The anticipated size of the automotive garage equipment market in 2022 was USD 24.4 billion and is estimated to be USD 26.8 billion in 2023. Demand in the automotive garage equipment market is raising through the promotion of existing repair shops and independent garages, which are boosting the sales of the vehicle in emerging economies.
Future Market Insights has mentioned in its reports that the automotive composites market is predicted to expand at a CAGR of 8.94% between 2023 and 2033, totaling around USD 63.1 billion by 2033.
Sales in the global automotive garage equipment market are slated to reach USD 24.4 billion in 2022. Increasing replacement and repair services in used cars are expected to boost sales at a steady 4.3% CAGR, pushing the market size to USD 32.9 billion in 2029.
Upgrading of existing repair shops and independent garages is expected to fuel sales in the market. Moreover, the increasing sales of two-wheelers and lightweight vehicles in emerging economies are expected to augment the growth of the market.
Digital innovations in garage equipment by original equipment manufacturers (OEMs) and franchisee garages might provide impetus to sales in the forthcoming years. Further, the surging demand for lifting equipment such as double-post lifts and four-post lifts for moving light and heavyweight vehicles is estimated to continue pushing sales over the assessment period.
Future Market Insights predicts a comparison and review analysis of the dynamics of the automotive garage equipment market, which is principally subjected to the upgrading of existing repair shops and independent garages. It is expected to fuel sales in the market. Additionally, rising sales of two-wheelers and lightweight automobiles in developing nations are anticipated to accelerate market expansion.
The development of new mobility solutions, which is spurring the demand for repair and maintenance services, is one of the key causes of this change in growth rate, which is explained by automation in software, systems, and services.
The market is anticipated to expand as OEMs prioritize gathering helpful data and enhancing vehicle performance. Automakers are gravitating toward technical breakthroughs and the creation of fuel-efficient automobiles. Further, there is likely to be an increase in the need for automotive garage equipment.
OEMs are being encouraged to include cutting-edge features in garage equipment as a result of the advent of IoT-based sensors, which is boosting market sales. Moreover, automobile manufacturers are increasingly favoring the maintenance and repair services provided by auto dealers. This could result in a steady decline in the number of people who take their cars to nearby auto repair businesses, which might have an indirect effect on the market for garage equipment.
| Attributes | Details |
|---|---|
| Projected Forecast Value (2022) | USD 24.4 billion |
| Projected Forecast Value (2023) | USD 26.8 billion |
| Projected Forecast Value (2033) | USD 63.1 billion |
| Growth rate | 8.94% CAGR |
| Forecast period | 2023 to 2033 |
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The global automotive garage equipment market expanded at a CAGR of 7.12% between 2018 and 2022. Growth forecasts remain optimistic, with the market predicted to exhibit a CAGR of 8.94% between 2023 and 2033.
The advent of digitalization in the automotive industry is one of the chief trends driving the market. Moreover, automation in software, systems, and services is encouraging the development of new mobility solutions, which is resulting in demand for repair and maintenance services.
The trend is shaping the sale prospects in the automotive garage equipment market. Digital advancements and increasing environmental concerns are driving sales of emission control equipment through OEMs and franchisee garages, which is expected to fuel growth in the forthcoming years.
Various automakers are investing in the development of electric and digital technologies for autonomous, hybrid, and electric vehicles. This is expected to have a positive impact on the market.
Automated garage equipment potentially fulfills the shortage of highly-skilled professionals and skilled labor, thereby increasing the efficiency and productivity in operations. Such developments are expected to create opportunities for growth in emerging markets such as China and India over the forecast period.
High Demand for Electric and Hybrid Passenger Vehicles across the Globe
Increasing concerns regarding carbon emissions, consumers across the globe are preferring lightweight vehicles and two-wheelers which has resulted in high demand for electric and hybrid passenger vehicles across the globe.
Various independent garages and franchisee garages are offering services specifically tailored for lightweight electric vehicles at economical prices. Further, the surging demand for emission equipment in old and new passenger vehicles is boosting sales of automotive garage equipment.
Rise in Emission Control Equipment
Growing pollution across the globe is compelling consumers to employ emission control equipment in their vehicles to comply with regulations imposed by government bodies. Common emission equipment includes diesel smoke meters, exhaust gas analyzers, and emission testers. Products like this measure and regulate numerous various pollutants such as carbon monoxide, and nitrogen oxides.
The generation of these gasses affects the health of individuals, the environment, and vehicles alike. Moreover, long-term exposure to these gases can also lead to severe respiratory disorders and other permanent health deteriorations.
Old vehicle models are undergoing emission testing protocols to comply with the latest emission standards in various countries, thus propelling sales of such equipment in OEMs and franchisee garages, which in turn is boosting the market.
Consumers in North America are Preferring Car lift for Home Garage
The United States is home to a large automotive industry holding a significant part with a value share of 31.2%, which makes it a key market for automotive garage equipment in North America. North America’s automotive garage market is expected to account for 36.9% of the total market share.
Automakers in the country are getting inclined toward technological advancements and the development of fuel-efficient vehicles. The introduction of IoT-based sensors is encouraging OEMs to implement advanced features in garage equipment, which in turn is driving sales in the market.
Residential spaces such as bungalows, villas, and independent houses in the United States have in-built garages which are spurring demand for garage equipment for homes such as portable lifts and hoists. Driven by the aforementioned factors, the United States market is projected to expand at a steady pace over the assessment period.
Demand for Vehicle Repair and Restoration Activities is Predicted to Boost Sales of Garage Lifting Equipment
China is expected to lead Asia Pacific’s automotive garage equipment market over the assessment period owing to the presence of one of the world’s leading automotive sectors. It is set to account for 40.3% of the global market share, whereas Japan holds a market share of 16.9%.
The introduction of new franchisee garages in India along with the refurbishment of old repair stations is expected to boost the market in the forthcoming years with a CAGR of 7.15%. The shifting consumer preference in favor of independent garages is expected to create significant opportunities for companies operating.
Increasing sales of two-wheelers such as mopeds, motorbikes, and scooters in the country are expected to boost the market in Australia at a CAGR of 6%. Further, the introduction of electric scooters and the onset of digitalization in franchisee garages might continue pushing sales over the assessment period.
Increasing Sales of Luxury Vehicles to Drive Applications of Hydraulic Car Lift for Home Garage
Europe’s automotive garage equipment market is forecasted to account for 54.1% of the total market share, mainly driven by increasing sales of luxury vehicles and two-wheeler mobility solutions in the United Kingdom at a CAGR of 7.92%.
Stringent regulations regarding carbon emissions in the country are driving sales of emission equipment in independent and franchisee garages. The United Kingdom government set a target of curbing emissions by 78% by 2035, as compared to the emission level in 1990 which in turn is boosting sales of automotive garage equipment.
Increasing sales of luxury vehicles are spurring demand for technologically advanced and sensor-based equipment in independent garages and home garages as the trend is expected to continue over the forecast period, thereby augmenting the growth in the United Kingdom market.
Refurbishment of Old Garages is Expected to Drive Sales of Garage Lift Systems
Sales of lifting equipment are expected to remain high over the assessment period with a market share of 44%. Lifting equipment is used for regular maintenance and inspection of vehicles, especially lightweight passenger vehicles, and two-wheelers.
Sales of four-post lifts are gaining momentum as they are deployed for commercial vehicles, trucks, and other utility vehicles. Expansion of the eCommerce sector is driving sales of this equipment, which is expected to augment the growth of the market.
Servicing Premium Cars might Boost Demand for Independent Garages for Car Workshops
Inexpensive labor costs and the growing availability of premium car servicing equipment might drive sales in the independent garages segment over the assessment period with a market share of 33.2%. The usage of genuine aftermarket products in these garages is attracting premium car owners, which is pushing sales in this segment.
Economical costs in independent garages make them an ideal choice for routine check-ups, maintenance, and repair services for two-wheelers and four-wheelers alike.
Increasing Repair Services for Passenger Vehicles is Predicted Boost Sales of Light Vehicles
Sales in the light vehicles segment are projected to increase over the forthcoming years with a market share of 23.1%. Further, the surging demand for electric vehicles owing to stringent regulations regarding carbon emissions is set to boost sales in this segment.
Increasing sales of passenger vehicles and two-wheelers in emerging economies are going to augment the growth of the market over the forthcoming years. Demand for used garage equipment for residential garages, along with the growing adoption of auto lifts for home garages for lightweight vehicles will continue pushing sales.
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Some of the prominent players in the global market are-
Important Developments of the Key Players in the Market
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8.94% from 2023 to 2033 |
| Market value in 2023 | USD 26.8 billion |
| Market value in 2033 | USD 63.1 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD billion for Value and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By Country, By Vehicle, By Equipment, By Garage |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Rest of Latin America, Germany, The United Kingdom, France, Spain, Italy , Rest of Western Europe, Poland, Russia, Czech Republic, Romania, Rest of Eastern Europe, India, Bangladesh, Australia, New Zealand, Rest of South Asia and the Pacific, China, Japan, South Korea, GCC Countries, South Africa, Israel, Rest of the Middle East and Africa |
| Key Companies Profiled | MAHA Maschinenbau Haldenwang ; Gmbh & Co. KG; Snap-on Incorporated; Robert Bosch GmbH; Continental AG; Forward Lift Company (Dover ; Corporation); VisiCon Automatisierungstechnik GmbH; Standard Tools and Equipment Co.; Symach Srl; Nussbaum Automotive Solutions; SAMVIT GARAGE EQUIPMENT; Sarveshwari Engineers; PULI Industries (Guangzhou Jingjia Auto ; Equipment Co., Ltd.); Boston Garage Equipment Ltd.; Arex Test Systems B.V.; LKQ Coatings Ltd.; Aro Equipments Pvt. Ltd; Istobal S.A.; Con Air Equipment Private Limited; Oil Lube Systems Pvt Ltd.; Gray Manufacturing Company, Inc. |
| Customisation Scope | Available on Request |
High demand for electric and hybrid passenger vehicles across the globe drives the market growth.
The market registered a CAGR of 7.12% from 2018 to 2022.
The growth potential of the market is 8.94% CAGR through 2033.
The industry is estimated to reach USD 63.1 billion in 2033.
The market in Europe could expand at 7.92% annually from 2023 to 2033
| Estimated Market Size (2024E) | USD 3.3 billion |
|---|---|
| Projected Market Value (2034F) | USD 5.2 billion |
| Value-based CAGR (2024 to 2034) | 4.4% |
| Market Estimated Size (2023) | USD 6,211.0 million |
|---|---|
| Market Forecasted Size (2033) | USD 29,601.1 million |
| Market CAGR (2023 to 2033) | 16.9% |
| Projected Market Value (2022) | USD 2,031.98 Million |
|---|---|
| Anticipated Market Value (2032) | USD 5,927.48 Million |
| Global CAGR (2022 to 2032) | 11.3% |
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