Automotive Garage Equipment Market will reach at a CAGR of 4.3% from 2029
Future Market Insights’ new market research study on the automotive garage equipment market contains global industry analysis 2014 – 2021 and opportunity assessment 2022 – 2029. The report investigates the automotive garage equipment market and provides critical insights for the forecast period of 2022 – 2029. As per the key findings of the report, the global automotive garage equipment market is anticipated to experience substantial growth over the forecast period due to increase in the demand for replacement and maintenance of automotive components.
The global
automotive garage equipment market is estimated to be valued at ~US$ 24.4 Bn in
2022, increasing at a CAGR of ~ 4.3% during the projected period of 2022 and
2029. This growth is significantly driven by stringent emission and other
regulations of vehicle diagnostics equipment in the automotive industry
FMI’s study opines that growing popularity of independent garages among
consumers is one of the key trends that is shaping the global automotive garage
equipment market. However, the onset of innovative technologies and R&F
activities is expected to enhance the functionalities and capabilities of
modern automotive garage equipment.
Significant Growth Opportunities in the APEJ Automotive Garage Equipment
Market
Asia Pacific
Excluding Japan is projected to show heavy upsurge in the automotive garage
equipment market owing to increasing penetration of new franchises and up
gradation in independent repair shops and garages particularly in India and
china. The region accounts for largest two wheeler fleet and higher density of
light and heavy vehicles. China is projected to witness heavy growth owing to
increase in number of light and two wheelers and India is projected to hold
significant share in the automotive garage equipment market owing to growth in independent
garages and repair shops. Propensity of these countries towards technological
advancements in the garage equipment’s is creating an opportunity for the
market during the forecast period.
High Demand for Garage Equipment from Independent Garages Propelling the
Market Growth.
The global
automotive garage equipment market has been segmented based on vehicle type,
equipment type, garage type and regions, such as North America, Latin America,
Western Europe, Eastern Europe, APEJ, Middle East & Africa, and Japan.
·
Shifting consumer preference towards independent garages in comparison
to franchise garage is one the major factors driving the growth of garage
equipment’s in the market. Independent garages offer similar services and
capabilities as franchise garages along with economical price bands as OEMs.
According to primary surveys about ~80% of the consumers in Asia prefer
independent garages over OEM dealerships due to the maneuverability, ease, and
flexibility offered by them at a reduced cost and time. As a result, the
growing demand for independent repair shops is in turn expected to drive the
need for garage equipment
·
Majority of OEMs are planning strategic initiatives to expand
dealerships and after sales service capabilities in rural areas. The strategy
lies in establishing repair & maintenance dealerships and for franchised
garage operators to expand their service presence and portfolio. Vehicle
manufacturers have now shifted their focus towards the rural market as it seems
to be significantly more opportunistic. This in turn, will drive automotive
garage equipment during the forecast period.
·
Light vehicles garages are projected to emerge as the major contributor
to the demand for garage equipment, reason being demand for new and advanced
garage equipment products. This will in turn create significant demand for
advanced garage equipment, such as vehicle diagnostics & testing equipment,
wheel & tire alignment equipment, etc.
Automotive Garage Equipment Market by Category
By Vehicle:
·
2 Wheelers
·
Light Vehicles
·
Heavy Vehicles
By Equipment:
·
Lifting Equipment
·
Body Shop Equipment
·
Wheel & Tire Alignment
·
Vehicle Diagnostics & Testing
·
Washing Equipment
·
Other Tools
By Garage:
·
OEM
·
Franchisee Garages
·
Independent Garages
By Region
·
North America
·
Latin America
·
Europe
·
East Asia
·
South Asia
·
Oceania
·
Middle East & Africa
Automotive Garage Equipment Market: Vendor Insights
The report
highlights some of the prominent market players, who have established
themselves as leaders in the global automotive garage equipment market. Few
examples of key players in the market are Symach Srl, Nussbaum Automotive
Solutions, SAMVIT GARAGE EQUIPMENTS, MAHA Maschinenbau Haldenwang Gmbh &
Co. KG, Snap-on Incorporated, Robert Bosch GmbH, Continental AG, and Forward
Lift Company (Dover Corporation), and Standard Tools and Equipment Co., among
others. The global automotive garage equipment market is significantly
dominated by some players holding prominent shares of the market. Tier-1
players are focused on mergers, acquisitions and joint ventures with local
market players and launch of technically advanced garage equipment’s in order
to achieve the ongoing trend thereby gaining a competitive edge over its peers.
For more information:
https://www.futuremarketinsights.com/reports/automotive-garage-equipment-market
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