Global Garage Equipment Market Report and Forecast 2024-2032

Global Garage Equipment Market Outlook

The global garage equipment market reached an approximate value of USD 8.05 billion in 2023. The market is expected to grow at a CAGR of 7.5% in the forecast period of 2024-2032, reaching a value of USD 15.37 billion by 2032.

Rising Demand for Various Emission Equipment to Bolster the Growth of the Garage Equipment Industry 

Based on equipment type, the emission equipment segment accounts for a significant share in the market, owing to the stringent emission standard regulations in countries with increasing environmental pollution. This factor has propelled the demand for emission measuring devices, gas analysers, diesel smoke meters, and emission testers.

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The emission measuring device is likely to witness a considerable demand in the forecast period, owing to the high sensitivity, easy usage, and efficient detection of small leaks. Over the forecast period, modern technical features in the emission equipment, along with the increasing popularity of special flue gas analysers, are likely to garner the market growth.

North America Accounts for the Largest Market Share

Regionally, the North America holds a significant share of the garage equipment market, driven by growing technological advancements in passenger and commercial vehicles. This is a result of growing investments by major automotive industry players towards developing high-performance and fuel-efficient automobiles. 

The market in the region is anticipated to be driven by the thriving transportation sector in the United States and Canada, owing to the favourable policies introduced by the North American Free Trade Agreement (NAFTA). The market will further be aided by the growing demand for vehicles due to the rising disposable incomes and growing population. 

Industry Definition and Segmentation

Garage equipment refers to the tools or devices which are used to for the servicing and repair of vehicles. Garage equipment aids in identifying and solving vehicular issues such as engine repairs, vehicle suspension, maintenance access, etc.

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Based on function type, the market is bifurcated into:

• Mechanical

• Electronic 

On the basis of garage type, the industry is divided into:

• OEM Authorised Garage

• Independent Garage

The installation types considered into the market include:

• Mobile

• Fixed

The significant equipment types in the garage equipment market are:

• Body Shop Equipment

• Diagnostic and Testing Equipment

• Emission Equipment

• Lifting Equipment

• Washing Equipment

• Wheel and Tire Equipment

• Others

By vehicle type, the market can be bifurcated into:

• Passenger Car

• Commercial Vehicle

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising Incidences of Vehicle-Related Problems to Boost the Growth of the Garage Equipment Industry

The global garage equipment market is driven by the rising cases of vehicle-related problems such as an automobile crash, brake failure, discharged battery, car-paint fading, uneven tyre wear, engine overheating, exhaust smoke, and low AC cooling, among others. These vehicular problems are quite common and are most likely to arise if the vehicle is old.

The market for garage equipment will be bolstered by the increasing inclination towards customisation of personal automobiles, owing to the rising disposable income and easy availability of garage equipment. Over the forecast period, the development of general and independent garages is likely to augment the market growth. The emergence of skilled workers, who have adequate knowledge and are trained to handle garage equipment is another factor which is likely to bolster the market growth. 

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Key Industry Players in the Global Garage Equipment Market

The report gives a detailed analysis of the following key players in the global garage equipment market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Dover Corporation

• Continental AG

• Fortive Corporation

• Boston Garage Equipment Ltd

• Aro Equipments Pvt. Ltd

• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis.
 

Key Highlights of the Report