Garage Equipment Market is Expected to Grow at a CAGR of 8.5% During the Forecast Period by 2034
Garage Equipment Market is Expected to Grow at a CAGR of 8.5% During the Forecast Period by 2034

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.

NEWARK, Del, July 02, 2024 (GLOBE NEWSWIRE) — The garage equipment market is valued at US$ 9.4 billion in 2024. The market is expected to grow at a CAGR of 8.5% from 2024 to 2034. The global market is anticipated to reach US$ 21.2 billion by 2034.

The market is expected to experience a robust growth trajectory driven by the increasing ownership of vehicles worldwide. This has led to a consequent rise in demand for maintenance and repair services. Technological advancements are pivotal in this growth, with manufacturers continuously innovating to develop advanced equipment featuring enhanced features, automation, and connectivity capabilities.

Integrating digital technologies like IoT and AI enables remote monitoring, predictive maintenance, and data-driven decision-making, enhancing garage operations’ efficiency and productivity. Furthermore, the versatility of garage equipment across various automotive sectors drives adoption across multiple industries, further boosting the market expansion.

Consumer preference for professional garage services equipped with modern equipment is rising, contributing to increased sales of advanced tools such as vehicle lifts, diagnostic tools, and tire changers. Growing consumer awareness regarding vehicle maintenance and safety, coupled with regulatory mandates, fuels the adoption of quality garage equipment to comply with standards and ensure optimal vehicle performance.

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Economic uncertainties and fluctuations and the high cost of advanced equipment pose challenges to market growth. Additionally, the lack of skilled technicians and regulatory complexities impact equipment sales and service revenues, necessitating a focus on quality assurance and specialized expertise to maintain credibility and attract a loyal customer base. Despite these challenges, the garage equipment market continues to evolve, driven by technological advancements, regulatory requirements, and consumer demand for reliable and efficient vehicle maintenance services.

Key Takeaways from the Market Study:

  • The OEM-authorized garage segment dominates the garage equipment market, growing at an 8.3% CAGR through 2034.
  • Sales of garage equipment in the United Kingdom are predicted to rise at a 9.7% CAGR through 2034.
  • The garage equipment market in Japan is projected to inflate at a CAGR of 10.1% through 2034.
  • The garage equipment in China is anticipated to develop at a CAGR of 8.9% through 2034.
  • The garage equipment in the United States is estimated to rise at an 8.8% CAGR through 2034.
  • The garage equipment market in South Korea has the potential to increase at a 9.8% CAGR through 2034.
  • Automotive Garage Equipment Market is expected to hit US$ 63.1 Million at CAGR of 8.9% during forecast period 2023 to 2033

“The garage equipment market is expected to grow due to the evolution of technology. The increasing shift toward electric and autonomous vehicles is expected to boost the demand for specialized garage equipment. Digitalization, such as AR and VR applications, can enhance technician efficiency and expand service capabilities. The emphasis on sustainability and environmental concerns drive demand for eco-friendly garage equipment solutions, presenting opportunities for manufacturers to innovate and differentiate in the market,” says a Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

Competitive Landscape

The market for garage equipment is characterized by the presence of big players catering to international and domestic consumers. These players include Autec, CORGHI, Integrated Garage Equipment, Hennesy Industries, and Automotive Equipment International. They invest in research and development to offer advanced equipment with enhanced features and connectivity capabilities. They also focus on expanding their global presence through partnerships, acquisitions, and geographical expansions.

Key Companies in the Market

  • Autec
  • CORGHI
  • Integrated Garage Equipment
  • Hennesy Industries
  • Automotive Equipment International
  • Arex Test Systems B.V., Boston Garage Equipment Ltd
  • Robert Bosch GmbH
  • Continental AG
  • Aro Equipments Pvt. Ltd.
  • LKQ Coatings Ltd.
  • Istobal S.A.
  • Con Air Equipments Private Limited
  • Vehicle Service Group
  • Gray Manufacturing Company Inc
  • Symach SRL
  • Standard Tools and Equipment Co.
  • VisiCon Automatisierungstechnik GmbH
  • MAHA Mechanical Engineering Haldenwang GmbH & Co. KG
  • Snap-on Incorporated
  • Samvit Garage Equipment
  • Sarveshwari Technologies Limited (SARV)
  • Oil Lube Systems Pvt Ltd.
  • Guangzhou Jingjia Auto Equipment Co.

Recent Developments

  • In July 2022, ATS Elgi and VTEQ announced a manufacturing agreement to produce advanced vehicle testing equipment.
  • In January 2024, GSF Car Parts awarded over a thousand customers during its All Wrapped Up promotion, with Staffordshire garage VW Services emerging as the grand prize winner.
  • In May 2020, B.K. Hardin launched DIY Garage in South Knox, inspired by the scarcity of car lift businesses in the United States compared to Europe, Canada, and military bases.

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Key Market Segmentation

By Garage Type:

  • OEM-authorized garage
  • Independent garage

By Application:

  • Body Shop Equipment
  • Diagnostic & Testing Equipment
  • Emission Equipment
  • Lifting Equipment
  • Washing Equipment
  • Wheel & Tire Equipment
  • Others

By Installation Type:

By Function Type:

By Vehicle Type:

  • Commercial vehicle
  • Passenger vehicle

By Region:

  • Asia Pacific
  • Europe
  • North America
  • Middle East & Africa
  • Latin America

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Authored By:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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Originally published at https://www.einpresswire.com/article/724554010/garage-equipment-market-is-expected-to-grow-at-a-cagr-of-8-5-during-the-forecast-period-by-2034-future-market-insights-inc