The global automotive garage equipment market in 2022 was US$ 24.4 billion and is estimated to be US$ 26.8 billion in 2023. Future Market Insights has mentioned in its reports that the Automotive Garage Equipment Market is predicted to expand at a CAGR of 8.94% between 2023 and 2033, totalling around US$ 63.1 billion by 2033.
The automotive garage equipment market encompasses a wide range of tools, machinery, and devices used in automotive repair and maintenance facilities, commonly known as garages or auto service centers. These equipment and tools are essential for diagnosing, servicing, and repairing vehicles, ensuring optimal performance, safety, and reliability. As the automotive industry evolves and vehicle technology advances, the demand for innovative garage equipment continues to grow, driven by several key factors.
Key Drivers Fueling Growth in the Automotive Garage Equipment Market:
Increasing Vehicle Complexity: The complexity of modern vehicles, including advanced electronics, hybrid and electric powertrains, and sophisticated onboard systems, necessitates specialized garage equipment for diagnostics, repair, and maintenance. Automotive technicians require advanced tools and machinery capable of handling the intricacies of modern vehicle systems, driving demand for high-tech garage equipment.
Rising Vehicle Ownership and Vehicle Age: Growing vehicle ownership rates and the aging vehicle population contribute to increased demand for automotive repair and maintenance services. As vehicles age, they require more frequent servicing and repairs, creating a steady demand for garage equipment such as lifts, diagnostic tools, and fluid management systems to support routine maintenance and repairs.
Shift Towards Electric and Hybrid Vehicles: The transition towards electric and hybrid vehicles presents new opportunities and challenges for automotive repair facilities. Garage equipment manufacturers are developing specialized tools and machinery tailored to the unique needs of electric and hybrid vehicles, such as battery testing equipment, electric vehicle charging stations, and regenerative braking system diagnostic tools, to support the growing market for alternative powertrain vehicles.
Emphasis on Vehicle Safety and Compliance: Stringent safety regulations and vehicle standards require automotive repair facilities to adhere to strict compliance requirements when servicing and repairing vehicles. Garage equipment that enables accurate diagnostics, precise adjustments, and thorough inspections is essential for ensuring vehicle safety and regulatory compliance, driving demand for advanced diagnostic tools, alignment systems, and emission testing equipment.
Technological Advancements in Garage Equipment: Ongoing technological advancements in garage equipment, such as wireless connectivity, digital interfaces, and cloud-based diagnostics, enhance the efficiency, accuracy, and convenience of automotive repair and maintenance tasks. Smart garage equipment with remote monitoring capabilities, predictive maintenance features, and integrated software solutions streamline operations and improve workflow efficiency, driving adoption among automotive service providers.
High demand for electric and hybrid passenger vehicles across the globe acts as one of the major drivers of the automotive garage equipment market”, comments a Future Market Insights Analyst.
Read more: https://www.futuremarketinsights.com/reports/automotive-garage-equipment-market
Key Innovation of the Market Players in the Market
- In June 2023, ISTOBAL showcased its new M'WASH3 PRO rollover at Autozum 2023, the leading Austrian trade show for the car wash, service station, and dealership industry, held at Messezentrum Salzburg (Stand 09-0200).
The company is exhibiting for the first time at a show and on the international market. This innovative high-end equipment is aimed at increasing profitability in carwashes and improving the user experience through efficient and connected technology.
