The automotive garage equipment market has experienced robust growth in recent years, surging from $8.16 billion in 2023 to $8.81 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.0%. This expansion in the historical period is linked to the increasing demand for automotive repair and maintenance, adherence to stringent emission standards, the proliferation of independent repair shops, and regulatory initiatives supporting the automotive sector. Looking ahead to 2028, the market size is anticipated to reach $12 billion, maintaining an 8.0% CAGR. This anticipated growth in the forecast period is associated with factors such as the development of electric vehicle charging infrastructure, fleet management services, a focus on energy-efficient equipment, sustainable practices, and the retrofitting and upgradation of automotive facilities. Noteworthy trends in this period encompass technological advancements, the integration of diagnostic and calibration tools, automated and robotic solutions, as well as the implementation of remote monitoring and maintenance, including the introduction of subscription-based diagnostic tools.
Major Driver In The Automotive Garage Equipment Market
The advent of autonomous vehicles is significantly contributing to the growth of the automotive garage equipment market. Autonomous vehicles are vehicles that can operate without the assistance of a human driver. Depending on the extent of automation, there are numerous types of self-driving vehicles. The advent of autonomous vehicles is increasing as, in the future, new mobility solutions in the automobile sector are likely to be driven by automation in systems, software, and services. Automotive garage equipment is evolving in response to environmental laws and shifting consumer perceptions for safety and efficiency. For instance, according to Gerber Injury Law, an Arizona-based law firm, the production of self-driving cars is expected to reach 800,000 units worldwide between 2023 and 2030. Additionally, according to Carsurance, an online website that provides information and resources on car insurance companies, the autonomous vehicle industry will rise by 16% every year. Therefore, the advent of autonomous vehicles is driving the growth of the automotive garage equipment market.
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Automotive Garage Equipment Market Competitive Landscape
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
Key Automotive Garage Equipment Market Trend
Major companies operating in the automotive garage equipment market are focused on introducing next-generation solutions, such as automatic car washing. Automatic car washing is the facility or system used to clean the exterior of vehicles without the need for manual labor, which involves the use of automated equipment and machinery to perform the cleaning process. For instance, in November 2021, Istobal, a Spain-based manufacturer of car wash equipment, launched M WASH4. M WASH4 is the most technically advanced, efficient, and innovative rollover that offers improved car cleaning in less time. It enables higher-quality car washing and drying in less time and sustainably with lower water, energy, and chemical consumption. It has integrated wheel wash and wider vertical brushes for easy positioning and exiting of the vehicle, easy and secure access to repair, and a safer experience.
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Automotive Garage Equipment Market Segmentation
The automotive garage equipment market covered in this report is segmented –
1) By Installation Type: Mobile, Fixed
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Type: Lifting Equipment, Body Shop Equipment, Wheel and Tire Service Equipment, Vehicle Diagnostic and Testing Equipment, Washing Equipment, Other Types
4) By Application: Automotive OEM Dealerships, Franchise Stores, Independent Garages
By Geography:The regions 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.
Asia-Pacific was the largest region in the automotive garage equipment market in 2023.
The Automotive Garage Equipment Global Market Report 2024 furnishes information about the global automotive garage equipment market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
