Automotive Garage Equipment Market indicate remarkable growth, with a projection to reach $35.5 billion by 2032

Increase in automobile sales globally with increase in demand for vehicle restoration, modification, and upgradation, and increase in vehicle complexity and advancement in automotive garage equipment, drive the growth of the global 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐆𝐚𝐫𝐚𝐠𝐞 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/A47735

𝐓𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐚𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐠𝐚𝐫𝐚𝐠𝐞 𝐞𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐢𝐳𝐞 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 $𝟏𝟕.𝟑 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟐.,𝐚𝐧𝐝 𝐢𝐬 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐫𝐞𝐚𝐜𝐡 $𝟑𝟓.𝟓 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟐, 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐚𝐭 𝐚 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟕.𝟓% 𝐟𝐫𝐨𝐦 𝟐𝟎𝟐𝟑 𝐭𝐨 𝟐𝟎𝟑𝟐.

Automotive garage equipment refers to a variety of tools and machinery used in automotive repair shops, service centers, and garages. These tools are essential for diagnosing, maintaining, and repairing vehicles. The most widely used garage equipment are lifting equipment, diagnostics and testing equipment, hand tools and power tools, and others.

𝐓𝐨𝐩 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

The automotive garage equipment market leaders include companies such as Ravaglioli S.p.A., Robert Bosch GmbH, Continental AG, Mac Tools, Snap-on Incorporated, MAHA Maschinenbau Haldenwang GmbH & Co. KG, Hofmann Megaplan GMbH, Hunter Engineering Company, SK Professional Tools, and Boston Garage Equipment Ltd.

The prime factors responsible for the growth of the global automotive garage equipment industry are growing sales of automobiles globally, increasing vehicle complexity, as well as increase in demand for vehicle restoration, modification, and upgradation projects. Moreover, the development in the connected garage equipment as well as increasing inclination towards the adoption of electric and hybrid vehicles is anticipated to create lucrative growth opportunity for the companies operating in the market during the review period 2023-2032.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/automotive-garage-equipment-market/purchase-options

Prime determinants of growth

The global automotive garage equipment market has experienced significant growth and transformation, driven by increasing automobile sales globally, increase in demand for vehicle restoration, modification, and upgradation, also increase in vehicle complexity and advancement in automotive garage equipment are likely to shape the industry's future.

In addition to this the growth in adoption of electric vehicle due to changing consumer preference, increasing disposable income and growing inclination of consumers towards the use of cleaner & and environmentally friendly mode of transportation, resulted in growing adoption of EV and hybrid vehicles, thus creating more demand for their maintenance and regular service further driving the demand for automotive garage equipment. Earlier, there were limited options for vehicle restoration, but due to technological advancement and analyzing the market demand, major companies have emerged offering sophisticated car restoration and custom automobile projects. Classic vintage cars also fetch high market value after restoration, thus becoming a valuable asset for the owner.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period. Moreover, the region is also expected to witness the fastest CAGR of 8.3% from 2023 to 2032, owing to the growing car ownership in Asia-Pacific, especially in developing countries such as India and southeast Asia region, is creating more demand for vehicle service and maintenance. Additionally, the government in the region are implementing policies to reduce emissions through vehicles and promote the use of EVs and hybrid vehicles.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A47735

By garage type, the independent garages segment held the highest market share in 2022 and is estimated to maintain its leadership status during the forecast period, due to its cost-effectiveness as compared to OEM garages. Similarly, independent garages also provide faster service and aftermarket components and parts, which are comparatively cheaper as compared to its OEM alternatives. However, the OEM authorized garages segment is projected to manifest the highest CAGR of 7.5% from 2023 to 2032, owing to growing vehicle complexities resulting in increase in need for sophisticated and authorized maintenance and service of the vehicle.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

By Equipment Type, the wheel and tire segment is anticipated to exhibit significant growth in the automotive garage equipment market in the near future.

By Garage type, the independent garage segment is anticipated to exhibit significant growth in the market in the near future.

By Region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

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