NEWARK, Del, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global automotive garage equipment market in 2022 was US$ 24.4 billion and is estimated to be US$ 26.8 billion in 2023. Future Market Insights has mentioned in its reports that the Automotive Garage Equipment Market is predicted to expand at a CAGR of 8.94% between 2023 and 2033, totaling around US$ 63.1 billion by 2033.
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Key Takeaways from the Market Study
- The global automotive garage equipment market expanded at a CAGR of 7.12% between 2017 and 2022.
- Demand for automotive garage equipment is projected to increase at a 4.3% CAGR, in comparison with the 3.7% CAGR registered between 2018 and 2022.
- The United States is home to a large automotive industry holding a significant part with a value share of 31.2%.
- North America’s automotive garage market is expected to account for 36.9% of the total market share.
- China is expected to set to account for 40.3% of the global market share.
- Japan holds a market share of 16.9%.
- Introduction of new franchisee garages in India is expected to boost the market in the forthcoming years with a CAGR of 7.15%.
- Increasing sales of two-wheelers such as mopeds, motorbikes, and scooters in the country are expected to boost the market in Australia at a CAGR of 6%.
- Europe’s automotive garage equipment market is forecasted to account for 54.1% of the total market share, notably driven by increasing sales of luxury vehicles.
- Two-wheeler mobility solutions in the United Kingdom at a CAGR of 7.92%.
- Refurbishment of old garages is likely to drive sales of garage lift systems.
- Sales of lifting equipment are expected to remain high over the assessment period with a market share of 44%.
- Servicing premium cars are estimated to boost demand for independent garages for car workshops.
- Inexpensive labor costs and the growing availability of premium car servicing equipment might drive sales with a market share of 33.2%.
- Increasing repair services for passenger vehicles is expected to boost sales of light vehicles.
- Sales in the light vehicles segment are projected to increase over the forthcoming years with a market share of 23.1%.
“High demand for electric and hybrid passenger vehicles across the globe acts as one of the major drivers of the automotive garage equipment market” - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
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Key Innovation of the Market Players in the Market
- In June 2023, ISTOBAL showcased its new M'WASH3 PRO rollover at Autozum 2023, the leading Austrian trade show for the car wash, service station, and dealership industry, held at Messezentrum Salzburg (Stand 09-0200).
The company is exhibiting for the first time at a show and on the international market. This innovative high-end equipment is aimed at increasing profitability in carwashes and improving the user experience through efficient and connected technology.
Some of the prominent players in the global market are-
- MAHA Maschinenbau Haldenwang Gmbh & Co. KG
- Snap-on Incorporated
- Robert Bosch GmbH
- Continental AG
- Forward Lift Company (Dover Corporation)
- VisiCon Automatisierungstechnik GmbH
- Standard Tools and Equipment Co.
- Symach Srl
- Nussbaum Automotive Solutions
- SAMVIT GARAGE EQUIPMENT
- Sarveshwari Engineers
- PULI Industries (Guangzhou Jingjia Auto Equipment Co., Ltd.)
- Boston Garage Equipment Ltd.
- Arex Test Systems B.V.
- LKQ Coatings Ltd.
- Aro Equipments Pvt. Ltd
- Istobal S.A.
- Con Air Equipment Private Limited
- Oil Lube Systems Pvt Ltd.
- Gray Manufacturing Company, Inc.
Report Scope:
| Report Attribute | Details |
| Growth Rate | CAGR of 8.94% from 2023 to 2033 |
| Market value in 2023 | US$ 26.8 billion |
| Market value in 2033 | US$ 63.1 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | US$ billion for Value and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Key Countries Profiled |
|
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Automotive Garage Equipment Market Segmentation
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
- The Middle East & Africa
Author
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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