Automotive Garage Equipment Market to Reach US$ 8 Bn by 2031

The global automotive garage equipment market was valued at US$ 8.7 Bn in 2021, It is estimated to expand at a CAGR of 5.5% from 2022 to 2031 and It is  expected to cross value of US$ 14.8 Bn by the end of 2031.

The need for timely preventive maintenance of vehicles has gained significant importance around the world. Most people are trying to maintain their vehicle in a proper condition. People who commute daily are increasingly focusing on maintenance of their vehicles. This has been driving the automotive garage equipment market for the past few years.

A garage where cars are stored and repaired must be well-equipped to provide washing, lubrication, and tire & battery services. Specialized equipment such as lifting tackle, vehicle lifts, tire inflation, tire changing machines, and wheel balancing machines, along with different types of fixtures, tools, and jigs are the equipment available in an automotive garage market. Moreover, other four-wheeler garage equipment, such as headlamp aligners, wheel alignment, emissions testing, 2 and 4 post lifts, and brake testers, are required extensively in garages across the globe.

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Fabrication Work and Replacement of Irreparable Parts of Vehicles after Road Accidents to Drive Global Market

According to a report published by the World Health Organization in 2015, the number of road traffic accidents resulting in fatal injuries per year is about 1.25 million. The rate of accidents is significant in low income countries such as countries those from Latin America and Africa. Considering the loss of life and economy, governing bodies are focused on implementation of stringent safety norms. Governments of countries in North America and Europe have mandated the integration of a few safety equipment such as airbags, ABS, and seat belts.

Higher number of road accidents effectively cause a loss to the economy and affects a nation’s GDP by approximately 3%. Several countries are focused on improving vehicle safety in order to reduce this loss.

After a crash, it is complicated to find out the exact problem in the electronic system of the vehicle. Diagnostic tools are efficient at analyzing the exact problem. Overhauling of vehicles recovered from accidents requires fabrication work coupled with replacement of irreparable parts. Therefore, a high number of road accidents is driving the automotive garage equipment market globally.

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Increase in Integration of Digital Automatic Systems in Vehicles

Digitalization of automotive systems is increasing at a significant pace, which requires digital diagnostic tools in order to diagnose and repair systems, such as ADAS, instrument console of vehicles, and functionality of airbags, sensors, and digital locks. Digitalization of automotive systems and rise in investment by leading OEMs in the automotive industry for the development of autonomous and digital systems are likely to propel the demand for diagnostic and calibration tools for digital systems in autonomous and semi-autonomous vehicles. Regular maintenance of vehicles is expected to ultimately require a higher number of automotive garages and garage equipment.

Garages are likely to require enhanced capacity for fabrication of vehicles, owing to rising concerns about vehicle maintenance and modification. This, in turn, is anticipated to boost the automotive garage equipment market during the forecast period.

The market for garage equipment is also being propelled by an increased demand for hybrid vehicles. Moreover, numerous rules for regular car inspections and the advent of newer technologies in the automobile aftermarket are further fuelling the automotive garage equipment market.

Rise in Demand for Emission Equipment to Measure Pollutants to Fuel Demand

In terms of equipment type, the global automotive garage equipment market has been classified into lifting equipment, emission equipment, body shop equipment, wheel & tire equipment, vehicle diagnostics and testing, washing equipment, and other tools. The emission equipment segment held a major share of 34.16% in 2021. It is likely to maintain its position and expand at a growth rate of more than 5.4% during the forecast period. Increasing pollution levels is one of the major concerns for governments and OEMs around the world. Common emission equipment includes exhaust gas analyzers, diesel smoke meters, and emission testers. These measure various pollutants such as carbon monoxide, carbon dioxide, and nitrogen oxides. Such toxic compounds present in combustion gases have an adverse effect on the health of people living in urban areas. Long-term exposure to pollutant gases can even lead to permanent health deterioration.

Automotive OEM Dealership to Rise Due to Increase in Number of Luxury Vehicles Requiring Quality Maintenance Systems

In terms of garage type, the global automotive garage equipment market has been bifurcated into automotive OEM dealership and independent garage. The automotive OEM dealership segment held a major share of 54.01% of the global market in 2021. It is estimated to maintain its position and expand at a CAGR of 5.91% during the forecast period. The automotive OEM dealership segment is likely to expand at a rapid pace during the forecast period, as compared to the independent garages segment due to rise in the number of luxury vehicles that require higher grade and quality of maintenance systems, which independent garage owners are unlikely to afford. Bank funding for small businesses has become more difficult since 2015, which has led to a reduction in the number of independent garages.

Regional Outlook of Global Automotive Garage Equipment Market

In terms of volume, Asia Pacific held a notable share of 38.76% of the global automotive garage equipment market in 2021. Forthcoming emission norms in Asia Pacific is a key factor driving the automotive garage equipment market in the region. Countries in Europe, especially the EU-5 countries, are witness economic expansion during the forecast period, which in turn is estimated to fuel the demand for automotive garage equipment.

Users in North America and Europe have a high standard of living coupled with higher disposable incomes has led to a rise in trend of keeping their vehicles well-maintained, which is, in turn, estimated to propel the demand for automotive garage equipment in these regions. People across the globe have increased preference for smooth and comfortable driving experience, and hence, the market is estimated to expand at a rapid pace in all developed and developing countries in the near future.

Expanding economies in Asia Pacific, particularly India and China, are estimated to play a noteworthy role in the expansion of the automotive garage equipment market in the region in the near future. The automotive industry in India and China is expanding considerably, which is estimated to offer significant opportunities for the automotive garage equipment market in the near future.

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Analysis of Key Players in Global Automotive Garage Equipment Market

The global automotive garage equipment market is fragmented with a higher number of manufacturers controlling the market. A majority of the firms are spending significantly on comprehensive research and development have fulfilled the requirements for modern vehicles. Expansion of product portfolios and mergers & acquisitions are major strategies adopted by key players.

Robert Bosch GmbH, Continental AG, Istobal S.A., Aro Equipments Pvt. Ltd., Guangzhou Jingjia Auto Equipment Co., Ltd., Nussbaum Automotive Solutions Lp, Boston Garage Equipment Ltd., Arex Test Systems B.V., Vehicle Service Group, Gray Manufacturing Company, Inc., VisiCon Automatisierungstechnik GmbH, MAHA Mechanical Engineering Haldenwang GmbH & Co. KG, and Forward Lift Company (Dover Corporation) are the prominent entities operating in the market.