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The market for garage equipment is mostly being driven by more cars being made and sold. More and more people are worried about the safety of their cars, which is good for the garage tools market as well. There are also more workshop tools on the market because more used cars are being bought. A lot of different rules that say cars need to be inspected regularly are also making the market for workshop tools bigger. On the other hand, service work is going down because OEM parts are getting better and cheaper, which hurts the market for yard tools. It's also getting bigger because the car business is adding new tools.
As the need for cars grows around the world, companies that make cars and car parts are focusing more on making new products to get more customers. More and more people are also buying electric cars, which is pushing companies to improve and expand their lines. Another new lift from OMCN came out in 2019: the type 190/EV. This lift is made to fit electric cars. The lift is meant to make it simple to put battery packs in and take them out of electric cars.
People have a lot more demands for modern cars now that new tools are out there. A lot more money and new ideas have been spent on research and development to meet the needs of modern cars. The market for garage tools has also changed a lot, which has made the tools last longer and be better quality. Also, the release of new parking equipment that works much better has given training places new chances. Mahč built a brand-new training center in Halden Wang in 2019. At the center, people who work in the workshop will be able to learn by doing.
There have been problems in the car business, like the COVID-19 spread and a lack of processors, but they have been getting better. Since 2021, sales of both new and used cars have been going up sharply in most of the world's big nations. One good thing about the auto business, especially when it comes to used cars, is that prices are not too high among new players. People are spending more money to set up their own store networks, which is one reason why more new and used cars are being sold around the world. By way of example,
Experian, a business that checks credit, did a study that found that almost 62% of car loans in the second quarter of 2022 were for used cars. There have been more used car loans every quarter since Q1 2022, when the number was 60%. Fifth, 58% of all car loans in the US in Q2 2021 were for used cars. This meant that the growth was even faster than in the same quarter last year. The cost of new cars keeps going up, so more and more people in the United States of America (USA) choose to buy used cars. This change in how people bought things made a new high point in the second quarter of 2022.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 6.2 Billion |
| Market Size Value In 2023 | USD 6.46 Billion |
| Growth Rate | 4.22% (2023-2032) |
Automotive Garage Equipment Market Highlights:
Automotive Garage Equipment Market Overview:
The Automotive Garage Equipment market industry is projected to grow from USD 6.73 Billion in 2024 to USD 9.37 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.22% during the forecast period (2024 - 2032). Automotive Garage Equipment Market Size was valued at USD 6.46 billion in 2023. Increased demand for controlling the rising levels of exhaust emissions through removing diesel particulate traps, fast vehicle identification, and comprehensive data are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The comprehensive data and fast vehicle identification are considered vital parameters enhancing the performance of the global market. Furthermore, the rise in demand for controlling the rising levels of exhaust emissions through removing diesel particulate traps is also likely to cause a surge in the growth of the global market over the assessment period.
- July 2024- Uni-Select Inc. disclosed in the last week of July 23 that LKQ Corporation has selected to formally waive the closing condition about receiving UK merger clearance for the previously announced acquisition of Uni-Select by LKQ and its subsidiaries. LKQ also said in its second-quarter earnings announcement that the acquisition was aimed to be completed on August 1.
Automotive Garage Equipment Market Trends
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The increase in integrating digital automatic systems in vehicles drives the market growth.
Digitalization of automotive systems is increasing significantly, which requires digital diagnostic tools to diagnose and repair systems, such as ADAS, The increasing digitalization of automotive systems has led to a rise in demand for diagnostic and calibration tools for features such as instrument consoles, airbags, sensors, and digital locks. This demand is expected to be further propelled by the investments made by leading OEMs in developing autonomous and digital vehicle systems. As a result, there will be a growing need for automotive garages and garage equipment for regular vehicle maintenance and fabrication. The increasing need for vehicle maintenance and modification will lead to a higher demand for enhanced capacity in automotive garages. This demand is likely to positively impact the market CAGR of the automotive garage equipment market in the forecast period.
Additionally, the Surge in production and sales of vehicles is primarily driving the Garage Equipment market. Additionally, increasing safety concerns amongst car consumers are favoring the garage equipment market. Besides, rising sales of used vehicles are propelling the garage equipment market. Moreover, various mandates for regular vehicle inspection are increasing the garage equipment market. However, increasing quality and decreasing the cost of original equipment parts reduces the repair activities, thereby hampering the garage equipment market. Furthermore, introducing newer technologies in the automotive aftermarket is fueling the market growth. Thus, driving the Automotive Garage Equipment market revenue.
Automotive Garage Equipment Market Segment Insights:
Among all the types, the wheel & tire service equipment segment is anticipated to ensure the leading spot across the global market for automotive garage equipment over the assessment period. The increasing demand for tire and wheel servicing equipment in the automotive sector is a vital parameter supporting the market segment's growth.
- July 2024- Dannmar has revised its DB-70 automatic wheel balancer. The company statement explains that the equipment now provides digital sensor technology, seven balancing modes, and the ability to handle wheels up to 28 inches in diameter.
