PUBLISHER: Acute Market Reports | PRODUCT CODE: 1248136
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1248136
Booming automotive sector has given substantial rise to a burgeoning automotive garage equipment market. With consistent rise in automotive sales, the related service & maintenance sector has demonstrated immense growth over the period of time. Apart from authorized service centers, multi-brand service centers have come into existence, thereby driving additional demand for related garage equipment.
With growing automotive and related service & maintenance sectors, the demand for related automotive garage equipment is bound to remain strong over the forecast period. Another prominent factor driving the automotive garage equipment market is increasing average age of vehicles. In addition, growing consumer awareness and spending for vehicle safety is further escalating the automotive garage equipment market growth.
Automotive garage equipment include wide array of products including air compressors, automotive jacks, battery chargers, engine tools, jack mounts, welding tools and other automotive maintenance related tools. One of the most prominent trends observed in automotive garage equipment market is increasing OEM dealerships. With increasing preference of consumers towards quality and authentic products, service centers are increasingly entering into partnerships with OEM. This is primarily followed by third-party multi-brand service centers with an aim providing enhanced quality service to their customers.
Asia Pacific dominates the global automotive garage equipment market and is expected to grow with the highest growth rate over the forecast period. Asia Pacific is the leading geographical region for production of light vehicles with more than 30% of global production. With the rising automotive sales, shares of automotive garage equipment market is set to witness an upswing in the coming years. Automotive garage equipment market is significantly unorganized in Asia Pacific region. Due to this unorganized nature of market, independent garage segment holds largest share of automotive garage equipment market in Asia Pacific.
On the other hand, rising penetration of franchises, growing awareness of consumers for quality of service offered, pairing up of small independent shops with fleet operators to gain more maintenance contracts are shifting the nature of automotive garage equipment market towards organized service sector. Europe holds the 2nd position in market share due to presence of huge automobile manufacturing sector.
Arex Test Systems B.V., Nussbaum Automotive Solutions Lp, Snap-on, Inc., VisiCon Automatisierungstechnik GmbH, Oil Lube Systems Pvt. Ltd., Standard Tools and Equipment Co., Inc., Symach srl, Gray Manufacturing Company, Inc., Vehicle Service Group, Con Air Equipments Pvt. Ltd., Istobal S.A., LKQ Coatings Ltd., Aro Equipments Pvt. Ltd., Continental AG, Robert Bosch GmbH, MAHA Mechanical Engineering Haldenwang GmbH & Co. KG, Boston Garage Equipment Ltd., Guangzhou Jingjia Auto Equipment Co., Ltd., Nussbaum Automotive Solutions Lp, Vehicle Service Group, Gray Manufacturing Company, Inc., VisiCon Automatisierungstechnik GmbH, Forward Lift Company (Dover Corporation) And Others.
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive Garage Equipment market are as follows:
Micro and macro environment factors that are currently influencing the Automotive Garage Equipment market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.