The garage equipment market is driven by the rising demand for passenger and commercial vehicles across the globe owing to the growing strength of the supply chain management in the transportation and logistics sector. Over the forecast period, the garage equipment is likely to witness a significant traction due to the growing concerns about the vehicular problems such as brake and engine failure, battery discharge, and low AC cooling, among others. The market will further be aided by technological advancements in the passenger cars, coupled with the growing affordability of modern SUVs, XUVs, and sedans.
In terms of region, North America is likely to account for the largest share in the market, owing to the growing inclination of the citizens of United States of America and Canada towards automobile customisation. This factor bolsters the driving experience of an individual.
In addition to this, the market will be augmented by the growing expansion of the major automotive manufacturers, primarily due to high growth opportunities. The market in the region will further be aided by the new product launches, along with the technological advancements in the automotive industry.
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The major players in the global market are Dover Corporation, Continental AG, Fortive Corporation, Boston Garage Equipment Ltd, and Aro Equipments Pvt. Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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