Categories: Market Research

Automotive Garage Equipment Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Automotive Garage Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Automotive Garage Equipment Global Market Report 2024, 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.

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.

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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

Major companies operating in the automotive garage equipment market are focused on introducing next-generation solutions, such as mobile column lift adapter kits. Mobile column lift adapter kits are a type of equipment used in automotive garages to facilitate the servicing of forklifts and pallet movers. They are designed to be easy to use and can help minimize downtime and increase productivity. For instance, in August 2021, Dover Corporation, a US-based manufacturer of industrial products, launched the FCHW13 and FCHW18 models in adapter kits. The FCHW13 and FCHW18 models are models of mobile column lifts designed for heavy-duty applications, with the FCHW13 having a capacity of 13,000 lbs (pounds per column) and the FCHW18 having a capacity of 18,000 lbs (pounds per column). The adapter kits contain the FCHW13 and FCHW18 models, which are frame-engaging and require no additional floor space, making them a convenient and space-saving solution for material handlers, maintenance technicians, manufacturers, and logistics operators.

The automotive garage equipment market report table of contents includes: