How Is The Global Shop Equipment Market Defined?
Shop equipment refers to the tools, machinery, and apparatus used in various types of workshops and retail stores to facilitate business operations. This equipment varies widely depending on the specific industry and the nature of the work being performed.
Shop Equipment Global Market Report 2024 provides data on the global shop equipment market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The shop equipment market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Shop Equipment Market Size And Growth Rates Projected To Evolve?
The shop equipment market has experienced strong growth, increasing from $109.62 billion in 2023 to $119.79 billion in 2024 at a CAGR of 9.3%. Factors include the growth of manufacturing sectors, infrastructure projects, automotive industry demand, and environmental awareness. By 2028, the market is projected to grow to $172.44 billion at a CAGR of 9.5%. Future growth will be driven by sustainable practices, the rise of e-commerce, and electric vehicle production. Trends include Industry 4.0 technologies, 3D printing, automation, IoT, and smart equipment innovations.
What Are The Essential Drivers Behind The Growth Of The Shop Equipment Market?
The growing popularity of electric vehicles is driving the demand for shop equipment. EVs are becoming more popular due to their environmental benefits, lower operating costs, and government incentives. Shop equipment is necessary for maintaining and repairing EVs, as well as for providing charging infrastructure. The International Energy Agency reported that the electric car market grew significantly in 2022, with sales expected to increase even further, fueling the demand for shop equipment related to EVs.
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How Is The Global Shop Equipment Market Divided Into Key Segments?
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
What Trends Are Reshaping The Future Of The Shop Equipment Market?
In the shop equipment market, companies are introducing innovative products like mobile column lift adapters to improve maintenance operations for electric vehicles. For instance, Forward Lift Company, in August 2021, launched a new line of adapters that enable mobile column lifts to service a wider range of vehicles, increasing productivity and reducing downtime during repairs.
What Is The Fastest Growing Region In The Shop Equipment Market?
North America was the largest region in the shop equipment market in 2023. The regions covered in the shop equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
