Published on : Nov 18, 2019
ResearchMoz.us has announced the addition of a report, titled “Automotive Garage Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019–2025”. The report on the global automotive garage equipment offers an elaborate assessment of key growth trends and drivers, recent developments in the market, the competitive ecosystem, and opportunity and challenges analysis. Segments in the report are created by product type and application. Base year is taken as 2018 and history years as 2014 to 1018.
The global automotive garage equipment market is primarily driven by existing garage owners looking to upgrade the facility. It is pertinent to add here that that the market is also set to exhibit growth owing to increase in vehicle sales. About 115 million units of light vehicles are expected to be sold by 2020 itself. Also, there is an increase in age of vehicles due to upgradation of repair shops. It is leading to an increase in new vehicles being bought without replacement of old ones. Besides, there is an observed aggression in Original Equipment Manufacturer dealerships. With an increase in authorized dealerships and service centers, which is critical to improve service, the market will be on an upward trajectory. Reduction in price for parts used in vehicles is also generating enough demand for outlook to be rosy.
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Another equally important factor leading to growth of global automotive garage equipment market is a change in preference of vehicles for the younger generation. It now prefers sporty and powerful SUVs that anything else and these make demands on the market.
To add to the list of drivers, there are government regulations observed worldwide. Emission norms are being tightened across a number of countries in order to mitigate climate change crisis. In addition, there are new safety regulations such as those that require air bags. To help with fuel efficiency there are lightweight engines. People are looking forward to more comfort in the vehicle, leading to a demand for a more congenial electronics space. All of this together fuels demand for automotive garage equipment further.
The automotive garage equipment market is set to see a steady CAGR over the forecast period, increasing value of market substantially.
The segment that shows promise is wheel and tire service equipment. It is projected to experience consistent growth over the forecast period, turning into a major opportunity generator in terms of growth for manufacturers in the global automotive garage equipment market. In addition, while in 2012, body shop equipment seized a higher revenue share than lifting equipment, the trend is about to flip. From 2019 to 2025, the latter would hold higher share than former.
Region-wise, the report focuses on North America, Europe and Asia Pacific. It is noteworthy here that revenue-wise APAC dominated the world market in 2017 and is set to take up a major share in the forecast period. The continuation in trend is a result of rise in passenger vehicles, owing to a swift pace of urbanization, lower interest rates and favorable economic conditions. Other regions worth setting eyes on are Europe and North America.
The global automotive garage equipment market is quite fragmented due to the presence of a decent number of manufacturers. Key players in the global automotive garage equipment market are:
• Arex Test Systems
• Boston Garage Equipment
• Aro Equipments
• LKQ Coatings
• Con Air Equipments
• Vehicle Service Group
• Gray Manufacturing Company
• Standard Tools and Equipment
The companies stated above are incorporated in the market report- sales, revenue, market share, and recent notable development.