Global Automotive Garage Equipment Market

Automotive Garage Equipment Market Size, Share, Growth Analysis, By Vehicle(2 Wheelers, Light Vehicles, and Heavy Vehicles), By Equipment(Lifting Equipment, Body Shop Equipment, Wheel & Tire Alignment, Vehicle Diagnostics & Testing), By Garage(OEM, Franchisee Garages, and Independent Garages), By Region - Industry Forecast 2024-2031

Q: What is the global market size of Automotive Garage Equipment Market?

Global Automotive Garage Equipment Market size was valued at USD 24.4 billion in 2022 and is poised to grow from USD 26.57 billion in 2023 to USD 52.56 billion by 2031, growing at a CAGR of 8.9% in the forecast period (2024-2031).

Report ID: SQMIG25A2284 | Region: Global | Published Date: April, 2024
Pages: 220 | Tables: 93 | Figures: 72

Automotive Garage Equipment Market Regional Insights

North America is projected to lead the global demand for automotive garage equipment across the forecast period on the back of high spending potential of people in this region and rising popularity of the vehicle modification trend. The United States is slated to be the top market for automotive garage equipment companies in this region as sales of vehicles increases in the country. Moreover, the imposition of strict vehicle safety norms in this region also pushes vehicle owners to visit garages more often to keep their vehicles compliant with local and national road safety regulations.

The Asia Pacific region is slated to emerge as the fastest-growing market for automotive garage equipment in the world. Surging sales of vehicles coupled with an evolving standard of living is forecasted to augment the demand for automotive garage equipment in this region over the coming years. Cheap labor and cheap raw materials also create new opportunities for automotive garage equipment companies to set up their manufacturing facilities in this region. China, India, and South Korea are estimated to be the top markets for automotive garage equipment market players in the Asia Pacific region.

Automotive Garage Equipment Market Report Snapshots

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Automotive Garage Equipment Market size was valued at USD 24.4 billion in 2022 and is poised to grow from USD 26.57 billion in 2023 to USD 52.56 billion by 2031, growing at a CAGR of 8.9% in the forecast period (2024-2031).

Automotive garage equipment manufacturers should invest in increasing their manufacturing capacity to meet the surging demand and localize their manufacturing activity to create affordable products. Companies can also opt for strategies such as mergers, acquisitions, and collaborations to enhance their market presence and share in the long run. Collaborating with automotive companies could also offer highly attractive new business opportunities for automotive garage equipment suppliers going forward. 'Snap-on Incorporated', 'Robert Bosch GmbH', 'Aro Equipments Pvt. Ltd.', 'Arex Test Systems B.V.', 'Con Air Equipment Private Limited', 'Continental AG', 'Forward Lift Company (Dover Corporation)', 'PULI Industries (Guangzhou Jingjia Auto Equipment Co., Ltd.)', 'Symach Srl', 'Boston Garage Equipment Ltd.', 'Nussbaum Automotive Solutions', 'SAMVIT GARAGE EQUIPMENT', 'VisiCon Automatisierungstechnik GmbH', 'Sarveshwari Engineers', 'LKQ Coatings Ltd.', 'Standard Tools and Equipment Co.'

Incidence of vehicle accidents has increased around the world, and this has resulted in a hike in awareness regarding vehicle safety. This is why more and more people are bringing their vehicles to garages and driving automotive garage equipment market growth.

Creation of Electric and Hybrid Vehicle Servicing Equipment: Automotive garage equipment manufacturers can target the growing popularity of electric vehicles and hybrid vehicles to create new equipment that is designed to service and maintain the vehicles as they are fundamentally different from traditional vehicles and same tools cannot be used for them.

North America is projected to lead the demand for automotive garage equipment across the forecast period on the back of high spending potential of people in this region and rising popularity of the vehicle modification trend. The United States is slated to be the top market for automotive garage equipment companies in this region as sales of vehicles increases in the country. Moreover, the imposition of strict vehicle safety norms in this region also pushes vehicle owners to visit garages more often to keep their vehicles compliant with local and national road safety regulations.

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Automotive Garage Equipment Market Regional Insights

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