Press release
Shop Equipment Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Shop Equipment
The growing popularity of electric vehicles (EVs) is expected to drive the shop equipment market. EVs are becoming more popular due to environmental concerns, advancements in battery technology, and government support. Shop equipment plays a vital role in maintaining and servicing these vehicles, ensuring efficient repairs and the development of charging infrastructure. According to the International Energy Agency in March 2023, EV sales surpassed 10 million in 2022, with 14% of all new cars sold being electric, showing a substantial increase from 2021. Therefore, the rise of electric vehicles will propel the shop equipment market.
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What growth opportunities are expected to drive the shop equipment market's CAGR through 2034?
The shop equipment market has expanded strongly in recent years. It will grow from $119.79 billion in 2024 to $131.53 billion in 2025, at a CAGR of 9.8%. This growth is due to the expansion of manufacturing sectors, rapid urbanization, increased infrastructure projects, higher demand in the automotive industry, and rising environmental awareness.
The shop equipment market is projected to grow to $188.48 billion by 2029 at a CAGR of 9.4%. Growth is driven by an increased focus on sustainability, the adoption of eco-friendly manufacturing, the expansion of the construction sector, the rise of e-commerce, and the growing popularity of electric vehicles. Trends include Industry 4.0 adoption, growth in 3D printing, the rise of automation and robotics, IoT adoption, and innovations in smart equipment.
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What are the emerging trends shaping the future of the shop equipment market?
Companies in the shop equipment market are creating products like mobile column lift adapters to improve the efficiency of vehicle maintenance operations. For example, in August 2024, Rotary launched the Rotary Flex MAX Linker, a remote-controlled device for linking up to 18 mobile column lifts. This tool enhances flexibility and safety, allowing technicians to lift large-scale vehicles like trucks and buses more efficiently.
Which growth-oriented segments of the shop equipment market are leading the industry's development?
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
Subsegments:
1) By Lifting Equipment: Vehicle Lifts (Two-Post, Four-Post, Scissor Lifts), Jacks And Jacking Systems, Hydraulic Lifts, Alignment Lifts
2) By Body Shop Equipment: Collision Repair Equipment, Frame Straightening Machines, Dent Repair Equipment, Paint Booths And Paint Drying Systems
3) By Wheel And Tire Service Equipment: Tire Changers, Wheel Balancers, Tire Pressure Monitoring Systems (TPMS) Tools, Tire Inflators And Deflators
4) By Vehicle Diagnostic And Testing Equipment: Diagnostic Scanners And Scopes, Emissions Testing Equipment, Battery Testers And Chargers, OBD-II Diagnostic Tools
5) By Washing Equipment: Car Wash Systems (Automatic, Self-Serve), Pressure Washers, Foam Wash Systems, Underbody Wash Systems
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Which region dominates the shop equipment market?
North America was the largest region in the shop equipment market in 2024. The regions covered in the shop equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the 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.
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What Is Covered In The Shop Equipment Global Market Report?
•Market Size Forecast: Examine the shop equipment market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the shop equipment market for a structured understanding.
•Key Players Overview: Analyze major players in the shop equipment market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the shop equipment market.
•Segment Contributions: Evaluate how different segments drive overall growth in the shop equipment market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the shop equipment market.
•Industry Challenges: Identify potential risks and obstacles affecting the shop equipment market.
•Competitive Landscape: Review strategic developments in the shop equipment market, including expansions, agreements, and new product launches.
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