The shop equipment market size has experienced strong growth in recent years, forecasted to grow from $109.62 billion in 2023 to $119.79 billion in 2024 at a CAGR of 9.3%. This growth during the historical period is attributed to advancements in manufacturing sectors, rapid urbanization, infrastructure projects, increased demand in the automotive industry, rising investments in industrial sectors, and growing environmental awareness. The shop equipment market is expected to grow to $172.44 billion in 2028, with a CAGR of 9.5% in the forecast period. This growth can be linked to an increasing focus on sustainable practices, the adoption of eco-friendly manufacturing, growth in construction sectors, the proliferation of e-commerce and digital platforms, and the rising popularity of electric automobiles. Key trends during this period include the adoption of Industry 4.0 technologies, growth in additive manufacturing (3D printing), increased automation and robotics, adoption of the Internet of Things (IoT), and innovations with smart equipment.
Major Driver In The Shop Equipment Market
The growing popularity of electric automobiles is anticipated to significantly drive the growth of the shop equipment market in the coming years. Electric automobiles, primarily powered by electricity and utilizing one or more electric motors for propulsion, are gaining traction due to increasing environmental consciousness, cost savings, and supportive government policies. Shop equipment is crucial for ensuring the safe and efficient maintenance of electric vehicles, providing essential tools and equipment for maintenance, repair, and charging infrastructure. For example, in March 2023, the International Energy Agency reported that the electric car market experienced exponential growth, with sales surpassing 10 million in 2022. Additionally, 14% of all new cars sold were electric in 2022, showing a considerable increase from about 9% in 2021. Therefore, the rising popularity of electric automobiles is poised to significantly impact the shop equipment market positively.
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Shop Equipment Market Competitive Landscape
Major companies operating in the shop equipment market are Robert Bosch GmbH, Caterpillar Inc., Stanley Black & Decker, Atlas Copco AB, Textron Inc., Ingersoll Rand Ltd, Makita Corporation, Snap-on Incorporated, Husqvarna Group, Milwaukee Electric Tool Corporation, TTS Tooltechnic Systems AG & Co. KG, Matco Tools, Grizzly Industrial Inc., Klein Tools, JPW Industries Inc., Delta Power Equipment Corporation, Siemens AG, Baileigh Industrial Inc., Emerson Electric Co., Hitachi Koki Co Ltd.
Key Shop Equipment Market Trend
Major companies in the shop equipment market are concentrating on developing innovative products, such as mobile column lift adapters, to enhance the versatility and efficiency of maintenance operations for electric vehicles and other modern automobiles. Mobile column lift adapters are adjustable components that attach to mobile column lifts, enabling them to lift vehicles with various configurations and lifting points. For instance, in August 2021, Forward Lift Company, a US-based manufacturer of automotive lifts, launched a new line of frame-engaging mobile column lift adapters designed to improve the functionality of its mobile column lifts. These adapters allow technicians to lift and service a wider range of forklifts, including reach trucks and pallet trucks, thereby increasing productivity and reducing repair downtime.
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Global Shop Equipment Market Segmentation
The shop equipment market covered in this report is segmented –
1) By Type: Lifting Equipment, Body Shop Equipment, Wheel And Tire Service Equipment, Vehicle Diagnostic And Testing Equipment, Washing Equipment
2) By Distribution Channel: Direct Sales, Indirect Sales
3) By Application: Passenger Vehicle, Commercial Vehicle
By Geography:The regions covered in the shop equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the shop equipment market in 2023.
The Shop Equipment Global Market Report 2024 furnishes information about the global shop 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.
