The global automotive garage equipment market, valued at USD 24.4 billion in 2022, is projected to grow to USD 26.8 billion in 2023. Future Market Insights forecasts that the market will expand at a robust Compound Annual Growth Rate (CAGR) of 8.94% from 2023 to 2033, reaching approximately USD 63.1 billion by 2033.
This substantial growth is driven by several key factors, including the increasing number of vehicles on the road, the rising demand for vehicle maintenance and repair services, and advancements in automotive technology. Automotive garage equipment covers a wide array of tools, machinery, and diagnostic instruments used in repair shops and service centers to diagnose, maintain, and repair vehicles.
A significant market driver is the growing global vehicle fleet, which necessitates regular maintenance and repairs for aging vehicles. As vehicles age, the demand for garage equipment and related services rises, contributing to market growth.
Technological advancements in the automotive sector, such as electronic systems, advanced driver assistance systems (ADAS), and hybrid and electric powertrains, are also fueling the demand for specialized garage equipment. Manufacturers are developing new tools, including diagnostic devices, battery chargers, tire changers, and wheel alignment systems, specifically designed for modern vehicles with complex electronic and hybrid components.
Moreover, the increasing emphasis on vehicle safety, performance, and environmental sustainability is driving demand for garage equipment that addresses emissions, fuel efficiency, and safety features. Automotive repair shops and service centers are investing in equipment such as emission testers, brake testers, and wheel balancers to comply with regulatory standards and meet customer expectations.
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Key Takeways for Automotive Garage Equipment Market
- Market Growth: The global automotive garage equipment market is experiencing substantial growth, with an estimated value of USD 26.8 billion in 2023 and projected to reach approximately USD 63.1 billion by 2033, driven by a CAGR of 8.94%.
- Rising Vehicle Parc: The increase in the number of vehicles on the road, including older models that require regular maintenance, is a primary driver of market demand for garage equipment.
- Technological Advancements: Innovations in automotive technology, such as electronic systems, advanced driver assistance systems (ADAS), and hybrid and electric powertrains, are fueling the need for specialized garage equipment that can service and repair these advanced vehicles.
- Increased Vehicle Maintenance Needs: As vehicles age, the demand for maintenance and repair services grows, driving the need for a wide range of garage equipment, including diagnostic tools, battery chargers, tire changers, and wheel alignment systems.
- Emphasis on Safety and Compliance: There is a growing focus on vehicle safety, performance, and environmental sustainability, leading to increased demand for equipment that can diagnose and address issues related to emissions, fuel efficiency, and safety features.
- Regulatory Standards: Automotive repair shops and service centers are investing in equipment to ensure compliance with regulatory standards and meet customer expectations for vehicle safety and performance.
Recent Developments:
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.
Leading Key Players:
- 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
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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