Major automotive garage equipment market participants include Arex Test Systems B.V., Vehicle Service Group, Aro Equipments Pvt. Ltd., Boston Garage Equipment Ltd., Robert Bosch GmbH, Continental AG, Gray Manufacturing Company Inc., Ravaglioli S.p.A., Istobal S.A., and LKQ Coatings Ltd
Selbyville, Delaware, July 02, 2024 (GLOBE NEWSWIRE) —
The automotive garage equipment market valuation is predicted to exceed USD 13.5 billion by 2032, as reported in a research study by Global Market Insights Inc.
The rising global vehicle population and the increasing demand for regular vehicle maintenance and repair services will favor the market growth. As per International Energy Agency (IEA), in 2023, nearly 14 million new electric cars were registered worldwide, increasing the total number of electric vehicles on the roads to 40 million. With more people owning and using cars, the need for efficient and well-equipped automotive garages is growing correspondingly.
Advanced garage equipment, such as lifts, wheel alignment devices and inspection equipment are essential to ensure safe and efficient operation of vehicles. The shift towards preventative maintenance, driven by increasingly complex and sophisticated vehicles, requires the use of high-end garage locking technology to diagnose and repair issues before they become major problems.
Rapid advancement of automotive technologies, including electric and hybrid vehicles is also necessitating specialized garage equipment for servicing and repairs. As the automotive industry evolves, garage manufacturers are eyeing innovations to meet the specific needs of these new types of vehicles. Government regulations and standards regarding emissions and safety are becoming increasingly stringent, making way for advanced equipment for compliance testing and maintenance. Increasing number of automotive factories and manufacturing facilities, especially in developing regions is also driving the automotive garage equipment market growth.
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Automotive garage equipment industry from the body shop equipment segment may exhibit a decent growth rate over 2024-2032 due to the rising incidence of vehicular accidents and the increasing demand for aesthetic vehicle repairs and customizations. Lately, the preferences of consumers is shifting towards maintaining the appeal and resale value of their vehicles. The increasing demand for advanced body shop equipment, such as paint booths, dent pullers and welding machines will add to the segment growth.
Automotive garage equipment market from the OEM authorized garage segment will register noteworthy CAGR from 2024 to 2032. As these facilities are required to meet stringent standards set by vehicle manufacturers, they make use of high-quality, specialized equipment. With customers preferring authorized service centers for their expertise, reliability and genuine parts handling, these garages are investing heavily in state-of-the-art inspection equipment, lifts, filling machines, and other advanced equipment to ensure the highest level of performance.
Europe automotive garage equipment market will register a robust CAGR from 2024 to 2032. The stringent regulatory standards and increasing emphasis on vehicle safety and emissions control in European countries is propelling the demand for advanced diagnostic and maintenance equipment in automotive garages. The rapid deployment of electric and hybrid vehicles in the region is necessitating specialized garage equipment for service and maintenance. Leading automobile manufacturers and the strong aftermarket network in Europe will also support the demand for sophisticated garage equipment, such as lifts, wheel mounting devices and inspection equipment.
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Some of the leading automotive garage equipment market are Arex Test Systems B.V., Vehicle Service Group, Aro Equipments Pvt. Ltd., Boston Garage Equipment Ltd., Robert Bosch GmbH, Continental AG, Gray Manufacturing Company Inc., Ravaglioli S.p.A., Istobal S.A., and LKQ Coatings Ltd. are some of the automotive garage equipment industry contenders. These companies are actively investing in R&D activities to meet specific needs and are focusing on expanding their manufacturing capacities to cater to end-users. To cite an instance, in December 2023, GoMechanic, an Indian automotive service company, collaborated with MoEVing to offer ‘Electric Vehicle Services’ for fleet operators for expanding its portfolio from ICE vehicles to EVs.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Automotive Garage Equipment Market 3600 synopsis, 2021 – 2032
Chapter 3 Automotive Garage Equipment Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material providers
3.2.2 Component supplier
3.2.3 Manufacturers
3.2.4 Distributors
3.2.5 End users
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Price trend analysis
3.7 Cost structure analysis
3.8 Key news & initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 The rising demand for vehicles globally
3.10.1.2 The growing aftermarket automotive sector
3.10.1.3 The average age of vehicles on the road has been increasing
3.10.1.4 Environmental regulations mandating emission testing and vehicle inspection
3.10.2 Industry pitfalls & challenges
3.10.2.1 Cost constraints
3.10.2.2 The shortage of skilled automotive technicians and mechanics
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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