Market Overview
Automotive garage equipment market is projected to reach USD 8.99 billion, and it is expected to increase at a CAGR of 4.22 percent between 2023 and 2032.
Furthermore, the number of new development projects in both the residential sector and commercial sectors has increased rapidly, with expanding industrialization and urbanization supporting industry growth. As a result, the market is expected to increase steadily and achieve a market value of USD 10.7 billion.
Post-warranty, most car owners seek private garages due to their low labor expenses. Genuine aftermarket products have also expanded dramatically in independent garages in order to target premium car owners. Furthermore, due to rising repair and maintenance expenses at OEM authorized garages, car owners are opting to have their vehicles serviced at independent garages.
The COVID-19 epidemic has spread throughout the world. The WHO declared coronavirus a pandemic in March 2020, resulting in lockdowns in the majority of countries.
The acceptance of automated developed technologies to minimize human interaction in production and manufacturing facilities, on the other hand, is required to support the pervasive expansion of the market automotive garage equipment market all through the forecast period, which will end in 2032.
Growing sales of excavators and associated items are expected to play a significant role in income generation for the automotive garage equipment market. The items' increased demand can be traced to their widespread use in the building of residential and business structures.
Key Players
- Arex Test Systems B.V. (Netherlands)
- Boston Garage Equipment Ltd (U.K.)
- Gray Manufacturing Company Inc. (U.S.)
- Robert Bosch (Germany)
- Maha Maschinenbau Haldenwang GmbH Co. (Germany)
- Snap-On Incorporated (U.S.)
- Continental AG (Germany)
- Vehicle Service Group (U.S.)
