Automotive Garage Equipment Market Anticipated to Grow at CAGR of 4.22% During 2022 to 2030 – Report by Market Research Future (MRFR)
Automotive Garage Equipment Industry In-Depth Analysis Report
New York, US, May 02, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Automotive Garage Equipment Market” information by Equipment Type, by Vehicle Type, by Garage Type and Region – Forecast to 2030” market size to grow at a compound annual growth rate of 4.22% by 2030.
Market Scope:
To maintain effective and proper functioning, motor vehicles require periodic maintenance and repair. Qualified and experienced technical staff giving fast attention and high-quality workmanship, as well as satisfactory repair work at reasonable prices using car tools and automotive tools, helps garages keep their name in a competitive worldwide market. Washing, lubrication, tire and battery services must all be available in a garage where cars are stored and repaired. In an automotive garage, specialized equipment such as lifting tackle, car lifts, tire inflation, tire changing machines, and wheel balancing machines, as well as various types of fixtures, tools, and jigs, are available.
Dominant Key Players on Automotive Garage Equipment Market Covered are:
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- Istobal S.A. (US)
- Aro Equipments Pvt. Ltd (India)
- Guangzhou Jingjia Auto Equipment Co. Ltd (China)
- Nussbaum Automotive Solutions Lp (US)
- Boston Garage Equipment Ltd (UK)
- Arex Test Systems B.V. (Netherlands)
- Vehicle Service Group (US)
- Gray Manufacturing Company Inc. (US)
- VisiCon Automatisierungstechnik GmbH (Germany)
- MAHA Mechanical Engineering Haldenwang GmbH & Co. KG (Germany)
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Market USP Exclusively Encompassed:
Market Drivers
The market is being driven by factors such as the introduction of autonomous vehicles, the deployment of sophisticated connectivity features, OEM and government attention on electric vehicles, the utilization of sensor data for preventive maintenance, and concerns about vehicle and passenger safety. The Garage Equipment market is primarily driven by an increase in car production and sales. Furthermore, the garage equipment market is benefiting from rising customer safety concerns. Furthermore, the market for garage equipment is being propelled by increased used vehicle sales. Furthermore, numerous rules for regular car inspections are multiplying the garage equipment industry. Furthermore, the industry is being fueled by the advent of newer technologies in the automobile aftermarket.
Automobile and automotive component manufacturers are increasingly focusing on new product development operations to expand their customer base in response to increased global automotive demand. Furthermore, the growing popularity of electric vehicles is prompting manufacturers to expand their product lines and improve their quality.
With the introduction of newer technologies, current vehicle demands have expanded dramatically. Furthermore, rising innovation and increased research and development investment have met the criteria for modern cars. The garage equipment market has also seen several changes in order to improve the product’s longevity and quality. Furthermore, the introduction of newer, more efficient garage equipment has opened up new opportunities for training institutions.
Market Restraints:
However, as the quality and cost of original equipment parts improve, repair operations decline, putting a damper on the garage equipment industry. Due to a lack of R&D facilities for automotive testing, less progressive and innovative goods will be produced, and the quality of car testing will suffer.
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Segmentation of Market Covered in the Research:
The global automotive garage equipment market is divided into four categories: equipment, vehicle, garage, and region.
The global market has been divided into wheel and tire service equipment, lifting equipment, vehicle diagnostic and testing equipment, body shop equipment, washing equipment, and other tools based on equipment type.
The global market has been segmented into passenger automobiles and commercial vehicles based on vehicle type.
The market has been divided into automobile OEM dealerships, franchised garages, and independent garages based on garage type.
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Regional Analysis
North America, Europe, Asia-Pacific, and the rest of the world are the four regions in which the global automotive garage equipment market is divided.
Due to the increasing sale of new cars and commercial vehicles across China, India, and ASEAN countries, the automotive garage equipment market in Asia-Pacific is likely to dominate the industry over the forecast period. Furthermore, over the forecast period, the significant number of vehicle fleets in Asia-Pacific is expected to fuel demand for automotive garage equipment.
The worldwide automotive garage equipment market is predicted to grow at a relatively stable pace in Europe and North America.
The automobile sector in North America is one of the most advanced in the world. The United States is the primary source of growth in the region. The country’s automotive sector favors innovation, technology, and the production of high-performance, fuel-efficient vehicles. OEMs have implemented enhanced functionality as a result of developments in sensors and IoT devices. The country is likely to play a significant role in the development of self-driving automobiles in the United States.
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COVID-19 Impact on the Global Automotive Garage Equipment Market
The COVID-19 epidemic has caused vehicle production to be halted and supply issues, effectively halting the automotive industry. For the next few quarters, automakers will be concerned about lower vehicle sales. Experts believe there is a small probability of a comeback in automobile sales in 2020. Automotive test equipment, on the other hand, may have a faster rate of growth, which can be ascribed to higher laws concerning car GHG emissions. The growing energy saving movement and legislation affecting autos will have a favorable impact on the automotive test equipment market.
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