Automotive Garage Equipment Market – Snapshot
Vehicles play a vital role in our daily life; therefore, in order to keep them in good condition, regular maintenance becomes highly essential. Various equipment are crucial for vehicle maintenance, such as tire changer, wheel balancer, emission equipment, lifting equipment, and others. Emission norms for vehicles are becoming increasingly stringent. Moreover, there have been continuous changes in the automotive sector, such as adoption of airbags for safety purpose, lightweight engine for higher fuel efficiency, and use of electronics for a more comfortable ride. In order to maintain these components, advanced equipment are required. This fuels the demand for garage equipment, as vehicle owners need certification after a certain interval of time from certified garages.
Upsurge in the sale of vehicles in different countries have escalated overall vehicle miles driven globally by approximately 2% to 4% during the recent years, which are propelling the market for vehicles in the developed regions. Stringent emission norms by regulatory bodies are propelling the market of emission-related equipment, such as smoke meter, gas analyzer, and others. Digitalization of automotive systems is increasing at a significant pace, which requires diagnostic tools for diagnosing and repairing systems, such as, advanced driver assistance system (ADAS), instrument console of the vehicle, and functionality of the sensors and digital locks. Garages are likely to require enhanced capacity for fabrication of vehicles owing to the rising concern about vehicle maintenance and modification. This, in turn, is anticipated to boost them automotive garage equipment market during the forecast period.
The global automotive garage equipment market can be segmented based on garage type, equipment type, vehicle type, and region. In terms of garage type, the automotive garage equipment market can be segregated into OEM-based dealership and independent garages. The OEM dealership segment is likely to grow at a rapid pace during the forecast period, as compared to the independent garages segment, due to the rising use of luxury vehicles that require higher grade and high-quality maintenance systems that independent garage owners are unlikely to afford. OEM-based dealership has several advantages over independent garages, such as skilled technicians, easy availability of original parts, and usage of advanced equipment, which are boosting the popularity of OEM dealership-based service centers among consumers.
Based on equipment type, the automotive garage equipment market can be split into wheel & tire, emission equipment, vehicle diagnostic equipment, and other segments. The emission equipment and vehicle diagnostic equipment segments are likely to dominate the automotive garage equipment market during forecast period owing to rapid adoption of electric vehicle in order to reduce vehicular emission. In order to diagnose advanced technological problems, adoption of new testing equipment is gaining popularity, which in turn, is projected to boost the vehicle diagnostics & testing segment during the forecast period. The wheel & tire segment hold a major share of the automotive garage equipment market in 2017 and is expected to retain its dominance during the forecast period. Wheel balancing ensures that tires, wheels, and suspension systems function properly to eliminate risks, such as poor fuel economy and premature wear of tires.
In terms of vehicle type, the automotive garage equipment market can be classified into passenger and commercial vehicles. Countries such as the U.S., Canada, and in the EU are highly urbanized and have stable economic condition. These factors drive the market for passenger vehicles in these regions. Asia and Latin America show tremendous growth in the automobile sector during the past few years due to emerging economic conditions, growing population, increasing per capita income, easy availability of finance, and high degree of urbanization. Growing demand for SUVs across the globe owing to growing preference of youth for SUVs owing to sporty and powerful ride is spurring the demand for passenger vehicles these is estimated to boost the garage equipment market during forecast period.
Some of the prominent regions taken into analysis include North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Geographic analysis is done on the basis of production trends, political reforms, regulation changes, and society demand. Asia Pacific is dominating the automotive garage equipment market owing to presence of number of independent garages and OEM dealerships.
Crucial players in the automotive garage equipment market are expected to benefit from the formation of strategic alliances with global players in the garage equipment market. The market witnesses the presence of key players who have strong global presence and firm establishments, coupled with diverse product portfolios. Prominent players operating in the global automotive garage equipment market include Autec, Inc., Hunter Engineering Company, Ravaglioli S.p.A, LINCOLN ELECTRIC HOLDINGS, INC. , INC. , CORGHI, Automotive Equipment International, CEMB USA, and Hennesy Industries LLC., HIGHVELD GARAGE EQUIPMENT CC, Intergrated Garage Equipment, Manatec Electronics Private Limited and Others.
Automotive Garage Equipment Market - Overview
This report analyzes and forecasts the market for automotive garage equipment at the global and regional level. The market has been forecast, based on revenue (in US$ Mn) from 2018 to 2026. The study includes drivers and restraints of the global automotive garage equipment market. It also covers the impact of these drivers and restraints on the demand for garage equipment during the forecast period. Furthermore, the report highlights opportunities in the automotive garage equipment market at the global and regional level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global automotive garage equipment market. Porter’s Five Forces model for the automotive garage equipment market has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global automotive garage equipment market for vehicles by segmenting it in terms of garage type, equipment type, vehicle, and region. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for garage equipment in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual application segments in all the regions.
The study includes profiles of major companies operating in the global automotive garage equipment market. Key players operating in the automotive garage equipment market include Autec, Inc., Hunter Engineering Company, Ravaglioli S.p.A, LINCOLN ELECTRIC HOLDINGS, INC. , LINCOLN ELECTRIC HOLDINGS, INC. , CORGHI, Automotive Equipment International, CEMB USA, and Hennesy Industries LLC.
Market players have been profiled in terms of attributes, such as company overview, financial overview, business strategies, recent developments, and SWOT analysis. The market for automotive garage equipment market is primarily driven by rising demand for vehicles across the globe.
The report provides the estimated market size of automotive garage equipment for 2017 and forecast for the next nine years. The global market size of automotive garage equipment has been provided in terms of revenue. Market numbers have been estimated based on key garage type, equipment type, vehicle, and regional segments of garage equipment market for automotive. Market size and forecast for each major type and vehicle have been provided in terms of global and regional/country markets.
In order to compile the research report, we have conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We have reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search on recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be a reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources typically referred to include, but are not limited to, company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, American Automobile Association, European Automobile Manufacturers Association, Automotive Research Association of India, Organization International des Constructeurs d'Automobile (OICA), Factiva, etc.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We have conducted primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, market outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
The Automotive Garage Equipment Market has been segmented as follows:
Global Automotive Garage Equipment Market: by Garage Type
- OEM Dealerships
- Independent Garage?
Global Automotive Garage Equipment Market: by Equipment Type
- Wheel & Tire Equipment
- Emission Equipment
- Lifting Equipment
- Body Shop Equipment
- Washing Equipment
- Vehicle Diagnostics & Test Equipment
Global Automotive Garage Equipment Market: by Vehicle
- Passenger Vehicles
- Commercial Vehicles
Global Automotive Garage Equipment Market: by Region/Country/Sub-region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America