Press release
Shop Equipment Market Report, Size, Share, Growth, Trends, Industry Forecast to 2033
Shop Equipment Market
The new report published by The Business Research Company, titled Shop Equipment Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the shop equipment market size has grown strongly in recent years. It will grow from $109.62 billion in 2023 to $119.79 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The shop equipment market size is expected to see strong growth in the next few years. It will grow to $172.44 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
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What Is Driving The Growth Of The Global Shop Equipment Market?
Rising Popularity Of Electric Vehicles Boosts Demand For Shop Equipment And Infrastructure
The growing popularity of electric automobiles is expected to propel the growth of the shop equipment market going forward. Electric automobiles refer to vehicles powered primarily by electricity, utilizing one or more electric motors for propulsion. The growing popularity of electric automobiles is due to environmental consciousness, cost savings, and supportive government policies. Shop equipment ensures that electric vehicles are maintained safely and efficiently, providing the necessary tools and equipment for maintenance, repair, and charging infrastructure. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, the electric car market experienced exponential growth as sales surpassed 10 million in 2022. Further, 14% of all new cars sold were electric in 2022, reflecting a substantial increase from approximately 9% in 2021. Therefore, the growing popularity of electric automobiles for the shop equipment market.
What Is The Key Trend In The Global Shop Equipment Market?
Forward Lift Enhances Mobile Column Lifts With New Frame-Engaging Adapters For Increased Versatility
Major companies operating in the shop equipment market are focused on developing innovative products, such as mobile column lift adapters, to enhance the versatility and efficiency of maintenance operations for electric vehicles and other modern automobiles. Mobile column lift adapters are adjustable components that attach to mobile column lifts, enabling them to lift vehicles with varying configurations and lifting points. For instance, in August 2021, Forward Lift Company, a US-based manufacturer of automotive lifts, introduced a new line of frame-engaging mobile column lift adapters designed to enhance the functionality of its mobile column lifts. These adapters allow technicians to lift and service a broader range of forklifts, including reach trucks and pallet trucks, increasing productivity and reducing repair downtime.
How Is The Global Shop Equipment Market Segmented?
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
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How Is The Competitive Landscape Of The Global 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.
Contents Of The Global Shop Equipment Market
1. Executive Summary
2. Shop Equipment Market Report Structure
3. Shop Equipment Market Trends And Strategies
4. Shop Equipment Market - Macro Economic Scenario
5. Shop Equipment Market Size And Growth
…..
27. Shop Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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