Global Garage Equipment Market Size By Application (Body Shop Equipment, Diagnostic & Testing Equipment), By Function (Electronic, Mechanical), By Vehicle (Commercial, Passenger), By Geographic Scope And Forecast

Garage Equipment Market Size And Forecast

Garage Equipment Market size was valued at USD 6.98 Billion in 2022 and is projected to reach USD 11.2 Billion by 2030, growing at a CAGR of 7.5% from 2023 to 2030.

Automotive systems are becoming increasingly digital, requiring diagnostic tools to analyze and repair systems. B. Advanced Driver Assistance Systems (ADAS), vehicle instrument panels, and the functionality of sensors and digital locks. Garages may need more capacity to manufacture vehicles as rising concerns over vehicle maintenance and modifications drive market growth. The Global Garage Equipment Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Garage Equipment Market Definition

Vehicles play an important role in our daily lives and need to be kept in good condition and regularly maintained. Various devices are essential for vehicle maintenance. Tire changers, wheel balancers, ejection devices, and lifting devices. There have been constant changes in the automotive sector, including the Introduction of airbags for safety, lighter engines for better fuel economy, and the use of electronics for a more comfortable ride. Servicing these components requires advanced equipment, which drives demand for garage equipment. Garage equipment refers to tools or equipment used for vehicle maintenance and repair.

Garage equipment helps identify and resolve vehicle issues such as engine repairs, vehicle suspension, and service access. The need for timely preventive maintenance has become very important in recent years. As vehicles have become an integral part of our daily lives, most consumers strive to keep their vehicles in good condition. The daily commuter segment is increasingly focused on vehicle maintenance. It has also contributed to the expansion of the Garage Equipment Market.

As safety equipment increases and vehicle design changes increase, the need for advanced equipment increases. Garage equipment consists of wheel and tire service equipment, lifting equipment, vehicle diagnostic and testing equipment, body shop equipment, cleaning equipment, and other tools. Automotive garage equipment manufacturers focus on competitive pricing as a strategy to capture significant market share. Manufacturers are also focusing on strategic mergers and acquisitions and innovation.

Global Garage Equipment Market Overview

The Garage Equipment Market is really fueled by more cars being made and sold. People are also getting more worried about safety, which is good news for the market. Plus, all those used car sales are giving the market a boost! And, hey, rules about getting your car checked regularly? They're helping too. But, it's not all sunshinebetter and cheaper original car parts mean fewer repairs, and that kind of slows things down. On the flip side, new tech in the car world is helping the market grow. Basically, with everyone wanting cars, manufacturers are pushing to make new and better things to get more customers.

Electric vehicles are getting better all the time, and manufacturers know they need to keep pushing the limits on range and overall quality. Back in 2019, OMCN stepped up with their new lift model, the 190/EV, built specifically for these EVs. These lifts are crucial for easily getting battery packs in and out. Plus, with all these new technologies hitting the road, more and more people want these modern vehicles! To keep up, companies are investing heavily in research and development, and expanding training centers to fuel even more growth. Speaking of which, the Garage Equipment Market has seen some serious upgrades too, all aimed at making things tougher and longer-lasting – durability and quality are key!

The new, high-efficiency garage equipment? It's been a game-changer for our training center! Back in 2019, MAHA created a brand new training hub in Halden Wang, where garage technicians can get their hands dirty and really learn. And with vehicle problems becoming more and more common, the garage equipment industry is taking off. Think about itthe global Garage Equipment Market is fueled by all those annoying issues – car crashes, brake failures, dead batteries, fading car paint, uneven tire wear, engine overheating, stinky exhaust fumes, and lousy AC. Basically, all the stuff that starts happening more often as your car gets older. You can learn more here about the market trends.

Okay, so the garage equipment market's doing pretty well! People are customizing their cars more and more, probably because they have some extra cash and it's easier than ever to get their hands on the tools they need. Plus, all those independent garages popping up are really helping things along. And, let's not forget the skilled mechanics out there who know their way around all that fancy equipment! But, it's not all sunshine and roses. There are some bumps in the road, like the market slowing down in a few places. Also, things like economic issues in developing countries and just general business challenges are holding things back a bit.

Global Garage Equipment MarketSegmentation Analysis

The Global Garage Equipment Market is segmented on the basis of Application, Function, Vehicle, and Geography.

Garage Equipment Market, By Application

• Body Shop Equipment
• Diagnostic & Testing Equipment
• Emission Equipment
• Lifting Equipment
• Washing Equipment
• Wheel & Tire Equipment

Based on Application, the market is segmented into Body Shop Equipment, Diagnostic & Testing Equipment, Emission Equipment, Lifting Equipment, Washing Equipment, and Wheel & Tire Equipment.

Garage Equipment Market, By Function

• Electronic
• Mechanical

Based on Function, the market is segmented into Electronic and Mechanical.

Garage Equipment Market, By Vehicle

• Commercial
• Passenger

Based on Vehicle, the market is segmented into Commercial and Passenger.

Garage Equipment Market, By Geography

• North America
• Europe
• The Asia Pacific
• Rest of the world

Based on Regional Analysis, the Global Garage Equipment Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Due to the prominence of cutting-edge technologies like the Internet of Things and greater attention to the creation of high-performance and fuel-efficient vehicles, North America now dominates the market for garage equipment and will maintain this pattern of dominance during the projection period.

Key Players

The “Global Garage Equipment Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Autec, Hunter Engineering Company, Ravaglioli, LINCOLN ELECTRIC HOLDINGS, CORGHI, Automotive Equipment International, CEMB USA, Hennesy Industries, HIGHVELD GARAGE EQUIPMENT, Intergrated Garage Equipment, Manatec Electronics Private Limited.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Garage Equipment Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Garage Equipment Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

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Research Methodology of Market Research

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Reasons to Purchase this Report

We take a close look at the market, using both numbers and more nuanced, human factors to break it down into different groups. We'll give you the market value (in USD Billion) for each of these segments and sub-segments. Plus, we'll point out the region and segment we think are going to grow the fastest and be the biggest. Our analysis digs into how the product/service is used in different regions and what's impacting the market there. We also size up the competition, showing you where the big players rank and what they've been up to in the last five years – new product launches, partnerships, expansions, and acquisitions. We'll give you detailed company profiles, including an overview, insights, product comparisons, and a SWOT analysis for the key players. Expect a look at the current and future of the industry, highlighting recent happenings, opportunities, what's driving growth, and the challenges in both new and established regions. We dive deep with a Porter's five forces analysis, giving you a multi-faceted view. We also provide a glimpse into the market's value chain. Finally, we'll lay out the market dynamics and growth opportunities you can expect.