Industry Background:
Vehicles play a vital role in our daily life, therefore, in order to keep them in good condition, regular maintenance becomes highly essential. Various equipment is crucial for vehicle maintenance, such as tire changer, wheel balancer, emission equipment, lifting equipment, and others. Emission norms for vehicles are becoming increasingly stringent. Moreover, there have been continuous changes in the automotive sector, such as the adoption of airbags for safety purposes, the lightweight engines for higher fuel efficiency, and the use of electronics for a more comfortable ride. In order to maintain these components, advanced equipment is required. Hence there is a greater need for certified garage equipment nowadays. Therefore, driving the market.
According to AMA Research, the market for Automotive Garage Equipment is expected to register a CAGR of 4.1% during the forecast period to 2028. This growth is primarily driven by Increasing Number of Vehicles Globally that needs Maintenance
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Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Industrial Machinery sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as BSI Tools Co. Ltd (China), Automotive Equipment International (South Africa), HIGHVELD GARAGE EQUIPMENT CC (South Africa), Integrated Garage Equipment (South Africa), Mohammad Kharma Co (Kuwait), Autec Inc. (United States), Arex Test Systems B.V. (Netherland), Gray Manufacturing Company Inc. (United States), Snap-On Incorporated (United States) and Vehicle Service Group(United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In April 2020, BendPak Holdings L.L.C. Acquired certain garage equipment and tool assets from Garage Equipment Supply Inc., including Dannmar, MaxJax, and Garage Equipment Supply equipment brands. Acquisition welcomes Dannmar, MaxJax, and garage equipment supplies to the BendPak group. This transaction further establishes our customer-centric strategy to grow our high-quality premium brand's product offering for the vehicle repair market. For our customers and associates, this new acquisition creates a significant opportunity.
In 2021, Forward Lift, part of Dover Corporation and Vehicle Service Group, has launched a new line of frame-mating adapter kits for the company's mobile column lifts. These attachments allow technicians to easily lift and service a wide range of forklifts to reach pallet trucks and heavy duty vehicles.Key manufacturers are increasingly focusing on the launch of new products with better characteristics in order to meet changing consumer demand for advanced and innovative products to easily perform work. The companies are also focusing on further expansion to strengthen their presence and footprint in other geographies.
Influencing Trend:
Cumulating Demand for new Product Innovation and Demand for Having a Lavish and Comfortable Storages Spaces with Large Equipment
Market Growth Drivers:
Increasing Number of Vehicles Globally that needs Maintenance and Rising Awareness Among People about Vehicle Inspection Mandates
Challenges:
Intense Competition in this Market
Restraints:
Issue Related Towards the International Trade Regulations and High Cost of this Garage Equipments
Opportunities:
Demand for Ecu and Other Electronic Features and Adoption of Mechanical Garage Equipment in Developing Countries Will Boost the Market
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Automotive Garage Equipment Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Automotive Garage Equipment Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Automotive Garage Equipment players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Automotive Garage Equipment Study Sheds Light on
The Automotive Garage Equipment Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Automotive Garage Equipment industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Automotive Garage Equipment industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.