Garage Equipment Market worth $10.7 billion by 2027

 andraw goldsmith
  16th-Sep-2019
 35

The 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" 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.

Browse 56 market data Tables and 46 Figures spread through 122 Pages and in-depth TOC on "Garage Equipment Market"

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=27815176

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.

Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=27815176

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.

Key Players:

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

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

Domain: Business
Category:
Contributing Organization:
Contact Person Address: newsletter@marketsandmarkets.com
Posted By: andraw goldsmith and Contact andraw goldsmith

Recent Press Releases

Trash Rakes Market Forecast, Growth ...

Trash rakes have always been a part of hydroelectric power plants, preventing debris from entering the plant. Over the years, the trash rakes have gained increasing demand in water

18 October, 2019

Induction Sealing Machine Market For...

The induction sealing machines are used for cap sealing and threading of caps—both plastic as well as aluminum—of packaged products offered in the plastic bottles and

18 October, 2019

Acoustic Emission Testing Market Gro...

Acoustic emission testing is used for the analysis and detection of acoustic signals in order to gain valuable information regarding discontinuity in a material and its origin. Aco

18 October, 2019