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Mechanics & Parts: Latest Industry Trends and Statistics

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Mechanics and Parts Industry Analysis

Mechanics’ services and parts are used to maintain, repair and troubleshoot equipment and machines such as electronics, passenger and light vehicles, heavy automobiles, home appliances, tractors, ploughs and industrial machine tools. These services and industrial equipments are generally provided by industry certified technicians. Parts, or components, include valves, brake linings, screens and motors. Refurbished parts of the same type or original equipment manufacturer (OEM) components may be used to repair the items. In most cases, customers are provided with a written repair document before the business accepts the goods for repair.

Key Market Segments

Industrial mechanics maintain and repair industrial machinery and mechanical equipment including pumps, compressors, turbines, air handling equipment, plant conveyor systems, robotic welding arms and hydraulic lifts. Industrial technicians mostly cater to the manufacturing sector. The increasing use of electronic components in industrial equipment is expected to create greater demand for industrial mechanics services and parts over the next few years.

Aircraft maintenance covers repair stations and maintenance technicians who perform maintenance and inspections on aircraft. The European Aviation Safety Agency (EASA) certifies repair stations in the EU and member states. The global aviation maintenance, repair and overhaul (MRO) market is likely to grow to more than $100 billion by 2025.

Rising mechanization of farming equipment, previously mostly maintained by farmers, is propelling the growth of the agricultural mechanics services and parts industries. Most farm equipment mechanics are self-employed, either working from their own garages or on the farm. North America, Europe, and Australia are the major regions for very large farms.

Automotive technicians inspect, and repair automobiles, trucks, buses and other vehicles. In the USA, for instance, there are about 160,000 firms that offer these services: Bridgestone, Jiffy Lube and Midas are the leading businesses. The industry is highly fragmented with combined revenues of more than $80 billion annually.

Regional Market Shares

The economically and industrially advanced countries are the key important markets for the mechanics and parts industry:

The USA’s long history of industrialization has now created a huge market for repairs and maintenance. For instance, the USA is one of the largest automotive repair markets in the world. Auto parts suppliers serving the industry produced more than $230 billion in 2012.  This market is seeing a major shift: the life of auto vehicles has grown to more than 11 years on average, according to IHS Automotive. This is likely to increase spending on the repair and maintenance of automobiles.

Asia’s rapid industrialization is making it a large market for mechanics and parts. For instance, Asia is expected to lead growth in air traffic over the next two decades; therefore the region’s aircraft MRO providers are expanding engine maintenance capabilities to tap that segment of the market. The aircraft MRO market in Asia is worth more than $15 billion and is expected to grow to over $29 billion by 2024.

Europe is one of the world's largest markets for maintenance and after sales. In particular, Europe emphasizes ship maintenance and repair to ensure a high level of transport safety and environmental protection of the seas.  Europe holds a global leadership position with about 40% of the global market in ship conversion.

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Related industries: Machine Tool and Equipment

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