED COOLING SERVICES, INC. (Pensacola, FL) awarded $206,691
- Mar 12, 2024: MISCELLANEOUS FOREIGN AWARDEES (Washington, DC) awarded $143,811
- Mar 08, 2024: BURHANI ENTERPRISES INC (Chicago, IL) awarded $21,256
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