“The rising demand for vehicle & passenger safety features, connectivity services, superior exhaust systems, and low emission engines in the automotive industry are driving the growth of garage equipment market.”
The garage equipment market is projected to grow from USD 6.1 billion in 2019 to USD 10.7 billion by 2027, at a CAGR of 7.4%. Factors such as the increasing demand for pre-owned vehicles, rising vehicle inspection mandates, stringent emission regulations, and adoption of advanced technologies are expected to boost the market. However, international trade regulations and increasing competition are the key challenges in the automotive garage equipment market.
“Increasing emphasis on low emission and zero-emission vehicles is likely to propel the growth of the market during the forecast period.”
Increasing concerns over air pollution and global warming have forced the governments of several countries to enforce strict emission policies and regulations for ICE vehicles. Launch of new vehicles with low emission engines to comply with the emission standards will require more emission testing equipment. Increasing adoption of electric vehicles is expected to change the outlook of the garage equipment market. More EV sales would accentuate the need for new tools to diagnose batteries and related circuitries. Such measures are likely to drive the garage equipment market during the forecast period.
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“Asia Pacific is expected to register the highest growth during the forecast period.”
The Asia Pacific region comprises rapidly emerging economies, such as China and India, along with developed nations such as Japan, and is the largest market for garage equipment. In recent years, the region has emerged as a hub for automobile production. The key driver for the garage equipment market in this region is growing concern over increasing pollution levels in countries such as China, India, and Japan. The government imposed stringent emission standards to tackle the emission level. Existing vehicles must go through periodic emission tests for roadworthiness. Countries such as China, India, and Japan are taking initiatives to reduce emission by adopting a hybrid, plug-in, fuel cell, and battery electric vehicles. Japan has proposed strict guidelines to reduce carbon emission for passenger cars by 2020. The rising demand for clean, safe, and smart mobility in China, India, and Japan would foster the growth of garage equipment market.
“North America is expected to dominate the market during the forecast period.”
North America will have the largest market share for garage equipment during the forecast period. The North American Free Trade Agreement (NAFTA) has fostered the growth of the automotive industry in the region. The US, which has traditionally been a global technological leader, is the largest automotive market in North America. The large customer base and high disposable income levels in the country have fueled the demand for premium connected vehicles. The increasing number of these vehicles would boost the market for garage equipment in the future. Also, strict safety regulations imposed by the National Highway Traffic Safety Administration have compelled OEMs to provide advanced safety features controlled by onboard ECU. Periodic diagnosis of ECU is required for the proper functioning of such essential safety features. These regulations, combined with solid EV infrastructure, would drive the demand for more garage equipment in the North America region.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the automotive engineering services market.
- By Company Type: Tier I - 46%, Tier II - 37%, and Tier III - 17%
- By Designation: C Level - 32%, D Level - 43%, and Others - 25%
- By Region: North America - 30%, Europe - 34%, Asia Pacific - 27%, and Rest of the World- 9%
The garage equipment market comprises major manufacturers such as Arex Test Systems B.V. (Netherland), Gray Manufacturing Company Inc. (US), Snap-On Incorporated (US), Vehicle Service Group (US), Robert Bosch (Germany), Continental AG (Germany), Maha Maschinenbau Haldenwang GmbH & Co. (Germany), Boston Garage Equipment Ltd. (UK) and many others.
- The study covers the garage equipment market across various segments. It aims at estimating the market size and future growth potential of this market across different segments such as garage type, application, installation, function, vehicle, and region.
- The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and acquisitions.
Key Benefits of Buying the Report:
- The report will help leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall garage equipment market.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.