New York US, May 11, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), "Automotive garage equipment Market Research Report Information by Garage Type, Region, Equipment Type, and Vehicle Type - Forecast Till 2030", the global Automotive garage equipment market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 4.22%. The reports further predict the market will acquire nearly USD 10.7 billion by the end of 2030. The documents show that the automotive garage equipment market was valued at nearly USD 6.1 billion in 2022.
Automotive Garage Equipment Market Overview:
Post-warranty, most car owners' approach independent garages because of the inexpensive labor costs in these garages. Also, genuine after-market products have grown substantially in independent garages to attract premium car owners. Furthermore, given the rising repair and maintenance costs in the OEM-authorized garages, car owners are getting their cars serviced from independent garages. The global Automotive garage equipment industry has lately demonstrated immense development.
Competitive Analysis
The listing of the prominent leaders across the global market for Automotive garage equipment includes players such as:
- Arex Test Systems B.V. (Netherlands)
- Maha Maschinenbau Haldenwang GmbH & Co. (Germany)
- Boston Garage Equipment Ltd (U.K.)
- Snap-On Incorporated (U.S.)
- Gray Manufacturing Company Inc. (U.S.)
- Continental AG (Germany)
- Robert Bosch (Germany)
- Vehicle Service Group (U.S.)
- Among others.
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The primary parameter causing a surge in the performance of the market is the rapid increase in the number of new construction projects in both commercial and residential sectors. Moreover, the growing urbanization and industrialization across the globe are also projected to boost the automotive garage equipment market performance over the review timeframe.
Automotive Garage Equipment Market USP Covered
Market Drivers
The global automotive garage equipment market has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rapid increase in the number of new construction projects in both commercial and residential sectors. Moreover, the growing urbanization and industrialization across the globe are also projected to boost the market performance over the review timeframe. Also, genuine after-market products have grown substantially in independent garages to attract premium car owners. Furthermore, given the rising repair and maintenance costs in the OEM-authorized garages, car owners are getting their cars serviced from independent garages.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2030: USD 10.7 billion 2032: Significant Value |
| CAGR during 2023-2032 | 4.22% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Equipment Type, Vehicle Type, Garage Type |
| Key Market Opportunities | To meet modern garages needs such as reliable fault diagnoses, fast vehicle identification, and comprehensive data |
| Key Market Drivers | Stringent government regulations coupled with the increase in the demand for controlling the rising levels of exhaust emissions through removal of diesel particulate traps |
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Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
The trends suggest that the global market is likely to witness a decline in sales because of the virus outbreak, which has targeted the employment of people.
Automotive Garage Equipment Market COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Automotive garage equipment market is no different than others. In March 2020, the WHO's announcement of coronavirus as a pandemic caused lockdowns in most nations worldwide. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years. The rising sales of excavators and related products are projected to be crucial in generating revenue for the automotive garage equipment industry. Furthermore, the rapidly growing demand for the products can be ascribed to their high usage in the construction of residential and commercial buildings.
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Automotive Garage Equipment Market Segment Analysis
Among all the garage types, the independent garage segment is anticipated to lead the global market over the coming years.
Among all the application areas, the Diagnostic & Testing Equipment segment will lead the global market over the coming years.
Automotive Garage Equipment Market Regional Analysis
The research reports by MRFR suggest that the Asia-Pacific region held the top position across the global Automotive garage equipment industry in 2021.
The European regional market for automotive garage equipment is anticipated to showcase significant development over the coming years, given mainly the rapid growth of the automotive sector across these regions.
The North American regional market for automotive garage equipment is projected to showcase considerable development over the coming years, given the presence of the U.S. and Canada as they are considered the most advanced globally. The region has the U.S. as the leading growth contributor, given the rapid inclination towards technology, innovation, and developing high-performance and fuel-efficient vehicles.
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Furthermore, the development of sensors and IoT devices has emerged for OEMs to implement advanced features. The nation is likely to play a crucial part in the growth of autonomous vehicles in the U.S. The region witnessed a rapid growth in commercial vehicle sales by 6.9% to reach 15,152,39 units in 2018. Moreover, the growth in the logistic demand and innovation from American OEMs is also anticipated to positively impact the regional market's development over the coming years.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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