Overview and Scope
The automotive garage equipment refers to garage equipment, including two and four-post lifts, hydraulic scissor lifts, wheel balancers, wire changer machines, car washers and machines, a smoke meter, and injector cleaner. Basic equipment is required to begin working on a vehicle, and common equipment contains particular sets that enable you to work on more sophisticated repairs.
Sizing and Forecast
The automotive garage equipment market size has grown strongly in recent years. It will grow from $8.16 billion in 2023 to $8.81 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to automotive repair and maintenance demand, stringent emission standards, expansion of independent repair shops, safety and inspection regulations, government initiatives for automotive sector.
The automotive garage equipment market size is expected to see strong growth in the next few years. It will grow to $12 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to electric vehicle charging infrastructure, fleet management services, focus on energy-efficient equipment, sustainable and eco-friendly practices, retrofitting and upgradation. Major trends in the forecast period include technological advancements, diagnostic and calibration tools, automated and robotic solutions, remote monitoring and maintenance, subscription-based diagnostic tools.
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Segmentation & Regional Insights
The automotive garage equipment market covered in this report is segmented –
1) By Installation Type: Mobile, Fixed
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Type: Lifting Equipment, Body Shop Equipment, Wheel and Tire Service Equipment, Vehicle Diagnostic and Testing Equipment, Washing Equipment, Other Types
4) By Application: Automotive OEM Dealerships, Franchise Stores, Independent Garages
Asia-Pacific was the largest region in the automotive garage equipment market in 2023. The regions covered in the automotive garage equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The advent of autonomous vehicles is significantly contributing to the growth of the automotive garage equipment market. Autonomous vehicles are vehicles that can operate without the assistance of a human driver. Depending on the extent of automation, there are numerous types of self-driving vehicles. The advent of autonomous vehicles is increasing as, in the future, new mobility solutions in the automobile sector are likely to be driven by automation in systems, software, and services. Automotive garage equipment is evolving in response to environmental laws and shifting consumer perceptions for safety and efficiency. For instance, according to Gerber Injury Law, an Arizona-based law firm, the production of self-driving cars is expected to reach 800,000 units worldwide between 2023 and 2030. Additionally, according to Carsurance, an online website that provides information and resources on car insurance companies, the autonomous vehicle industry will rise by 16% every year. Therefore, the advent of autonomous vehicles is driving the growth of the automotive garage equipment market.
Key Industry Players
Major companies operating in the automotive garage equipment market report are Robert Bosch GmbH, Continental AG, Komatsu Ltd. , Boston Garage Equipment Ltd, Snap-On Incorporated, The Lincoln Electric Company, Forward Lift Company, Falcon Machine Tools Co. Ltd., Yamazaki Mazak Corporation , Shenyang Machine Tool Group , Vehicle Service Group, CORGHI, Oil Lube Systems Pvt Ltd, Con Air Equipment Private Limited, Manatec Electronics Private Limited, Gray Manufacturing Company Inc., Autec Inc., Standard Tools and Equipment, Ravaglioli S.p.A., Sarveshwari Engineers, VisiCon Automatisierungstechnik GmbH, Maha Maschinenbau Haldenwang GmbH & Co. KG, Istobal S.A., Symach, PULI Industries, Aro Equipments Pvt. Ltd., Automotive Equipment International (Pty) Ltd., SAMVIT GARAGE EQUIPMENTS, Arex Test Systems B.V., Nussbaum Automotive Solutions, Hyundai WIA Corporation
The automotive garage equipment market report table of contents includes:
1. Executive Summary
2. Automotive Garage Equipment Market Characteristics
3. Automotive Garage Equipment Market Trends And Strategies
4. Automotive Garage Equipment Market – Macro Economic Scenario
5. Global Automotive Garage Equipment Market Size and Growth
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32. Global Automotive Garage Equipment Market Competitive Benchmarking
33. Global Automotive Garage Equipment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Garage Equipment Market
35. Automotive Garage Equipment Market Future Outlook and Potential Analysis
36. Appendix
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