Automotive Garage Equipment Market:
According to projections, the automotive garage equipment market is expected to expand at a compound annual growth rate (CAGR) of 4.22% from 2024 to 2032, from USD 6.73 billion to USD 9.37 billion.
The automotive garage equipment market is a vital segment of the automotive service industry, encompassing a wide range of tools and equipment used for vehicle maintenance, repair, and diagnostics. As the automotive industry evolves with advancements in technology, the demand for sophisticated garage equipment is also increasing. This article explores the current state of the automotive garage equipment market, key trends, challenges, and future outlook.
Market Research Future Insights:
Together with this, there has been a sharp rise in the quantity of new construction initiatives in the commercial and residential sectors, with industry expansion being supported by expanding urbanisation and industrialization. The market anticipates continuing to expand and reaching a market value of USD XX billion as a result.
Due to the reasonable labour rates in independent garages, the majority of car owners seek their services after their warranties have expired. In order to draw owners of luxury vehicles, authentic after-market products have also expanded dramatically in independent garages. Also, car owners are servicing their vehicles in independent garages due to the rising expenses of repair and maintenance in OEM certified garages.
Regional Analysis:
During the forecast period, which ends in 2035, the Asia-Pacific region is anticipated to lead the world market for automotive garage equipment, followed by Europe and North America. The automobile sector in North America is one of the most developed in the world. The U.S. must play a significant part in promoting the region's growth.
The nation's automotive sector has a strong focus on technological advancement, innovation, and the creation of high-performance and fuel-efficient automobiles. Manufacturers have implemented enhanced features as a result of the developments in sensors and IoT devices. The development of autonomous vehicles in the United States is anticipated to be significantly influenced by the nation. Moreover, commercial vehicle sales rose 6.9% in 2018 to 15,152,39 units.
The demand for logistics services has increased, and American OEM innovation will have an impact on the demand for additional garage equipment. Additionally, data from the North American Free Trade Agreement (NAFTA) suggests that it helped the region's car industry flourish.
Market Segmentation:
The global automotive garage equipment market is categorised based on equipment type, vehicle type, garage type, and geography.
Due to the high demand for wheel alignment systems and wheel balancing equipment, the wheel tyre service equipment segment is anticipated to dominate the worldwide automotive garage equipment market. This is explained by the fact that servicing and maintenance of vehicles for wheel alignment and balancing, tyre replacement, and inflation issues is quite common in nations like China, India, South Africa, Mexico, and Brazil.
Because to its huge fleet size and prolonged lifespan, the passenger car category is anticipated to hold the greatest market share in the global market for automotive garage equipment.
Over the projected period, the worldwide automotive garage equipment market may be driven by the introduction of cutting-edge and more dependable car repair and servicing solutions in OEM dealerships and franchised garages. Independent garages, on the other hand, provide car owners considerably less expensive servicing and maintenance, which accounts for their overwhelming share in the global market for automotive garage equipment.
Key Players:
The Prominent Players operating in the global automotive garage equipment market are Istobal S.A. (US), Robert Bosch GmbH (Germany), Gray Manufacturing Company, Inc. (US), Continental AG (Germany), Aro Equipments Pvt. Ltd (India), Nussbaum Automotive Solutions Lp (US), Vehicle Service Group (US), MAHA Mechanical Engineering Haldenwang GmbH Co. KG (Germany), Guangzhou Jingjia Auto Equipment Co., Ltd (China), Boston Garage Equipment Ltd (UK), VisiCon Automatisierungstechnik GmbH (Germany), and Arex Test Systems B.V. (Netherlands).
Recent Industry News and Developments
Several noteworthy developments have recently occurred in the automotive garage equipment market
Launch of New Products: Manufacturers are introducing innovative garage equipment with enhanced features, such as improved diagnostics, automation, and user-friendly interfaces.
Collaborations and Partnerships: Equipment manufacturers are forming partnerships with automotive service providers to develop tailored solutions that meet the evolving needs of the industry.
Investment in Training Programs: Companies are increasingly investing in training programs for technicians to ensure they are equipped with the skills necessary to operate advanced garage equipment effectively.
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