The global garage equipment market size is expected to reach USD 9.67 billion in 2023 and is anticipated to reach USD 11.88 billion by 2029, growing at a CAGR of 4.92% during the forecast 2024 to 2029.
Garage equipment is often defined as the collection of products and devices designed to supply the garage owners and end-users of that equipment with high-performing and highly superior service quality, like body shop, wheel & tire maintenance, emission testing, vehicle lifting, vehicle diagnosis & testing, and various others. This equipment ranges differently in their functionality and every equipment type provides different levels of usage.
Factors like the arrival of autonomous vehicles, implementation of advanced connectivity features, OEM and government specialization in electric cars, use of sensor data for preventive maintenance, and concerns about auto and passenger safety are driving the market.
Rising specialization in the sale of second-hand/pre-owned vehicles will increase the market growth, The presence of varied mandates and regulations regarding the scheduled and regular inspection of vehicles is additionally driving the expansion of this business, The growing volume of automobiles present on the road worldwide is predicted to encourage the development of the market, Increasing specialization in the adoption of digital services by various market players and garage owners leading to enhanced specialization in adopting innovative technology also will augment this market growth.
The presence of varied trade regulations and unfavourable conditions for the trade of heavy equipment is predicted to hinder the expansion of the market, Availability of original equipment parts at a lower cost is anticipated to limit the speed of garage uses and repair activities will restrict the business growth, High costs related to the upkeep and repairing of luxury vehicles are prophesied to curtail the expansion of the market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
4.92% |
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Segments Covered |
By Type, Application, Installation Type, Function Type, Vehicle Type, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Autec, Inc., Hunter Engineering Company, Ravaglioli S.p.A, Lincoln Electric Holdings, Inc., CORGHI, Automotive Equipment International, Hennesy Industries LLC., Integrated Garage Equipment, Manatec Electronics Private Limited, and Guangzhou Jingjia Auto Equipment Co., Ltd., and Others. |
The majority of car owners approach independent garages because of the inexpensive labor costs in these garages. Also, the usage of genuine after-market products has increased significantly within the independent garages to draw in premium car owners. The usage of authorized products and affordable labor costs made independent garages a preferred option for preventive maintenance like routine repairs, oil check-ups, et al. Moreover, because of the increasing repair and maintenance cost within the OEM-authorized garages, car owners are becoming their cars serviced from independent garages. Such trends will increase the demand for independent garage equipment.
The emission equipment segment is predicted to be the fastest-growing market during the forecasted period. The increasing pollution level is one of the main concerns for the government and OEMs around the world. Standard emission equipment includes exhaust gas analyzers, diesel smoke meters, and emission testers. This equipment measures various pollutants like carbon monoxide gas, CO2, and nitrogen oxides. Such toxic compounds present in combustion gases have an adverse effect on the health conditions of individuals living in urban areas. Future exposure to pollutant gases can even cause permanent health deterioration.
Passenger cars account for a significant share of this business, whereas commercial vehicles are supposed to take the lead in the coming years.
The North American automotive industry is one of the foremost advanced in the world, supporting the growth of the garage equipment industry. The US is the major country fuelling the expansion within the regional market. The automotive industry within the country is inclined towards innovation, technology, and the development of high-performance and fuel-efficient vehicles. The advancements in sensors and IoT devices have led the OEMs to implement advanced features. The country is predicted to play a serious role in the growth of autonomous vehicles within the foreseen years. Also, commercial vehicle sales increased by 6.9% in this area. The rising demand for logistics and innovation from American OEMs will influence the demand for more garage equipment. Also, The North American Trade Agreement (NAFTA) has fostered the expansion of the automotive industry within the region. The massive customer base and high income levels within the country have fuelled the demand for premium connected vehicles. The increasing number of those vehicles would boost the marketplace for garage equipment in the future.
Autec, Inc., Hunter Engineering Company, Ravaglioli S.p.A, Lincoln Electric Holdings, Inc., CORGHI, Automotive Equipment International, Hennesy Industries LLC., Integrated Garage Equipment, Manatec Electronics Private Limited, Guangzhou Jingjia Auto Equipment Co., Ltd.
By Type
By Application
By Installation Type
By Function Type
By Vehicle Type
By Region
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