Automotive Garage Equipment Market Set to Hit USD 63.1 Billion by 2033, with a CAGR of 8.94%

The global automotive garage equipment market, valued at USD 24.4 billion in 2022, is projected to grow to USD 26.8 billion in 2023. According to Future Market Insights, the market is expected to expand at a robust CAGR of 8.94% from 2023 to 2033, reaching approximately USD 63.1 billion by 2033.

This significant growth is driven by factors such as the increasing number of vehicles on the road, heightened demand for vehicle maintenance and repair services, and advancements in automotive technology. Automotive garage equipment encompasses a broad range of tools, machinery, and diagnostic instruments used in repair shops and service centers to diagnose, maintain, and repair vehicles.

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A key driver for the market is the growing global vehicle fleet, with many older vehicles requiring regular upkeep and repairs. As vehicles age, the need for garage equipment and services escalates, fueling market growth.

Advancements in automotive technology, including electronic systems, advanced driver assistance systems (ADAS), and hybrid and electric powertrains, are also boosting demand for specialized garage equipment. Manufacturers are developing tools such as diagnostic devices, battery chargers, tire changers, and wheel alignment systems tailored for modern vehicles with complex electronic and hybrid components.

Additionally, the increasing focus on vehicle safety, performance, and environmental sustainability is driving demand for garage equipment capable of addressing issues related to emissions, fuel efficiency, and safety features. Automotive repair shops and service centers are investing in equipment like emission testers, brake testers, and wheel balancers to meet regulatory standards and customer expectations.

Key Takeways for Automotive Garage Equipment Market 

Market Growth: The global automotive garage equipment market is experiencing substantial growth, with an estimated value of USD 26.8 billion in 2023 and projected to reach approximately USD 63.1 billion by 2033, driven by a CAGR of 8.94%.
Rising Vehicle Parc: The increase in the number of vehicles on the road, including older models that require regular maintenance, is a primary driver of market demand for garage equipment.
Technological Advancements: Innovations in automotive technology, such as electronic systems, advanced driver assistance systems (ADAS), and hybrid and electric powertrains, are fueling the need for specialized garage equipment that can service and repair these advanced vehicles.
Increased Vehicle Maintenance Needs: As vehicles age, the demand for maintenance and repair services grows, driving the need for a wide range of garage equipment, including diagnostic tools, battery chargers, tire changers, and wheel alignment systems.
Emphasis on Safety and Compliance: There is a growing focus on vehicle safety, performance, and environmental sustainability, leading to increased demand for equipment that can diagnose and address issues related to emissions, fuel efficiency, and safety features.
Regulatory Standards: Automotive repair shops and service centers are investing in equipment to ensure compliance with regulatory standards and meet customer expectations for vehicle safety and performance.

Recent Developments:
In June 2023, ISTOBAL showcased its new M'WASH3 PRO rollover at Autozum 2023, the leading Austrian trade show for the car wash, service station, and dealership industry, held at Messezentrum Salzburg (Stand 09-0200).

The company is exhibiting for the first time at a show and on the international market. This innovative high-end equipment is aimed at increasing profitability in carwashes and improving the user experience through efficient and connected technology.

Leading Key Players:

MAHA Maschinenbau Haldenwang Gmbh & Co. KG
Snap-on Incorporated
Robert Bosch GmbH
Continental AG
Forward Lift Company (Dover Corporation)
VisiCon Automatisierungstechnik GmbH
Standard Tools and Equipment Co.
Symach Srl
Nussbaum Automotive Solutions
SAMVIT GARAGE EQUIPMENT

In-Depth Market Analysis: A Complete Report
https://www.futuremarketinsights.com/reports/automotive-garage-equipment-market

Automotive Garage Equipment Market Segmentation:

By Vehicle:

2 Wheelers
Light Vehicles
Heavy Vehicles

By Equipment:

Lifting Equipment
Body Shop Equipment
Wheel & Tire Alignment
Vehicle Diagnostics & Testing
Washing Equipment
Other Tools

By Garage:

OEM
Franchisee Garages
Independent Garages

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East & Africa

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This release was published on openPR.