Increase in automobile sales globally with increase in demand for vehicle restoration, modification, and upgradation, and increase in vehicle complexity and advancement in automotive garage equipment, drive the growth of the global automotive garage equipment market.
WILMINGTON, Del., March 6, 2024 /7Newswire — Allied Market Research published a report, titled, “Automotive Garage Equipment Market by Equipment Type, Garage Type, and Region. By equipment type (lifting and hoisting equipment, diagnostic and testing equipment, wheel and tire equipment, hand tools and power tools, washing equipment and others), By Garage Type (OEM authorized garages, independent garages). Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global automotive garage equipment industry size generated $17.28 billion in 2022, and is anticipated to generate $35.52 billion by 2032, witnessing a CAGR of 7.5% from 2023 to 2032.
(We are providing automotive garage equipment industry report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and Russia-Ukraine War Impact Analysis)
- 106 – Tables
- 65 – Charts
- 278 – Pages
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Prime determinants of growth
The global automotive garage equipment market has experienced significant growth and transformation, driven by increasing automobile sales globally, increase in demand for vehicle restoration, modification, and upgradation, also increase in vehicle complexity and advancement in automotive garage equipment are likely to shape the industry’s future.
Report Coverage and Details:
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Report Coverage
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Details
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Forecast Period
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2023–2032
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Base Year
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2022
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Market Size In 2022
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$17.28 Billion
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Market Size In 2032
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$35.52 Billion
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CAGR
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7.5 %
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No. Of Pages in Report
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234
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Segments Covered
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Equipment Type, Garage Type and Region.
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Drivers
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Increasing Automobile Sales Globally
Increase In Demand for Vehicle Restoration, Modification, And Upgradation.
Increase In Vehicle Complexity and Advancement in Automotive Garage Equipment
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Opportunities
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Development Of Connected Garage Equipment
Rising Demand for Electric Vehicles (EVs) And Hybrid Vehicles
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Restraints
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Volatility In Prices of Raw Materials
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Russia-Ukraine War Scenario
- The Russia–Ukraine war has minimal impact on the global automotive garage equipment market. However, hardware manufacturers of the garage equipment faced a severe shortage of raw materials that were sourced from Russia and Ukraine. In particular, with Russia being a major steel exporter globally, the war led to increase price of raw steel.
- The war also resulted in lowered production, limited supply, and disruption in the supply chain; thus, increasing the overall price for garage equipment’s. However, the demand for garage equipment grew in Russia and Ukraine as more vehicles were transformed or modified for use in military purposes. Furthermore, increase in demand for repair work needed for damaged vehicles in the battlefield further escalated the demand for automobile garage equipment.
The wheel and tire equipment segment to maintain its leadership status during the forecast period
By equipment type, wheel and tire equipment segment held the highest market share in 2022, and the highest CAGR of 7.9% is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, due to wheel and tire being a very important element for the safety, performance, and general functionality of the vehicle. The demand for wheels and tire is increasingly growing as they help enhance vehicle fuel efficiency and improve safety. Vehicle drivers are increasingly emphasizing on maintaining the condition of wheel and tire, thus driving the demand for wheel and tire equipment.
Key Advancements in the Automotive Garage Equipment Sector
Leading companies are implementing diverse strategies, including acquisition, agreement, expansion, partnership, contracts, and product launches, to fortify their market presence.
On September 1, 2022, Continental AG introduced the DX280 DC and CCP800, two exhaust emissions testers for car workshops. This moves broadened Continental’s workshop equipment range, preparing garages and testing organizations for upcoming legal regulations on vehicle particulate emissions.
On July 1, 2021, Hangzhou GreatStar Industrial Co., Ltd, a major hand tool manufacturing company in Asia, acquired SK Professional Tools. This acquisition facilitates collaboration in patents, technology, and resources, enhancing their ability to serve a diverse global client base.
On December 1, 2021, ravaglioli.com partnered with TEXA, a leader in diagnostic tools, to expand its automotive workshop offerings and jointly develop new products. This strategic alliance addresses challenges posed by the evolving generations of vehicles.
On January 9, 2020, Boston Garage Equipment launched an easy-to-use, fully wireless decelerometer. This equipment automatically transfers data to the control PC via Bluetooth when within proximity, offering enhanced convenience.
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The garage type segment to maintain its leadership status during the forecast period
By garage type, the independent garages segment held the highest market share in 2022 and is estimated to maintain its leadership status during the forecast period, due to its cost-effectiveness as compared to OEM garages. Similarly, independent garages also provide faster service and aftermarket components and parts, which are comparatively cheaper as compared to its OEM alternatives. However, the OEM authorized garages segment is projected to manifest the highest CAGR of 7.5% from 2023 to 2032, owing to growing vehicle complexities resulting in increase in need for sophisticated and authorized maintenance and service of the vehicle.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period. Moreover, the region is also expected to witness the fastest CAGR of 8.3% from 2023 to 2032, owing to the growing car ownership in Asia-Pacific, especially in developing countries such as India and southeast Asia region, is creating more demand for vehicle service and maintenance. Additionally, the government in the region are implementing policies to reduce emissions through vehicles and promote the use of EVs and hybrid vehicles.
Report Highlights:
- The market analysis spans 14 countries, providing regional and segment insights for each country in terms of value ($million) projected from 2023-2032.
- The study incorporates high-quality data, professional opinions, and critical independent perspectives. The research approach aims to present a well-rounded view of global markets, aiding stakeholders in making informed decisions to achieve ambitious growth objectives.
- A comprehensive review of over 3,700 product literature, annual reports, industry statements, and similar materials from major industry participants was conducted, enhancing the understanding of the market.
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Leading Market Players: –
- Ravaglioli S.p.A.
- Robert Bosch GmbH
- Continental AG
- Mac Tools
- Snap-on Incorporated
- MAHA Maschinenbau Haldenwang GmbH & Co. KG
- Hofmann Megaplan GMbH
- Hunter Engineering Company
- SK Professional Tools
- Boston Garage Equipment Ltd.
The report provides a detailed analysis of these key players in the global automotive garage equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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