PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490283
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490283
Automotive Garage Equipment Market size was valued at USD 7,982.32 Million in 2023, expanding at a CAGR of 5.21% from 2024 to 2032.
The automotive garage equipment includes a broad range of instruments, gear, and gadgets utilized in facilities for maintaining and repairing automobiles, also referred to as auto repair shops or garages. For the diagnosis, servicing, repair, and upkeep of all kinds of vehicles, including cars, trucks, motorbikes, and commercial vehicles, these tools are indispensable.
Automotive Garage Equipment Market- Market Dynamics
Rising automotive industry with technological advancement are expected to propel market demand
The demand for garage equipment is driven by the automobile industry's overall growth and expansion. The need for garage equipment is driven up by the requirement for maintenance, repair, and servicing that comes with an increase in the number of vehicles on the road. Modern diagnostic and testing technology is being adopted by auto shops due to regulations governing emissions control and vehicle safety. The usage of specialized equipment is required for emissions testing, alignment, brake testing, and other safety-related examinations to comply with requirements.
Technological advancements in garage equipment, like automated systems, wireless diagnostics, and connected tools, improve productivity, accuracy, and efficiency in car repair and maintenance operations. To maintain their competitiveness and provide better services, auto shops invest in this technology. Contemporary automobiles are progressively more intricate, featuring sophisticated electronic systems and parts. The need for advanced garage equipment is driven by this complexity, which necessitates specific tools and equipment for maintenance, repairs, and diagnostics.
Automotive Garage Equipment Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.21% over the forecast period (2024-2032)
Based on Equipment Type segmentation, the wheel & tire equipment segment was predicted to show maximum market share in the year 2023, owing to high demand for wheel & tires from new and old vehicles.
Based on Vehicle Type segmentation, the passenger vehicles segment was the leading Vehicle Type in 2023, due to high demand for passenger cars, sport utility vehicles, etc.
Based on Distribution Channel segmentation, the electronics segment was the leading Distribution Channel in 2023, mainly due to the increased utilization of silicon nitrides in semiconductor processing.
On the basis of region, Asia Pacific was the leading revenue generator in 2023, owing to the high growing semiconductor sector across China, South Korea, etc.
The Global Automotive Garage Equipment Market is segmented on the basis of Equipment Type, Vehicle Type, Distribution Channel, and Region.
The market is divided into seven categories based on Equipment Type: lifting equipment, emission testing equipment, body shop equipment, wheel and tire equipment, vehicle diagnostic and testing, washing equipment, and others. The wheel and tire equipment segment dominates the market. The wheel & tire equipment is a key part of any vehicle which drives the market growth.
The market is divided into two categories based on Vehicle Type: passenger vehicles and commercial vehicles. The passenger vehicles segment dominates the market. The increasing demand for automotive garage equipment like emission equipment, washing equipment, and testing equipment is fueling the market growth.
The market is divided into two categories based on Distribution channels: OEMs and aftermarket. The OEMs segment dominates the market and is expected to maintain its high dominance during the forecast period. The rising demand for garage equipment by OEMs for dealers & vendors is contributing to segment growth.
Automotive Garage Equipment Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The North American market is characterized by a large automotive industry, advanced technological infrastructure, and a high level of consumer demand for automotive services. The region has a significant number of auto repair shops, service centers, and dealerships equipped with modern garage equipment. Thus, North America is dominating the global market.
Automotive Garage Equipment Market is somewhat consolidated. Market player emphasizes on product development and innovation to attract new consumers. The market is driven by technological innovation, stringent regulatory standards, and a strong focus on customer service and efficiency. Snap-on is a leading global manufacturer and distributor of automotive tools, equipment, and diagnostics solutions. The company offers a wide range of garage equipment, including diagnostic tools, vehicle lifts, wheel service equipment, and hand tools. Snap-on's strong brand presence, extensive distribution network.
In 2022, Continental AG announced a joint venture with a technology startup specializing in artificial intelligence and machine learning to develop predictive maintenance solutions for automotive garage equipment.
In 2023, Snap-on recently announced a partnership with a major automotive dealership network to provide advanced diagnostic tools and equipment to their service centers.