CHICAGO, Aug. 27, 2019 /PRNewswire/ -- According to the new market research report "Garage Equipment Market by Type (OEM, Independent), Application (Body Shop, Diagnostic & Testing, Emission, Lifting, Wheel & Tire, Washing), Installation (Mobile, Fixed), Function (Mechanical, Electronic), Vehicle, and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global 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%. The growth of the Garage Equipment Market is driven by the rising number of on-road vehicles, sales of electric vehicles, installation of advanced features in vehicles, and high implementation of connectivity services.
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Passenger car is expected to be the largest segment of the market
The passenger car segment is expected to be the largest market during the forecast period. The adoption of sensors and utilization of vehicle data for assisted driving and predictive maintenance have created a broader scope for automotive workshops. More timely maintenance will increase the demand for advanced garage equipment in the future. Also, growing customer demand for safer and comfortable passenger vehicles has compelled OEMs to incorporate more in vehicle safety, advanced connectivity features, and smart infotainment systems. Such advanced electronics will require a periodic diagnosis for proper functioning, leading to demand advanced diagnostic tools in the future.
OEM launched vehicles with essential safety features such as collision avoidance system, automotive night vision, anti-lock braking system, and adaptive cruise control to comply with the latest safety standards. The automakers are expected to incorporate such safety features in the base and mid variants of upcoming vehicles due to consumer demand for safer vehicles. Hence, the demand for various automotive garage equipment is expected to increase.
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Lifting equipment is expected to lead the automotive Garage Equipment Market
The lifting equipment is the most frequently used and must-have equipment for an automotive workshop. This equipment helps technicians in performing repairs and diagnostics easily and efficiently. Equipment manufacturers offer vehicle lifts with enormous configurations and customizations to best suit the garage demands. For instance, two posts, four-post, in-ground lifts, scissor lifts, low rise lifts are offered to be used for passenger vehicles. Additionally, mobile column lifts and parallelogram lifts are used for commercial vehicles.
The increasing SUV sales will require high capacity lifts in the future, leading to increasing demand for more vehicle lifts. Also, logistics companies are looking to improve fleet efficiency and reliability by scheduling regular preventive maintenance of vehicles. Such measures will impact the market positively in the future. Vehicle service group, snap-on incorporated, hunter engineering company, and OMCN SpA are major players for lifting equipment in the Garage Equipment Market.
Asia Pacific is expected to be the fastest-growing market during the forecast period
The Asia Pacific region is the fastest-growing market for automotive garage equipment because of the growth in India, China, Japan, and South Korea. Increasing demand for connected cars, rising sales of new energy vehicles, and strict emission policies are driving the automotive Garage Equipment Market in the Asia Pacific region.
The key market players in the region include ARO Equipments Pvt. Ltd. and Guangzhou Jingjia Auto Equipment Co. Ltd. A major player such as Snap-On Inc. also exports equipment to this region. Additionally, China is the highest contributor to the automotive Garage Equipment Market for this region. Moreover, the adoption of new energy vehicles got momentum in China. According to the China Association of Automobile Manufacturers (CAAM), the automakers sold OEMs sold 1,256,000 NEVs in 2018 with a year-on-year growth of 61.7%. In addition to that, a large number of existing gasoline vehicles in the country must go through emission testing to comply with the stringent emission policy. Such measures are expected to impact the Garage Equipment Market positively during the forecast period.
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The global Garage Equipment Market is dominated by major players 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
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