Shop Equipment Market Expected to Achieve 9.4% CAGR by 2029: Growth Forecast Insights

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How Large Will the Shop Equipment Market Size By 2025?
The market size for shop equipment has expanded significantly in the previous years. It is projected to increase from $119.79 billion in 2024 to $131.53 billion in 2025, at a compound annual growth rate (CAGR) of 9.8%. The historic period's growth can be tied to the expansion of manufacturing sectors, swift urbanization and infrastructural projects, a surge in the automotive industry's demand that propelled the need for shop equipment, increased industrial sector investments, and heightened environmental consciousness.

How Big Is the Shop Equipment Market Size Expected to Grow by 2029?
In the coming years, the shop equipment market is projected to witness significant growth, escalating to $188.48 billion in 2029 with a 9.4% Compound Annual Growth Rate (CAGR). This growth during the forecasted period is mainly attributed to the heightened focus on sustainable procedures, the uptake of eco-friendly production methods, the expansion of construction sectors, the surge in e-commerce and digital platforms, and the increasing demand for electric vehicles. Key trends during this forecasted period comprise the implementation of industry 4.0 technologies, the development in 3D printing technology, the embrace of automation and robotics, the utilization of the internet of things (IoT), and advancements in smart equipment.

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Which Key Market Drivers Powering Shop Equipment Market Expansion and Growth?
The surge in popularity of electric cars is predicted to drive the expansion of the shop equipment market in the future. Electric cars are vehicles primarily fueled by electricity and use one or more electric motors to move. This surge is attributed to environmental awareness, cost effectiveness, and favorable government policies. Shop equipment is crucial for the safe and efficient upkeep of electric vehicles, offering the required tools and equipment for maintenance, repair, and charging infrastructure. For example, in March 2023, the International Energy Agency, an intergovernmental organization based in France, reported that the electric car market saw significant growth, with sales exceeding 10 million in 2022. Additionally, 14% of all new cars sold were electric in 2022, a sizeable increase from around 9% in 2021. Hence, the escalating popularity of electric cars beneficially impacts the shop equipment market.

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Which Fast-Growing Trends Are Poised to Disrupt the Shop Equipment Market?
The leading entities entrenched in the shop equipment market are investing in the creation of inventive goods such as mobile column lift adapters to boost the effectiveness and versatility of maintenance routines for electric vehicles and latest models of cars. These adapters are flexible components that can be attached to mobile column lifts to accommodate different types of vehicles with diverse lifting points and configurations. For example, in August 2024, a US-based vehicle service equipment company named Rotary introduced the Rotary Flex MAX Linker, an innovative and patent-pending remote-controlled device specifically designed to optimize the use of mobile column lifts in the repair of heavy-duty vehicles. By controlling up to 18 Rotary Flex MAX mobile column lifts with a single remote, the Flex MAX Linker offers technicians the ability to enhance efficiency, safety, and flexibility when lifting large-scale vehicles such as heavy-duty trucks, multi-axle buses, railway wagons and coaches.

What Are the Emerging Segments in 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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Who Are the Global Leaders 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.

Which are the Top Profitable Regional Markets for the Shop Equipment Industry?
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.

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