Automotive Garage Equipment Market to Register High Revenue Growth at 4.1% CAGR During 2017-2027
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The main drivers boosting the growth of the global automotive garage equipment market are increasing average vehicle age which is triggering the demand for replacement and maintenance of components used in automotive, stringent emission and other regulations spurring the growth of the diagnostic equipment in the aftermarket, rising awareness of consumers with respect to vehicle safety and repair of vehicles, increasing OEM dealerships, rising number of specialty tire shops, rising sales of vehicles globally, rising penetration of franchises and up gradation of existing independent repair shops, higher demand for garage equipment from independent garages, high replacement demand for new and advanced product solutions, increasing product innovations, increasing sales of second hand vehicles and increasing FDI coupled with growing automotive industry.
However, the market is not dev0oid of restraints. Low uptake of vehicle maintenance services, rising sales of electric vehicles that require less replacement parts, growing trend of DIY equipment, lack of skilled workforce to handle advanced and complex garage equipment and rising replacement and maintenance costs have posed challenges to the growth of the global automotive garage equipment market. The global automotive garage equipment market is projected to grow at a moderate 4.1% CAGR throughout the period of assessment, 2017-2027. The global market is estimated at a value of US$ 6.7 Bn in 2017 and is expected to reach a noteworthy estimation a little less than US$ 10 Bn by the end of the assessment year.
The global automotive garage equipment market is segmented by vehicle type, by equipment, by garage type and by region. By vehicle type, the light vehicle segment is expected to show higher market valuation by the end of 2027 dominating the market in the coming years. The two wheelers segment is projected to grow at faster pace to reflect a value CAGR of 4.3% throughout the forecast period and is the second largest segment in terms of value share
By garage type, the independent garage segment is expected to grow at a significant CAGR to reach US$ 4.7 Bn by the end of 2027. This segment is likely to lead the global market by garage type. The automotive OEM dealerships segment is projected to grow at the highest rate during the period of forecast; By region, Asia Pacific excluding Japan (APEJ) region is highly lucrative and expected to lead the global market in the coming years. Middle East and Africa (MEA) region also shows higher pace in the automotive garage equipment market
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The global automotive garage equipment market research study includes analysis on key players such as Arex Test Systems B.V., Boston Garage Equipment Ltd., Robert Bosch GmbH, Continental AG, Aro Equipments Pvt. Ltd., LKQ Coatings Ltd., Istobal S.A., Con Air Equipments Private Limited, Vehicle Service Group, Gray Manufacturing Company, Inc., Symach SRL, Standard Tools and Equipment Co., VisiCon Automatisierungstechnik GmbH, MAHA Mechanical Engineering Haldenwang GmbH & Co. KG, Snap-on Incorporated, Samvit Garage Equipment, Sarveshwari Technologies Limited (SARV), Oil Lube Systems Pvt Ltd., Guangzhou Jingjia Auto Equipment Co., Ltd., and Nussbaum Automotive Solutions Lp.
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