Shop Equipment Market Expansion 2024-2033: Growth Drivers and Dynamics

The shop equipment global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Shop Equipment Market, 2024 The shop equipment global market report 2024

Market Size –
The shop equipment market size has grown strongly in recent years. It will grow from $109.62 billion in 2023 to $119.79 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to growth in manufacturing sectors, rapid urbanization and infrastructure projects, increasing demand in the automotive industry spurred demand for shop equipment, rising investments in industrial sectors, and growing environment awareness.

The shop equipment market size is expected to see strong growth in the next few years. It will grow to $172.44 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to increasing focus on sustainable practices, the adoption of eco-friendly manufacturing, the growth of construction sectors, the proliferation of e-commerce and digital platforms, and the growing popularity of electric automobiles. Major trends in the forecast period include the adoption of Industry 4.0 technologies, growth in additive manufacturing (3D printing), adoption of automation and robotics, adoption of the internet of things (IoT), and innovations with smart equipment.

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Scope Of Shop Equipment Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Shop Equipment Market Overview

Market Drivers –
The growing popularity of electric automobiles is anticipated to significantly drive the growth of the shop equipment market in the coming years. Electric automobiles, which are primarily powered by electricity and utilize one or more electric motors for propulsion, are gaining traction due to increasing environmental consciousness, cost savings, and supportive government policies. Shop equipment plays a crucial role in ensuring the safe and efficient maintenance of electric vehicles, providing essential tools and equipment for maintenance, repair, and charging infrastructure. For example, in March 2023, the International Energy Agency, a France-based intergovernmental organization, reported that the electric car market experienced exponential growth, with sales surpassing 10 million in 2022. Additionally, 14% of all new cars sold were electric in 2022, showing a considerable increase from about 9% in 2021. Therefore, the rising popularity of electric automobiles is poised to significantly impact the shop equipment market positively.

Market Trends –
Major companies operating in the shop equipment market are focused on developing innovative products, such as mobile column lift adapters, to enhance the versatility and efficiency of maintenance operations for electric vehicles and other modern automobiles. Mobile column lift adapters are adjustable components that attach to mobile column lifts, enabling them to lift vehicles with varying configurations and lifting points. For instance, in August 2021, Forward Lift Company, a US-based manufacturer of automotive lifts, introduced a new line of frame-engaging mobile column lift adapters designed to enhance the functionality of its mobile column lifts. These adapters allow technicians to lift and service a broader range of forklifts, including reach trucks and pallet trucks, increasing productivity and reducing repair downtime.

The shop equipment market covered in this report is segmented –

1) By Type: Lifting Equipment, Body Shop Equipment, Wheel And Tire Service Equipment, Vehicle Diagnostic And Testing Equipment, Washing Equipment
2) By Distribution Channel: Direct Sales, Indirect Sales
3) By Application: Passenger Vehicle, Commercial Vehicle

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Regional Insights –
North America was the largest region in the shop equipment market in 2023. The regions covered in the shop equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –
Major companies in the market are Robert Bosch GmbH, Caterpillar Inc., Stanley Black & Decker, Atlas Copco AB, Textron Inc., Ingersoll Rand Ltd, Makita Corporation, Snap-on Incorporated, Husqvarna Group, Milwaukee Electric Tool Corporation, TTS Tooltechnic Systems AG & Co. KG, Matco Tools, Grizzly Industrial Inc., Klein Tools, JPW Industries Inc., Delta Power Equipment Corporation, Siemens AG, Baileigh Industrial Inc., Emerson Electric Co., Hitachi Koki Co Ltd.

Table of Contents

1. Executive Summary
2. Shop Equipment Market Report Structure
3. Shop Equipment Market Trends And Strategies
4. Shop Equipment Market – Macro Economic Scenario
5. Global Shop Equipment Market Size and Growth
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32. Global Shop Equipment Market Competitive Benchmarking
33. Global Shop Equipment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Shop Equipment Market
35. Shop Equipment Market Future Outlook and Potential Analysis
36. Appendix

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