Garage Equipment Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Garage Equipment Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Garage Equipment Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the garage equipment market are developing advanced products such as alignment scissor lifts to enhance precision in wheel alignment, improve safety, and increase efficiency in servicing electric and conventional vehicles. Alignment scissor lifts are vehicle lifts designed for precise wheel alignment, featuring adjustable platforms, high stability, and integrated lighting for inspections. For instance, in July 2022, Snap-on, a US-based machinery manufacturing company, launched the Sun SSL 6400 Alignment Scissor Lift 4T. The Sun SSL 6400 Alignment Scissor Lift 4T is a 4.8m, 4000kg capacity lift ideal for small garages and tire centers. It offers configurable turntable positioning, an open-front design, quad electro-hydraulic rams, and LED illumination for precise wheel alignments. With a certified maximum lifting capacity of 4000 kg (8800 lbs) and a lifting range of 230 mm to 1900 mm (9 into 75 in), this lift is designed for wheel alignment and is ideal for smaller garages and tire centers.
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
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Regional Insights –
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.
Key Companies –
Major companies operating in the garage equipment market are <b>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</b>
Table of Contents
- Executive Summary
- Garage Equipment Market Report Structure
- Garage Equipment Market Trends And Strategies
- Garage Equipment Market – Macro Economic Scenario
- Garage Equipment Market Size And Growth
…..
- Garage Equipment Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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