Automotive Garage Equipment Market Trends 2024- Industry Share, Revenue, Growth Strategy, Business Challenges, Key Manufacturers and Future Investment till 2033: SPER Market Research
Automotive garage equipment includes a wide range of tools and machines used for vehicle repair and maintenance. Among other things, it consists of air compressors, tire changers, wheel balancers, diagnostic scanners, brake lathes, and vehicle lifts. This equipment helps technicians and mechanics diagnose, fix, and service cars more quickly. Wheel balancers and tire changers assist with tire removal, installation, and balancing, and vehicle lifts raise automobiles for convenient access to the undercarriage. Brake lathes are used to resurface brake rotors, and diagnostic scanners are used to detect and fix problems with vehicles. Pneumatic tools are powered by air compressors. All things considered, auto garage equipment increases output while guaranteeing the smooth operation and security of automobiles.
According to SPER market research, ‘Automotive Garage Equipment Market Size- By Type, By Application, By Installation, By Function, By- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Automotive Garage Equipment Market is predicted to reach USD 38.24 billion by 2033 with a CAGR of 7.71%.
Some of the factors propelling the business are the advent of autonomous vehicles, the use of cutting-edge connectivity features, OEM and government concentration on electric vehicles, the utilization of sensor data for preventive maintenance, and concerns about vehicle and passenger safety. The growing auto industry is mostly driving the market for garage equipment. The growing worries of customers concerning safety are driving up demand for garage equipment. Moreover, an increase in the sales of vintage cars is fueling the need for garage equipment. The market for garage equipment is also growing as a result of the different laws governing regular auto inspections. The industry is also being driven by the advent of new technology in the vehicle aftermarket.
There are limitations in the automobile garage equipment sector as well. A significant obstacle is the high upfront cost of buying cutting-edge technology, which can be prohibitive for small-scale repair firms and individual car owners. Furthermore, there is a shortage of competent workers due to the substantial training required for specialists due to the complexity of modern automobiles and their sophisticated systems. Furthermore, because automotive technology is developing so swiftly, equipment ages out of date very quickly and needs to be upgraded frequently. Moreover, the market’s accessibility to fake or subpar garage equipment jeopardizes the credibility and dependability of legitimate equipment producers. All of these things work against the market’s acceptance and expansion of automotive garage equipment.
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Impact of COVID-19 on Global Automotive Garage Equipment Market
The COVID-19 pandemic has practically put an end to the automobile industry by causing supply challenges and a halt to car production. Automakers will be worried about fewer vehicle sales over the upcoming quarters. According to experts, there is a slim chance that car sales will rebound in 2020. Conversely, there may be a greater growth rate for automotive test equipment due to stricter regulations governing vehicle greenhouse gas emissions. Legislation pertaining to automobiles and the expanding energy-saving movement will positively influence the market for automotive test equipment.
Global Automotive Garage Equipment Market Key Players
According to region, Asia-Pacific has emerged as the leading region in the automotive garage equipment industry, with the biggest market share. Its notable presence is a result of a number of causes, including the region’s thriving automotive industry, which has increased demand for repair and maintenance services due to factors like urbanization, rising disposable incomes, and growing demand for personal vehicles. Additionally, some of the key market players are Arex Test Systems bv, Gray Manufacturing, Snap-On Incorporated, Vehicle Service Group SM & Bosch Limited.
Automotive Garage Equipment Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, Global Automotive Garage Equipment Market is segmented as; OEM, Independent.
By Application: Based on the Application, Global Automotive Garage Equipment Market is segmented as; Body Shop, Diagnostic & Testing, Emission, Lifting, Wheel & Tire, Washing.
By Installation: Based on the Installation, Global Automotive Garage Equipment Market is segmented as; Mobile, Fixed.
By Function: Based on the Function, Global Automotive Garage Equipment Market is segmented as; Mechanical, Electronic.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Automotive Garage Equipment Market Future Outlook
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