Automotive Garage Equipment Market to Reach US$ 8 Bn by 2026
Moreover, there have been continuous changes in the automotive sector, such as adoption of airbags for safety purpose, lightweight engine for higher fuel efficiency, and use of electronics for a more comfortable ride. In order to maintain these components, advanced equipment are required. This fuels the demand for garage equipment, as vehicle owners need certification after a certain interval of time from certified garages.
Upsurge in the sale of vehicles in different countries have escalated overall vehicle miles driven globally by approximately 2% to 4% during the recent years, which are propelling the market for vehicles in the developed regions. Stringent emission norms by regulatory bodies are propelling the market of emission-related equipment, such as smoke meter, gas analyzer, and others.
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Digitalization of automotive systems is increasing at a significant pace, which requires diagnostic tools for diagnosing and repairing systems, such as, advanced driver assistance system (ADAS), instrument console of the vehicle, and functionality of the sensors and digital locks. Garages are likely to require enhanced capacity for fabrication of vehicles owing to the rising concern about vehicle maintenance and modification. This, in turn, is anticipated to boost them automotive garage equipment market during the forecast period.
The global automotive garage equipment market can be segmented based on garage type, equipment type, vehicle type, and region. In terms of garage type, the automotive garage equipment market can be segregated into OEM-based dealership and independent garages.
The OEM dealership segment is likely to grow at a rapid pace during the forecast period, as compared to the independent garages segment, due to the rising use of luxury vehicles that require higher grade and high-quality maintenance systems that independent garage owners are unlikely to afford. OEM-based dealership has several advantages over independent garages, such as skilled technicians, easy availability of original parts, and usage of advanced equipment, which are boosting the popularity of OEM dealership-based service centers among consumers.
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Based on equipment type, the automotive garage equipment market can be split into wheel & tire, emission equipment, vehicle diagnostic equipment, and other segments. The emission equipment and vehicle diagnostic equipment segments are likely to dominate the automotive garage equipment market during forecast period owing to rapid adoption of electric vehicle in order to reduce vehicular emission.
In order to diagnose advanced technological problems, adoption of new testing equipment is gaining popularity, which in turn, is projected to boost the vehicle diagnostics & testing segment during the forecast period. The wheel & tire segment hold a major share of the automotive garage equipment market in 2017 and is expected to retain its dominance during the forecast period. Wheel balancing ensures that tires, wheels, and suspension systems function properly to eliminate risks, such as poor fuel economy and premature wear of tires.
In terms of vehicle type, the automotive garage equipment market can be classified into passenger and commercial vehicles. Countries such as the U.S., Canada, and in the EU are highly urbanized and have stable economic condition. These factors drive the market for passenger vehicles in these regions.
Asia and Latin America show tremendous growth in the automobile sector during the past few years due to emerging economic conditions, growing population, increasing per capita income, easy availability of finance, and high degree of urbanization. Growing demand for SUVs across the globe owing to growing preference of youth for SUVs owing to sporty and powerful ride is spurring the demand for passenger vehicles these is estimated to boost the garage equipment market during forecast period.
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Some of the prominent regions taken into analysis include North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Geographic analysis is done on the basis of production trends, political reforms, regulation changes, and society demand. Asia Pacific is dominating the automotive garage equipment market owing to presence of number of independent garages and OEM dealerships.
Crucial players in the automotive garage equipment market are expected to benefit from the formation of strategic alliances with global players in the garage equipment market. The market witnesses the presence of key players who have strong global presence and firm establishments, coupled with diverse product portfolios.
Prominent players operating in the global automotive garage equipment market include Autec, Inc., Hunter Engineering Company, Ravaglioli S.p.A, LINCOLN ELECTRIC HOLDINGS, INC. , INC. , CORGHI, Automotive Equipment International, CEMB USA, and Hennesy Industries LLC., HIGHVELD GARAGE EQUIPMENT CC, Intergrated Garage Equipment, Manatec Electronics Private Limited and Others.
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