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Global Garage Equipment Market to Grow at a CAGR of 7.45% During 2022-2027, Aided by the Rising Demand for Passenger and Commercial Cars in the Transportation Industry

According to a new report by EMR titled, ‘Global Garage Equipment Market Report and Forecast 2022-2027’, the global market reached an approximate value of USD 6.97 billion in 2021. The market is expected to grow at a CAGR of 7.45% in the forecast period of 2022-2027, reaching a value of USD 10.73 billion by 2027.

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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Market Breakup by Function Types, Garage Types, Installation Types, Equipment Types, Vehicle Types, and Region:

  • The market is segmented on the basis of function type into mechanical and electronic.
  • The market segments on the basis of garage type include OEM authorized garage and independent garage.
  • The market segmentation, based on installation type, include mobile and fixed.
  • By equipment type, the market can be divided into body shop equipment, diagnostic and testing equipment, emission equipment, lifting equipment, washing equipment, wheel and tire equipment, among others.
  • The significant vehicle types in the garage equipment industry include passenger car and commercial vehicle.
  • Region-wise, the global market for garage equipment can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • The global market for garage equipment is driven by the rising cases of vehicle-related problems.
  • The rising demand for passenger cars, owing to the increasing disposable income and growing population in the emerging economies, is likely to augment the market growth.
  • The growing adoption of commercial cars in the transportation sector is likely to boost the market growth.
  • The market will further be aided by the increasing inclination towards customisation of vehicles according to the need of an individual.
  • The growing expansion, coupled with the rising investments aimed towards the technological advancements in the automotive industry, is likely to bolster the market growth in the forecast period.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for the periods (2016-2020) and (2022-2027).
  • The report also offers historical (2016-2020) and forecast (2022-2027) market information for the function types, garage types, installation types, equipment types, vehicle types, and regions of garage equipment.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

 

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.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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