According to the report by Expert Market Research (EMR), the global garage equipment market size is projected to grow at a CAGR of 7.45% between 2023 and 2028. Aided by the increasing automobile sales globally and the escalating need for vehicle maintenance and repair services, the market is expected to grow significantly by 2028.
Garage equipment comprises an array of tools and machines used for vehicle repair and maintenance, including tire changers, wheel aligners, vehicle lifts, and diagnostic equipment, among others. These pieces of equipment play a crucial role in ensuring vehicle safety, efficiency, and longevity, thus facilitating overall vehicular health. Apart from their primary use in automobile repair and maintenance, garage equipment is increasingly being adopted in vehicle inspection stations and vehicle manufacturing units, underlining their versatility in various automotive applications.
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The escalating global automobile sales, combined with the growing need for regular vehicle maintenance, are key drivers propelling the garage equipment market growth. With the rise in vehicle ownership, there has been an associated surge in the demand for garage services, including regular maintenance, repairs, and safety checks. Additionally, increased consumer awareness regarding vehicular health and safety has led to a growing inclination towards preventive maintenance, thus stimulating the market for garage equipment.
The expanding applications of garage equipment in various sectors of the automotive industry also significantly contribute to the global garage equipment market expansion. For instance, in the vehicle manufacturing sector, garage equipment is used for assembling, inspecting, and testing vehicles, while in vehicle inspection stations, such equipment is crucial for conducting comprehensive vehicle safety checks. Additionally, diagnostic equipment plays an integral role in identifying and resolving vehicle issues, hence it is widely adopted in repair and maintenance services.
Moreover, the increasing adoption of advanced technologies in the automotive sector has led to an increased demand for sophisticated garage equipment, thus aiding the garage equipment market growth. With the advent of electric and hybrid vehicles, as well as vehicles equipped with advanced features and systems, there is a growing need for specialised garage equipment capable of handling these modern technologies.
Additionally, in the automotive industry, there is a growing emphasis on more efficient and environment-friendly alternatives. This has led to a rise in electric and hybrid vehicles, which, in turn, has stimulated the demand for suitable garage equipment, thereby contributing to the garage equipment market development.
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Garage Equipment Market Segmentation
The market can be divided based on function type, garage type, installation type, equipment type, vehicle type, and region.
Market Breakup by Function Type
- Mechanical
- Electronic
Market Breakup by Garage Type
- OEM Authorised Garage
- Independent Garage
Market Breakup by Installation type
- Mobile
- Fixed
Market Breakup by Equipment Type
- Body Shop Equipment
- Diagnostic and Testing Equipment
- Emission Equipment
- Lifting Equipment
- Washing Equipment
- Wheel and Tire Equipment
- Others
Market Breakup by Vehicle Type
- Passenger Car
- Commercial Vehicle
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global garage equipment companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Dover Corporation
- Continental AG
- Fortive Corporation
- Boston Garage Equipment Ltd
- Aro Equipments Pvt. Ltd
- Others
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