PUBLISHER: The Business Research Company | PRODUCT CODE: 1435683
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435683
Automotive garage equipment encompasses a range of tools and machinery essential for garage operations, comprising two and four-post lifts, hydraulic scissor lifts, wheel balancers, tire changer machines, car washers, as well as devices such as smoke meters and injector cleaners. Basic equipment forms the foundation necessary to initiate vehicle maintenance tasks, while specialized sets within the common equipment aid in conducting more intricate and sophisticated repairs on automobiles.
The automotive garage equipment market is primarily categorized into distinct segments including lifting equipment, body shop equipment, wheel and tire service equipment, vehicle diagnostic and testing equipment, washing equipment, and other specialized tools. Lifting equipment specifically serves the purpose of elevating and lowering loads, incorporating various attachments to support, stabilize, or secure the equipment during operation. These equipment types are typically classified by their installation as either mobile or fixed setups. Automotive garage equipment finds application across a spectrum of vehicle categories, spanning passenger cars and commercial vehicles. Its major usage areas include automotive Original Equipment Manufacturer (OEM) dealerships, franchise stores, and independent garage facilities.
The automotive garage equipment market research report is one of a series of new reports from The Business Research Company that provides automotive garage equipment market statistics, including automotive garage equipment industry global market size, regional shares, competitors with automotive garage equipment market shares, detailed automotive garage equipment market segments, market trends and opportunities, and any further data you may need to thrive in the automotive garage equipment industry. This automotive garage equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive garage equipment market size has grown strongly in recent years. It will grow from $8.16 billion in 2023 to $8.81 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth observed in the historical period can be attributed to the demand for automotive repair and maintenance, adherence to stringent emission standards, the expansion of independent repair shops, compliance with safety and inspection regulations, and government initiatives supporting the automotive sector.
The automotive garage equipment market size is expected to see strong growth in the next few years. It will grow to $12 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. Projected growth is driven by electric vehicle charging infrastructure, fleet management services, focus on energy-efficient equipment, sustainable practices, and retrofitting. Key trends include technological advancements, diagnostic and calibration tools, automated solutions, remote monitoring, and subscription-based diagnostic tools.
The emergence of autonomous vehicles is playing a significant role in propelling the growth of the automotive garage equipment market. Autonomous vehicles, capable of operating without human intervention, represent a diverse range of self-driving vehicles depending on their automation levels. The increasing adoption of autonomous vehicles aligns with the anticipated future trends in the automotive sector, where new mobility solutions are expected to be driven by advancements in automation encompassing systems, software, and services. This evolution in the automotive landscape is prompting changes in garage equipment to comply with environmental regulations and cater to shifting consumer preferences for safety and efficiency. For instance, Gerber Injury Law, an Arizona-based law firm, predicts the production of self-driving cars to reach 800,000 units worldwide between 2023 and 2030. Additionally, Carsurance, an online platform providing information on car insurance, forecasts a 16% annual growth in the autonomous vehicle industry. Consequently, the advent of autonomous vehicles stands as a key driver in the growth of the automotive garage equipment market.
The increasing sales of pre-owned vehicles are anticipated to drive the growth of the automotive garage equipment market in the foreseeable future. Pre-owned vehicles, commonly known as used cars, are those that have been previously owned and utilized by individuals or businesses before being made available for resale. Automotive garage equipment plays a crucial role in the pre-owned vehicle market by facilitating the inspection, diagnosis, and maintenance processes. These tools are utilized to identify and address any issues, ensuring that the vehicles meet safety and performance standards before being reintroduced to the market. For instance, data from Cox Automotive, a US-based system software company, indicates that total used car sales reached 40.9 million vehicles in January 2022. Moreover, daily sales increased by 1.44 million units in 2023, reflecting a 6% growth from the previous year. As a result, the upward trajectory in pre-owned vehicle sales is a significant driver behind the expansion of the automotive garage equipment market.
Major players in the automotive garage equipment market are actively innovating by introducing cutting-edge solutions, including automated car washing. Automatic car washing involves a facility or system designed to clean vehicles' exteriors without manual intervention, utilizing automated equipment and machinery for the cleaning process. For example, in November 2021, Istobal, a Spain-based car wash equipment manufacturer, unveiled M WASH4, a state-of-the-art rollover system featuring advanced technology, efficiency, and innovation. M WASH4 enhances car cleaning efficiency while minimizing the time required for the process. This system promotes high-quality car washing and drying in a sustainable manner, with reduced water, energy, and chemical consumption. Notable features include integrated wheel washing, wider vertical brushes for convenient vehicle positioning and exit, secure access for maintenance, and an overall safer user experience.
Leading companies in the automotive garage equipment market are at the forefront of introducing advanced solutions, such as mobile column lift adapter kits. These kits are essential equipment in automotive garages, specifically designed to facilitate the servicing of forklifts and pallet movers. They are engineered for user-friendly operation, contributing to minimized downtime and increased overall productivity. As an example, in August 2021, Dover Corporation, a prominent US-based industrial product manufacturer, unveiled the FCHW13 and FCHW18 models in adapter kits. These mobile column lifts cater to heavy-duty applications, with the FCHW13 boasting a 13,000 lbs capacity per column and the FCHW18 featuring an 18,000 lbs capacity per column. The adapter kits encompass these models, providing a frame-engaging solution that requires no additional floor space. This innovation offers a convenient and space-saving solution for material handlers, maintenance technicians, manufacturers, and logistics operators.
In December 2021, Ravaglioli, a prominent Italy-based manufacturer of garage equipment, entered into a strategic partnership with TEXA to enhance and broaden their automotive repair services. This collaboration is geared towards expanding their automotive service offerings and jointly developing new products through the integration of advanced technologies. TEXA, based in Italy, is a provider of multi-brand diagnostic tools, exhaust gas analyzers, air conditioning repair stations, and remote diagnosis equipment catering to a wide range of vehicles, including passenger cars, motorbikes, trucks, agricultural and construction vehicles, and boats.
Major companies operating in the automotive garage equipment market report are Robert Bosch GmbH, Continental AG, Komatsu Ltd., Boston Garage Equipment Ltd., Snap-On Incorporated, The Lincoln Electric Company, Forward Lift Company, Falcon Machine Tools Co. Ltd., Yamazaki Mazak Corporation, Shenyang Machine Tool Group, Vehicle Service Group, CORGHI, Oil Lube Systems Pvt Ltd., Con Air Equipment Private Limited, Manatec Electronics Private Limited, Gray Manufacturing Company Inc., Autec Inc., Standard Tools and Equipment, Ravaglioli S.p.A., Sarveshwari Engineers, VisiCon Automatisierungstechnik GmbH, Maha Maschinenbau Haldenwang GmbH & Co. KG, Istobal S.A., Symach, PULI Industries, Aro Equipments Pvt. Ltd., Automotive Equipment International (Pty) Ltd., SAMVIT GARAGE EQUIPMENTS, Arex Test Systems B.V., Nussbaum Automotive Solutions, Hyundai WIA Corporation
Asia-Pacific was the largest region in the automotive garage equipment market in 2023. The regions covered in the automotive garage equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive garage equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive garage equipment market consists of sales of car dent pullers, two-wheeler garage equipment, service station equipment, brake lathe, oil changer, rim straightening machine, frame machines, and auto repair equipment. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Automotive Garage Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive garage equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive garage equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive garage equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.