Garage Equipment Market Size to hit USD 12.40 billion by 2033| Straits Research

New York, United States, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Garage equipment includes essential tools, machines, and systems for vehicle repair shops, service centers, and garages, enhancing the efficiency of maintenance and repair operations. The market is driven by rising vehicle production and sales, heightened safety concerns, and increasing used vehicle sales.

Additionally, regulatory requirements for annual vehicle inspections are expanding market demand. However, improvements in original equipment quality and cost reductions may impact repair operations, while advances in automotive aftermarket technologies continue to support growth in the garage equipment sector.

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Market Dynamics

Automotive Industry Advancements Drive Growth in the Garage Equipment Market

Rapid advancement in the automotive industry propels the market growth. The automotive industry is one of the major industry globally, with the time the transportation has become easy and convenient owing to the advancement in the automotive industry. The consumption of motor vehicles including passenger cars, motorbike, among others has drastically increased in the last 2-3 decades.

• For instance, in 2018, the U.S. automotive industry generated a total of USD 545.4 billion and contributed 2.7% to the nation's GDP. According to Statista, in 2017, the global sales of passenger vehicles were around 79.6 million units. Increasing consumption of electric vehicles and continuous innovations in the automotive sector are unlocking lucrative opportunities for the garage equipment market.

Moreover, the increasing trend among youngsters and adults regarding car drifting, stunts, and rough driving has surged the need for maintenance due to early decaying of the vehicle, further driving the market growth.

COVID-19 Impact on the Garage Equipment Market

The automotive industry is severely hit by the COVID-19 outbreak. The sales of new and pre-owned cars have declined drastically. The sales are expected to decelerate by 12 to 14% in China, India, and Europe by the end of 2020. As per the Economic Times, there will be an overall impact of around USD 1.5 to 2 billion per month across the automotive industry. Similarly, the garage equipment market is severely impacted by the pandemic due to lockdowns imposed by governments and rapidly decelerating sales of automobiles.

Regional Insights

North America leads the global garage equipment market with a CAGR of 5.5%, driven by a strong automotive sector and demand for luxury vehicles needing frequent maintenance. The U.S. benefits from high pre-owned vehicle sales and built-in residential garages, increasing demand for portable lifts and IoT-based garage equipment. California’s Clean Cars II Act, effective in 2026, aims to standardize EV diagnostics, further boosting the sector.

Asia-Pacific, the fastest-growing region with a 6.0% CAGR, is driven by rising incomes, urbanization, and automotive sales in China and India. Europe’s growth is supported by strict emission regulations and increased demand for advanced, sensor-based garage tools, particularly in the UK, where luxury and emission-compliant vehicles are popular.

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Key Highlights

• Based on type, independent garages generate the highest revenue.
• Based on application, body shop equipment holds the major market share, covering tools essential for vehicle repair after accidents, including paint booths and frame straighteners.
• Based on installation type, Mobile installations account for the highest revenue share, offering flexible, on-site service options for vehicle repair and maintenance.
• Based on function type, electronic equipment contributes significantly, with high demand for advanced diagnostic tools like scanners and wheel alignment systems.
• Based on vehicle type, Passenger Vehicles dominate the market share, reflecting high global demand for garage equipment suited for cars, SUVs, and other personal vehicles.

Top 21 Companies in Garage Equipment Industry

1. Arex Test Systems B.V.
2. Aro Equipments Pvt. Ltd.
3. Boston Garage Equipment Ltd
4. Continental AG
5. Gray Manufacturing Company, Inc.
6. Guangzhou Jingjia Auto Equipment Co., Ltd
7. Istobal S.A.
8. Nussbaum Automotive Solutions Lp
9. Robert Bosch GmbH
10. Vehicle Service Group, LLC.
11. MAHA Maschinenbau Haldenwang GmbH and Co. KG
12. VisiCon Automatisierungstechnik GmbH
13. Standard Tools and Equipment Co.
14. Symach s.r.l., Otto Nußbaum GmbH and Co. Κ.
15. M/s Samvit Garage Equipments
16. Sarveshwari Engineers
17. Euro Car Parts Ltd T/A LKQ Coatings
18. ISTOBAL
19. Con Air Equipments Private Limited
20. Oil Lube Systems Pvt Ltd.
21. AUTEC, Inc

Recent Developments

• February 2024- Continental expanded its specialty tire manufacturing footprint in Sri Lanka.
• December 2023- ISTOBAL strengthened its global presence by establishing a new European subsidiary.

Segmentation

1. By Garage Type

1. 1. OEM Authorized Garage
   2. Independent Garage
   3. Franchise Garage

2. By Application

2. 1. Body Shop Equipment
   2. Diagnostic and Testing Equipment
   3. Emission Equipment
   4. Lifting Equipment
   5. Washing Equipment
   6. Wheel and Tire Equipment

3. By Installation Type

3. 1. Mobile
   2. Fixed

4. By Function Type

4. 1. Electronic
   2. Mechanical

5. By Vehicle Type
   1. Motor Cycle
   2. Passenger Vehicle
   3. Commercial Vehicle
6. By Region

6. 1. North America
   2. Asia-Pacific
   3. Europe
   4. Latin America
   5. The Middle East and Africa

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