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Emerging Trends Influencing The Growth Of The Shop Equipment Market: Forward Lift Enhances Mobile Column Lifts With New Frame-Engaging Adapters For Increased Versatility
Shop Equipment Market
How Big Is the Shop Equipment Market Size Expected to Be by 2034?
The shop equipment market has seen strong expansion. It is forecasted to rise from $119.79 billion in 2024 to $131.53 billion in 2025, with a CAGR of 9.8%. This increase is tied to growth in manufacturing, urban development projects, automotive sector demand, rising industrial investments, and increasing environmental awareness.
The shop equipment market is expected to grow to $188.48 billion by 2029 at a CAGR of 9.4%. The growth can be attributed to sustainable practices, eco-friendly manufacturing, construction sector growth, the rise of e-commerce, and the increasing popularity of electric automobiles. Key trends include the adoption of Industry 4.0 technologies, additive manufacturing, automation and robotics, IoT integration, and smart equipment innovations.
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What Are the Emerging Segments Within the Shop Equipment Market?
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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What Long-Term Drivers Are Shaping Shop Equipment Market Trends?
The growth of the shop equipment market is anticipated due to the increasing popularity of electric automobiles. Electric vehicles are gaining traction due to environmental concerns, cost savings, and government support. Shop equipment is essential for the maintenance and servicing of electric vehicles, providing tools and infrastructure for repairs and charging. In March 2023, the International Energy Agency reported that electric car sales surpassed 10 million in 2022, indicating strong market growth. Therefore, the popularity of electric automobiles is driving the shop equipment market.
Who Are the Top Competitors in Key Shop Equipment Market Segments?
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.
What Are the Major Trends Shaping the Shop Equipment Market?
Companies in the shop equipment market are developing solutions like mobile column lift adapters to improve maintenance operations for modern vehicles, including electric cars. For example, in August 2024, Rotary, a US-based company, launched the Flex MAX Linker, a device that enhances the use of mobile column lifts for lifting large vehicles. This device allows technicians to control multiple lifts remotely, improving flexibility and safety in vehicle repairs.
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Which Regions Are Becoming Hubs for Shop Equipment Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Shop Equipment Market?
2. What is the CAGR expected in the Shop Equipment Market?
3. What Are the Key Innovations Transforming the Shop Equipment Industry?
4. Which Region Is Leading the Shop Equipment Market?
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