What Is The Current and Historic Market Size Analysis Of The Shop Equipment Market?
The shop equipment market has seen considerable growth due to a variety of factors.
• The shop equipment market will expand from $119.79 billion in 2024 to $131.53 billion in 2025, at a CAGR of 9.8%.
This growth is attributed to the growth in manufacturing sectors, rapid urbanization and infrastructure development, increased demand in the automotive industry, rising investments in industrial sectors, and a growing emphasis on environmental awareness.
What Are The Predictions for The Shop Equipment Market in the Coming Years?
The shop equipment market is expected to maintain its strong growth trajectory in upcoming years.
• The shop equipment market is forecast to grow to $188.48 billion by 2029, at a CAGR of 9.4%.
Growth is driven by a focus on sustainable practices, eco-friendly manufacturing adoption, the growth of construction sectors, e-commerce proliferation, and increasing popularity of electric vehicles. Trends include the adoption of Industry 4.0 technologies, growth of 3D printing, automation and robotics integration, IoT adoption, and smart equipment innovations.
Which Drivers Are Accelerating Growth In The Shop Equipment Market?
The increasing trend of electric cars is set to pioneer growth in the shop equipment market. Electric cars, primarily driven by electricity and propelled by one or more electric motors, are gaining increased attention due to their environmental benefits, cost savings, and favorable government policies. Shop equipment is crucial in maintaining these electric vehicles in a safe and efficient manner, offering the required tools and equipment for repair, maintenance, and charging infrastructure. For example, the electric car market saw a significant growth as per the International Energy Agency, a French intergovernmental organization, reporting that sales surpassed 10 million in 2022 by March 2023. Moreover, the market share of electric cars from all new cars sold was 14% in 2022, indicating a big jump from roughly 9% in 2021. As such, the surging interest in electric cars is crucial for the shop equipment market.
What Are The Core Segments Of The Global Shop Equipment Market?
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
Subsegments:
1) By Lifting Equipment: Vehicle Lifts (Two-Post, Four-Post, Scissor Lifts), Jacks And Jacking Systems, Hydraulic Lifts, Alignment Lifts
2) By Body Shop Equipment: Collision Repair Equipment, Frame Straightening Machines, Dent Repair Equipment, Paint Booths And Paint Drying Systems
3) By Wheel And Tire Service Equipment: Tire Changers, Wheel Balancers, Tire Pressure Monitoring Systems (TPMS) Tools, Tire Inflators And Deflators
4) By Vehicle Diagnostic And Testing Equipment: Diagnostic Scanners And Scopes, Emissions Testing Equipment, Battery Testers And Chargers, OBD-II Diagnostic Tools
5) By Washing Equipment: Car Wash Systems (Automatic, Self-Serve), Pressure Washers, Foam Wash Systems, Underbody Wash Systems
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What Trends Are Shaping The Shop Equipment Market?
Prominent businesses in the shop equipment marketplace are concentrating on generating novel products like mobile column lift adapters in an effort to increase the adaptability and productivity of maintenance procedures for electric vehicles and other modern cars. Mobile column lift adapters are flexible elements that connect to mobile column lifts, allowing them to raise vehicles of various designs and lifting points. For example, in August 2024, Rotary, a company based in the U.S. that provides vehicle service equipment, introduced the Rotary Flex MAX Linker - a device controlled remotely with a patent pending, designed to augment the application of mobile column lifts in the repair of heavy-duty vehicles. The Flex MAX Linker provides the ability for automotive technicians to connect and operate up to 18 Rotary Flex MAX mobile column lifts by using just one remote control. This product's goal is to increase the efficiency, versatility, and safety of lifting large-scale vehicles like heavy-duty trucks, multi-axle buses, coaches, and rail carriages.
Who Are the Key Players In The Shop Equipment Market?
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.
What Are The Regional Insights Into The Shop Equipment Market?
North America was the largest region in the shop equipment market in 2024. The regions covered in the shop equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
