New York, United States , Sept. 05, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Garage Equipment Market Size is to grow from USD 8.75 billion in 2022 to USD 14.67 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period.
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Automotive garage equipment encompasses a variety of tools and machinery used in automobile repair and maintenance. It includes vehicle lifts, tire changers, wheel balancers, diagnostic scanners, brake lathes, and air compressors, among others. This equipment assists mechanics and technicians in efficiently diagnosing, repairing, and servicing vehicles. Vehicle lifts elevate cars for easy access to the undercarriage, while tire changers and wheel balancers aid in tire removal, installation, and balancing. Diagnostic scanners identify and troubleshoot vehicle issues, and brake lathes are used for resurfacing brake rotors. Air compressors provide power for pneumatic tools. Overall, automotive garage equipment enhances productivity and ensures the smooth functioning and safety of vehicles.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on, "Global Automotive Garage Equipment Market Size, Share, and COVID-19 Impact Analysis, By Garage Type (OEM Authorized Garage and Independent Garage), By Application (Body Shop Equipment, Diagnostic & Testing Equipment, Emission Equipment, Lifting Equipment, Washing Equipment, Wheel & Tire Equipment, and Others), By Installation (Mobile and Fixed), By Function Type (Electronic and Mechanical), By Vehicle Type (Passenger Vehicle and Commercial Vehicle), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032." Get Detailed Report Here:
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The emission equipment is expected to grow at a CAGR of around 5.7% during the forecast period.
Based on the application, the global automotive garage equipment market is segmented into body shop equipment, diagnostic & testing equipment, emission equipment, lifting equipment, washing equipment, wheel & tire equipment, and others. The emission equipment segment is expected to witness significant growth in the forecast period. Stringent government regulations and environmental concerns regarding emissions drive the demand for advanced emission control systems and equipment. The increasing adoption of electric and hybrid vehicles, along with the focus on reducing carbon footprints, further boosts the market. Emission equipment, such as catalytic converters, particulate filters, and exhaust gas analyzers, play a crucial role in ensuring compliance with emission standards. This growing emphasis on emission control is expected to drive the demand for emission equipment in the forecast period.
The independent garage is expected to grow at a CAGR of around 5.1% during the forecast period.
Based on garage type, the global automotive garage equipment market is segmented into OEM-authorized garage and independent garage. The independent garage segment is anticipated to experience significant growth in the forecast period. Several factors contribute to this trend, including the increasing number of aging vehicles and the growing preference of vehicle owners for independent repair shops due to their competitive pricing and personalized services. Additionally, the expansion of the automotive aftermarket and the rise of DIY repairs has bolstered the demand for independent garages. Moreover, the advancements in automotive technology require specialized expertise, making independent garages an attractive choice for consumers seeking reliable and cost-effective maintenance and repair services.
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North America is predicted to grow at a significant CAGR of around 5.5% over the projected period.
Based on region, North America is poised for significant growth in the forecast period in the automotive garage equipment market. Several factors contribute to this anticipated growth because the region has a well-established automotive industry and a high vehicle ownership rate, which drives the demand for repair and maintenance services. This, in turn, fuels the need for advanced garage equipment. Additionally, the increasing adoption of electric and hybrid vehicles in North America creates a demand for specialized equipment to support the unique requirements of these vehicles. Moreover, stringent government regulations pertaining to emission control and safety standards further drive the market for advanced automotive garage equipment. Furthermore, the presence of key market players and continuous technological advancements in the region further support the growth potential in North America.
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global automotive garage equipment market include Arex Test Systems B.V., Gray Manufacturing Company Inc., Snap-On Incorporated, Vehicle Service Group, Robert Bosch, Continental AG, Maha Maschinenbau Haldenwang Gmbh & Co., Boston Garage Equipment Ltd., Istobal S.A., and Aro Equipments Pvt. Ltd.
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