Latin America Maintenance, Repair & Overhaul Market Share, Growth Rate And Product Revenue 2028
Latin America Maintenance, Repair & Overhaul Industry Overview
The Latin America maintenance, repair and overhaul market size was valued at USD 28,344.9 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2020 to 2028.
Growth in the frequency of the replacement cycles to reduce the production downtime by the players involved in industrial manufacturing is expected to drive the market over the forecast period. The market in the region was impacted by the onset of the pandemic, which led to the suspension of the manufacturing activities coupled with the postponement of maintenance, repair and overhaul (MRO) activities. In addition, suspension in the supply chain due to border closures also resulted in a decline in the sales of MRO products in the region resulting in a decline in the industry growth.
Gather more insights about the market drivers, restrains and growth of the Latin America Maintenance, Repair & Overhaul Market
The MRO operations are necessary for the smooth running of the business and the COVID-19 pandemic disrupted the supply chain during the year 2020. The high dependence of Latin American countries on parts and component imports from regions like the Asia Pacific and Europe witnessed a decline due to lockdown measures, which, in turn, affected the market growth in 2020.
The rising trade from e-commerce platforms has radically added to the market growth across various countries in the region. The presence of various distributors and channel partners across the value chain has further facilitated direct sales in the market, which is directly smoothening the component procurement across various industrial production units.
Post the recession period, the MRO outsourcing services sector has increased significantly as most of the companies sought to cut costs on inventory and specialized workforce. Large multinational distributors in the region are focusing on meeting various customer needs to provide quality services at affordable prices.
The final prices of products utilized in MRO operations depend on the manufacturing capabilities of OEMs. Numerous players in the industry are engaged in contract manufacturing and outsourcing of products. Industry standards and customized specifications stated by market leaders are considered by third-party manufacturers while delivering the desired product.
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Key Companies profiled:
Some of the prominent players in the Latin America maintenance, repair & overhaul market include:
- Adolf Würth GmbH & Co. KG.
- Applied Industrial Technologies
- Motion Industries, Inc.
- WESCO International, Inc.
- Sonepar
- W. Grainger, Inc.
- Fastenal Company
- SOLUPARTS
- SERVILUB
- ABB Mining
- Komatsu Ltd.
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