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Garage Equipment Market Outlook Report 2024-2033 | Size, Trends, Analysis, Insights, Overview
Garage Equipment Market Outlook
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According to The Business Research Company's, The garage equipment market size has grown strongly in recent years. It will grow from $7.32 billion in 2023 to $7.96 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to need for continuous training of technicians on new technologies, growth in the market for luxury and high-performance vehicles, changes in legislation, standardization of vehicle parts and systems, and increasing import and export of vehicles.
The garage equipment market size is expected to see strong growth in the next few years. It will grow to $11.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to influence of insurance policies on vehicle repairs, infrastructure development, changing consumer expectations and demand for faster service, expansion of vehicle warranty services and their coverage, and original equipment manufacturers partnerships. Major trends in the forecast period include advanced driver assistance systems, integration of Internet of Things (IoT) in garage equipment, adoption of telematics systems, advances in 3D printing for producing parts, and development of smart workshops with automated and connected tools.
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Market Drivers and Trends:
The increasing popularity of electric vehicles is expected to propel the growth of the garage equipment market going forward. Electric vehicles refer to automobiles that are powered by electricity stored in batteries. The popularity of electric vehicles is due to a reduction in greenhouse gas emissions and less reliance on fossil fuels compared to traditional gasoline-powered cars. Garage equipment supports EVs by providing the necessary tools and technology for their unique maintenance and repair needs. This specialized equipment helps mechanics handle everything from essential maintenance to complex diagnostics and repairs, ensuring electric vehicles' smooth operation and longevity. For instance, in April 2024, according to the International Energy Agency, a France-based intergovernmental autonomous organization, in 2023, global sales of electric cars approached 14 million, a rise from 14% in 2022. Therefore, the increasing popularity of electric vehicles is driving the growth of the garage equipment market.
Major companies operating in the garage equipment market are developing advanced products such as alignment scissor lifts to enhance precision in wheel alignment, improve safety, and increase efficiency in servicing electric and conventional vehicles. Alignment scissor lifts are vehicle lifts designed for precise wheel alignment, featuring adjustable platforms, high stability, and integrated lighting for inspections. For instance, in July 2022, Snap-on, a US-based machinery manufacturing company, launched the Sun SSL 6400 Alignment Scissor Lift 4T. The Sun SSL 6400 Alignment Scissor Lift 4T is a 4.8m, 4000kg capacity lift ideal for small garages and tire centers. It offers configurable turntable positioning, an open-front design, quad electro-hydraulic rams, and LED illumination for precise wheel alignments. With a certified maximum lifting capacity of 4000 kg (8800 lbs) and a lifting range of 230 mm to 1900 mm (9 into 75 in), this lift is designed for wheel alignment and is ideal for smaller garages and tire centers.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Continental AG, Snap-on Incorporated, John Bean, Hunter Engineering Company, BendPak Inc., Launch Tech Co. Ltd., Stertil BV, Gray Manufacturing, Rotary Lift, Hofmann Equipment, EAE Automotive Equipment Co. Ltd., Ravaglioli, Giuliano Industrial S.p.A., Boston Garage Equipment, Istobal, Nussbaum Automotive Lifts Inc., Oil Lube Systems Pvt Ltd., Werther International S.p.A., Forward Lift, Con Air Equipments Pvt. Ltd., MAHA India Automotive Testing Equipment Private Limited, Sarveshwari Engineers
Garage Equipment Market 2024 Key Insights:
• The garage equipment market size is expected to see strong growth in the next few years. It will grow to $11.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• The Impact Of Electric Vehicle Adoption On The Garage Equipment Market
• Innovations In Alignment Scissor Lifts
• North America was the largest region in the garage equipment market in 2023
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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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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
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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