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Automotive Garage Equipment Market Size, Trends And Future Outlook 2024-2033
Automotive Garage Equipment Market Size
Automotive Garage Equipment Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $12 billion In 2028 At A CAGR Of 8.0%
The automotive garage equipment market size has grown strongly in recent years. It will grow from $8.16 billion in 2023 to $8.81 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to automotive repair and maintenance demand, stringent emission standards, expansion of independent repair shops, safety and inspection regulations, government initiatives for automotive sector.
The automotive garage equipment market size is expected to see strong growth in the next few years. It will grow to $12 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to electric vehicle charging infrastructure, fleet management services, focus on energy-efficient equipment, sustainable and eco-friendly practices, retrofitting and upgradation. Major trends in the forecast period include technological advancements, diagnostic and calibration tools, automated and robotic solutions, remote monitoring and maintenance, subscription-based diagnostic tools.
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Automotive Garage Equipment Market Major Segments
The automotive garage equipment market covered in this report is segmented -
1) By Installation Type: Mobile, Fixed
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Type: Lifting Equipment, Body Shop Equipment, Wheel and Tire Service Equipment, Vehicle Diagnostic and Testing Equipment, Washing Equipment, Other Types
4) By Application: Automotive OEM Dealerships, Franchise Stores, Independent Garages
Key Driver - Autonomous Vehicles Propel Surge In The Automotive Garage Equipment Market
The advent of autonomous vehicles is significantly contributing to the growth of the automotive garage equipment market. Autonomous vehicles are vehicles that can operate without the assistance of a human driver. Depending on the extent of automation, there are numerous types of self-driving vehicles. The advent of autonomous vehicles is increasing as, in the future, new mobility solutions in the automobile sector are likely to be driven by automation in systems, software, and services. Automotive garage equipment is evolving in response to environmental laws and shifting consumer perceptions for safety and efficiency. For instance, according to Gerber Injury Law, an Arizona-based law firm, the production of self-driving cars is expected to reach 800,000 units worldwide between 2023 and 2030. Additionally, according to Carsurance, an online website that provides information and resources on car insurance companies, the autonomous vehicle industry will rise by 16% every year. Therefore, the advent of autonomous vehicles is driving the growth of the automotive garage equipment market.
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Prominent Trend - Automotive Garage Equipment Market Embrace Innovation With Automatic Car Washing Solutions
Major companies operating in the automotive garage equipment market are focused on introducing next-generation solutions, such as the automatic car washing. Automatic car washing is the facility or system used to clean the exterior of vehicles without the need for manual labor, which involves the use of automated equipment and machinery to perform the cleaning process. For instance, in November 2021, Istobal, a Spain-based manufacturer of car wash equipment, launched M WASH4. M WASH4 is the most technically advanced, efficient, and innovative rollover that offers improved car cleaning in less time. It enables higher-quality car washing and drying in less time and sustainably with lower water, energy, and chemical consumption. It has integrated wheel wash and wider vertical brushes for easy positioning and exiting of the vehicle, easy and secure access to repair, and a safer experience.
Automotive Garage Equipment Market Players
Major companies operating in the automotive garage equipment market report are Robert Bosch GmbH, Continental AG, Komatsu Ltd. , Boston Garage Equipment Ltd, Snap-On Incorporated, The Lincoln Electric Company, Forward Lift Company, Falcon Machine Tools Co. Ltd., Yamazaki Mazak Corporation , Shenyang Machine Tool Group , Vehicle Service Group, CORGHI, Oil Lube Systems Pvt Ltd, Con Air Equipment Private Limited, Manatec Electronics Private Limited, Gray Manufacturing Company Inc., Autec Inc., Standard Tools and Equipment, Ravaglioli S.p.A., Sarveshwari Engineers, VisiCon Automatisierungstechnik GmbH, Maha Maschinenbau Haldenwang GmbH & Co. KG, Istobal S.A., Symach, PULI Industries, Aro Equipments Pvt. Ltd., Automotive Equipment International (Pty) Ltd., SAMVIT GARAGE EQUIPMENTS, Arex Test Systems B.V., Nussbaum Automotive Solutions, Hyundai WIA Corporation
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the automotive garage equipment market in 2023. The regions covered in the automotive garage equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Garage Equipment Market Report Structure
3. Automotive Garage Equipment Market Trends And Strategies
4. Automotive Garage Equipment Market - Macro Economic Scenario
5. Automotive Garage Equipment Market Size And Growth
…..
27. Automotive Garage Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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