Among all the vehicle types, the passenger cars segment is anticipated to ensure the leading spot across the global market for automotive garage equipment over the assessment period. The increasing demand for passenger cars worldwide is a vital parameter supporting the market segment's growth.
Automotive Garage Equipment Type Insights
Based on type, the Automotive Garage Equipment market segmentation includes Wheel & Tire Service Equipment, Lifting Equipment, Vehicle Diagnostic & Testing Equipment, Body Shop Equipment, Washing Equipment. The wheel & tire service equipment segment dominated the market due to the increasing demand for tire and wheel servicing equipment in the automotive industry. This equipment is essential for maintaining and repairing the tires and wheels of vehicles, which is required for improving vehicle safety, performance, and efficiency.
Automotive Garage Vehicle Type Insights
The Automotive Garage Equipment market segmentation, based on vehicle type, includes passenger cars and commercial vehicles. The passenger cars segment dominated the market due to the increasing demand for passenger cars worldwide. The market growth in this Region has been boosted by maintaining vehicles in good condition, fueled by a high standard of living and increased disposable incomes.
Figure 1: Automotive Garage Equipment Market, by Vehicle Type, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Automotive Garage Type Insights
Based on garage type, the Automotive Garage Equipment market segmentation includes automotive OEM dealerships, franchised garages, and independent garages. The automotive OEM dealerships segment dominated the market primarily due to the increase in the number of vehicle production units worldwide and the corresponding rise in the number of OEM dealerships. These dealerships require a wide range of automotive gear and equipment for maintenance and repair services, which drives the demand for automotive gear in this segment.
Automotive Garage Equipment Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American automotive garage equipment market area will dominate this market; a high standard of living coupled with higher disposable incomes has led to a rise in the trend of keeping their vehicles well-maintained, boosting the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Automotive Garage Equipment Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Automotive Garage Equipment market is the second-largest market share due to the increased preference for a smooth and comfortable driving experience. Further, the German Automotive Garage Equipment market held the largest market share, and the UK Automotive Garage Equipment market was the fastest-growing market in the European Region
The Asia-Pacific Automotive Garage Equipment Market is expected to grow at the fastest CAGR from 2024 to 2032. This is because Forthcoming emission norms in this Region are a key factor driving the growth of the automotive garage equipment market. Moreover, China’s Automotive Garage Equipment market held the largest market share, and the Indian Automotive Garage Equipment market was the fastest-growing market in the Asia-Pacific region.
Automotive Garage Equipment Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the automotive garage equipment market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Automotive Garage Equipment industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Automotive Garage Equipment industry to benefit clients and increase the market sector. In recent years, the Automotive Garage Equipment industry has offered some of the most significant advantages to medicine. Major players in the Automotive Garage Equipment market, including Robert Bosch GmbH (Germany), Continental AG (Germany), Istobal S.A. (US), Aro Equipments Pvt. Ltd (India), Guangzhou Jingjia Auto Equipment Co., Ltd (China), Nussbaum Automotive Solutions Lp (US), Boston Garage Equipment Ltd (UK), Arex Test Systems B.V. (Netherlands), Vehicle Service Group (US)., and others, are attempting to increase market demand by investing in research and development operations.
John Bean is a global leader in providing automotive wheel service equipment, which includes imaging wheel aligners, wheel balancers, tire changers, alignment lifts, general-purpose lifts, and brake lathes. Recently, John Bean introduced a new tire changer called the T2545T, featuring a swing arm design. It is compact, easy to set up, and ideal for passenger cars and light trucks.
Continental AG, a German multinational manufacturer of automotive components, is known for producing tires, brake systems, and interior electronics. Recently, the company introduced an entry-level service tool for tire pressure monitoring systems (TPMS) called TPMS GO. According to industry statistics, this device is considered practical, durable, and cost-effective as workshop equipment.
Key Companies in the Automotive Garage Equipment market include
- 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.)
Automotive Garage Equipment Industry Developments
February 2019: Continental, a well-known player in the market, has introduced an entry-level service tool called TPMS GO for tire pressure monitoring systems (TPMS). As per the data, the tool is designed to be practical, durable, and cost-effective for workshop use.
July 2019: John Bean expanded its product line by introducing the John Bean T2545T, a swing arm tire changer suitable for passenger cars and light trucks. Its compact and user-friendly design allows for a hassle-free setup, making it an ideal choice for automotive workshops.
May 2019: OMCN took to the international scale and unveiled a newly developed lift model 190/EV, specially designed for electric vehicles. It will be a development that would help install and remove battery packs easily for electric vehicles.
Automotive Garage Equipment Market Segmentation:
Automotive Garage Equipment Type Outlook
- Wheel & Tire Service Equipment
- Lifting Equipment
- Vehicle Diagnostic & Testing Equipment
- Body Shop Equipment
- Washing Equipment
Automotive Garage Vehicle Type Outlook
- Passenger Cars
- Commercial Vehicles
Automotive Garage Type Outlook
- Automotive OEM Dealerships
- Franchised Garages
- Independent Garages
Automotive Garage Equipment Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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