The garage equipment market consists of sales of automotive lifts, workshop tools, air compressors, air tools, pressure washers, fluid transfer equipment, and analytical equipment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The garage equipment market size has grown strongly in recent years. It will grow from $7.32 billion in 2023 to $7.96 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to need for continuous training of technicians on new technologies, growth in the market for luxury and high-performance vehicles, changes in legislation, standardization of vehicle parts and systems, and increasing import and export of vehicles.
The garage equipment market size is expected to see strong growth in the next few years. It will grow to $11.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to influence of insurance policies on vehicle repairs, infrastructure development, changing consumer expectations and demand for faster service, expansion of vehicle warranty services and their coverage, and original equipment manufacturers partnerships. Major trends in the forecast period include advanced driver assistance systems, integration of Internet of Things (IoT) in garage equipment, adoption of telematics systems, advances in 3D printing for producing parts, and development of smart workshops with automated and connected tools.
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Segmentation & Regional Insights
The garage equipment market covered in this report is segmented –
1) By Equipment Type: Body Shop Equipment, Diagnostic And Test Equipment, Emission Equipment, Lifting Equipment, Washing Equipment, Wheel And Tire Equipment, Other Equipment Types
2) By Garage Type: Original Equipment Manufacturer (OEM) Authorized Garage, Independent Garage, Franchise Garages
3) By Installation Type: Mobile, Fixed
4) By Function Type: Electronic, Mechanical
5) By Vehicle Type: Passenger Vehicles, Commercial Vehicles
North America was the largest region in the garage equipment market in 2023. The regions covered in the 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 increasing popularity of electric vehicles is expected to propel the growth of the garage equipment market going forward. Electric vehicles refer to automobiles that are powered by electricity stored in batteries. The popularity of electric vehicles is due to a reduction in greenhouse gas emissions and less reliance on fossil fuels compared to traditional gasoline-powered cars. Garage equipment supports EVs by providing the necessary tools and technology for their unique maintenance and repair needs. This specialized equipment helps mechanics handle everything from essential maintenance to complex diagnostics and repairs, ensuring electric vehicles’ smooth operation and longevity. For instance, in April 2024, according to the International Energy Agency, a France-based intergovernmental autonomous organization, in 2023, global sales of electric cars approached 14 million, a rise from 14% in 2022. Therefore, the increasing popularity of electric vehicles is driving the growth of the garage equipment market.
Key Industry Players
Major companies operating in the garage equipment market are Continental AG, Snap-on Incorporated, John Bean, Hunter Engineering Company, BendPak Inc., Launch Tech Co. Ltd., Stertil BV, Gray Manufacturing, Rotary Lift, Hofmann Equipment, EAE Automotive Equipment Co. Ltd., Ravaglioli, Giuliano Industrial S.p.A., Boston Garage Equipment, Istobal, Nussbaum Automotive Lifts Inc., Oil Lube Systems Pvt Ltd., Werther International S.p.A., Forward Lift, Con Air Equipments Pvt. Ltd., MAHA India Automotive Testing Equipment Private Limited, Sarveshwari Engineers
The garage equipment market report table of contents includes:
1. Executive Summary
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