Market Research Report
Global Garage Equipment Market Size study, by Function Type, by Garage Type, by Installation Type, by Equipment Type, by Vehicle Type and Regional Forecasts 2019-2026
|Published by||Bizwit Research & Consulting LLP||Product code||917692|
Delivery time: 2-3 business days
|Global Garage Equipment Market Size study, by Function Type, by Garage Type, by Installation Type, by Equipment Type, by Vehicle Type and Regional Forecasts 2019-2026|
|Published: November 28, 2019||Content info:||
Global Garage Equipment Market is valued approximately at USD 5.67 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 7.50% over the forecast period 2019-2026. Garage Equipment are the equipment that are used to keep vehicle in good condition, as regular maintenance becomes highly essential. Various equipment that are being used in garage for maintenance of vehicle are lifting equipment, tire changer, emission equipment, wheel balancer and others equipment. For any automotive repair shop, the garage equipment are very crucial to deliver efficiency and perform certain tasks. Rising production of vehicles such as cars, stringent emission norms by regulatory bodies and high utilization of connectivity services are few factors responsible for high CAGR of the market over the forecast period. For instance: Globally, it is estimated that cars production is nearly 73.5 billion in 2017, represent an increase from 72.1 billion in 2016, as per International Organization of Motor Vehicle Manufacturers (OICA). Moreover, rising demand for electronic control unit and other electronic features as well as increasing integration of advanced driver assistance system (ADAS) in vehicles are the major factor likely to offer lucrative growth opportunity to the market in the upcoming years. However, international trade regulations and increasing cost of vehicles are few factors anticipated to restrain the growth of global Garage Equipment market during the forecast period.
The regional analysis of global Garage Equipment Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the automotive industry is increasingly inclined towards technology, innovation and development of high-performance and fuel-efficient vehicles coupled with increasing number of vehicles in the region.
However, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as rising demand for connected cars, high presence of independent garages & OEM dealerships, increasing sales of new energy vehicles and stringent emission policies that would create lucrative growth opportunities for the Garage Equipment market across Asia-Pacific region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below: