Automotive Garage Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The present value of the automotive garage equipment market stands at USD 8.12 billion, poised to reach USD 11.27 billion, exhibiting a compound annual growth rate (CAGR) of over 4% in the next five years.

The COVID-19 pandemic initially disrupted the market due to garage closures and reduced vehicle production. However, as restrictions eased in the first half of 2021, the market witnessed a resurgence, driven by increased consumer demand for used cars and a shift toward personal vehicle usage for daily commuting needs.

This market's growth is propelled by the refurbishment of existing repair shops, independent garage upgrades, and burgeoning vehicle sales in emerging economies like India and Brazil. Additionally, the increasing focus of original equipment manufacturers (OEMs) on accumulating performance-enhancing vehicle data has elevated the necessity for suitable automotive garage equipment.

As automakers pivot toward technical advancements and the development of fuel-efficient vehicles, a surge in demand for automotive garage equipment is anticipated. The rising sales of used vehicles and the prolonged lifespan of vehicles augur well for the market's future.

Anticipated notable growth regions include Asia-Pacific, Europe, and North America, attributed to increased vehicle production and safety concerns among car consumers in these regions.

The automotive industry's expansion augments demand in the market despite challenges such as the COVID-19 pandemic and semiconductor shortages. New and used vehicle sales have surged, driven by competitive pricing among new players, especially in the used car industry. The establishment of dealership networks has significantly contributed to the increased sales volume globally.

Statistics from Experian reveal that in the second quarter of 2022, around 62% of vehicle loans were for used cars in the USA, a marked increase compared to the previous year. This shift in consumer buying patterns, favoring used vehicles due to soaring new car prices, has set new records.

Moreover, heightened expenditure on vehicle maintenance and repairs further supports market growth. Effective preventative maintenance systems, involving scheduled maintenance and inspections to prevent breakdowns, are driving the demand for various automotive garage equipment.

For instance, Forward Lift Company introduced new frame-engaging adapter kits for mobile column lifts, enabling easier servicing of a wider range of vehicles.

The rise in used cars undergoing quality enhancements foretells an increase in demand for garage equipment. Additionally, the introduction of more efficient equipment has spurred opportunities for training institutions. These market trends signal a promising outlook for the automotive garage equipment sector in the near future.

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