The Automotive Garage Equipment Global Market Report 2023 by The Business Research Company, provides automotive garage equipment market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Automotive Garage Equipment Global Market Report 2023, the market size grew from $7.58 billion in 2022 to $8.07 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The market size of the automotive garage equipment is expected to grow to $10.81 billion in 2027 at a CAGR of 7.6%.
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.
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The automotive garage equipment market 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
Technological advancements are the key trend in the automotive garage equipment market. The automotive garage equipment market is changing as a result of increased technological advancements, allowing its operators to work more efficiently. Equipment manufacturers are continually developing new technology to aid workshops with their day-to-day operations, making them easier to manage and enhance production. For instance, in November 2020, Cemb, an Italy-based manufacturer of garage equipment, launched Argos Drivethru, a wheel alignment inspection system. In a few seconds, it detects all incoming vehicles that show anomalies and need to be adjusted. Argos Drivethru offers a complete wheel alignment check, including partial toe and steering wheel angle measurements.
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. Automotive Garage Equipment Market Size And Growth
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26. Africa Automotive Garage Equipment Market
27. Automotive Garage Equipment Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Automotive Garage Equipment Market
29. Automotive Garage Equipment Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Gray Manufacturing Company Inc
- Snap-On Incorporated
- Vehicle Service Group
- Robert Bosch
- Continental AG
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