Global Garage Equipment Market Size and Growth Prospects

Posted 2023-05-04 09:39:14

Garage Equipment Market Overview

In-depth examination of the current & future trends, market expansions, regional conditions, market size, growth drivers, limitations, and key players overview along with their business details. Reported historical data from 2017 to 2022 and makes available the forecast data from the year 2023 to 2032 which is based on their revenue status. This Study provides global markets improvement trends, hostile vision assessment, key region developments, policies, plans are discussed, and manufacturing strategies are also discussed.

Introduction of market factors, after COVID impact analysis, Porter's five forces, supply/value chain, competitive landscape, product matrix, peer analysis, and company profiles.

The global Garage Equipment market is estimated to witness a 4.22% CAGR during the forecast period 2022-2030.

Furthermore, the number of new development projects in both the residential sector and commercial sectors has increased rapidly, with expanding industrialization and urbanization supporting industry growth. As a result, the market is expected to increase steadily and achieve a market value of USD 10.7 billion.

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Post-warranty, most car owners seek private garages due to their low labor expenses. Genuine aftermarket products have also expanded dramatically in independent garages in order to target premium car owners. Furthermore, due to rising repair and maintenance expenses at OEM authorized garages, car owners are opting to have their vehicles serviced at independent garages.

The COVID-19 epidemic has spread throughout the world. The WHO declared coronavirus a pandemic in March 2020, resulting in lockdowns in the majority of countries.

The acceptance of automated developed technologies to minimize human interaction in production and manufacturing facilities, on the other hand, is required to support the pervasive expansion of the market Garage Equipment market Size all through the forecast period, which will end in 2027.

Growing sales of excavators and associated items are expected to play a significant role in income generation for the Garage Equipment market Size. The items' increased demand can be traced to their widespread use in the building of residential and business structures.

Garage Equipment market Industry News

Continental, a market leader, announced TPMS GO, an entry-level service tool for tire pressure monitoring systems, in February 2019. (TPMS).
In July 2019, John Bean entered the worldwide market with the introduction of the John Bean T2545T swing arm tire changer. Because of its compact size and ease of use, it would have been perfect for managing passenger cars and light trucks.
In May 2019, OMCN debuted a newly developed lift model 190/EV, specifically built for electric vehicles, on a global scale.
MAHA, a workshop supplier, built a new training center in Haldenwang in July 2019. The new center would provide workshop technicians with hands-on training and practical guidance.

Garage Equipment market Regional Classification

During the forecast period, which ends in 2027, the Asia Pacific region is predicted to dominate the worldwide Garage Equipment market Size, led by Europe and North America. The automotive sector in North America is among the most advanced in the world.

The United States has a significant role to play in driving regional growth. The country's automotive sector is focused on innovation, technologies, and the creation of high-performance, fuel-efficient vehicles.

The country is likely to play an important role in the development of driverless vehicles in the United States. In addition, commercial vehicle sales climbed by 6.9 percent in 2018 to 15,152,39 units.

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Garage Equipment market Key Players

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)
Gray Manufacturing Company Inc. (US)
VisiCon Automatisierungstechnik GmbH (Germany)
MAHA Mechanical Engineering Haldenwang GmbH & Co. KG (Germany).

Garage Equipment Market Segmentation

The great performance of market segments, followed by rising revenue, can be credited to the growth of the Garage Equipment market Size. Furthermore, market segments are anticipated to match the growing wants of the target audience, assisting in the market's expansion and growth as predicted. As a result, the worldwide Garage Equipment market Size is segmented as follows:

Based on garage type