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Automotive Garage Equipment Market Size

Report ID: GMI8638
Published Date: Mar 2024
Report Format: PDF

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Automotive Garage Equipment Market Size

Automotive Garage Equipment Market size was valued at USD 9.1 billion in 2023 and is estimated to register a CAGR of over 4.5% between 2024 and 2032. As more EVs hit the roads, specialized tools for EV maintenance, such as charging stations and battery diagnostics, are in high demand. Additionally, increased awareness of equipment benefits, like safety enhancements and efficiency improvements, prompts garages to invest in advanced tools, contributing to market growth and innovation. For instance, in May 2023, Mahle and Midtronics partnered to create EV battery service tools, providing workshops for safe and efficient maintenance of Li-ion batteries, and covering diagnostics and maintenance for all brands.

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Technological advancements and a heightened focus on vehicle maintenance are driving significant growth in the automotive garage equipment market. As vehicles become more complex, advanced diagnostic tools, smart lifts, and integrated software solutions are in demand. Consumers are also keeping vehicles longer, emphasizing the need for quality maintenance. This trend pushes garage equipment manufacturers to innovate, meeting the market's demand for tools that enhance efficiency, accuracy, and overall vehicle longevity. For instance, in March 2024, Dylect introduced two new products to its automotive equipment lineup: the Smart Tyre Inflator, designed for efficient tire inflation, and the Car Vacuum Cleaner, enhancing vehicle cleanliness and convenience.

Automotive Garage Equipment Market Report Attributes
Report Attribute	Details
Base Year:	2023
Automotive Garage Equipment Market Size in 2023:	USD 9.1 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	4.5%
2032 Value Projection:	USD 13.5 Billion
Historical Data for:	2018 - 2023
No. of Pages:	240
Tables, Charts & Figures:	270
Segments covered:	Equipment, Installation, Function, Garage, Vehicle
Growth Drivers:	The rising demand for vehicles globally The growing aftermarket automotive sector The average age of vehicles on the road has been increasing Environmental regulations mandating emission testing and vehicle inspection
Pitfalls & Challenges:	Cost constraints The shortage of skilled automotive technicians and mechanics

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The automotive garage equipment industry encounters initial hurdles, such as stringent safety and environmental regulations. However, these regulations drive the development of safer, more eco-friendly tools. Moreover, addressing the shortage of skilled manpower presents an opportunity for training programs and partnerships between equipment manufacturers and educational institutions, ensuring a competent workforce. These challenges ultimately foster a culture of continuous improvement and professional development within the industry.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of automotive garage equipment reached USD 9.1 billion in 2023 and is set to grow at around 4.5% CAGR between 2024 and 2032, due to increased awareness of benefits, like safety enhancements and efficiency improvements.

The passenger vehicle segment may hold 63% of the market share by 2032, owing to the higher prioritization of vehicle upkeep and safety along with surging investments in workshops, and garages for advanced equipment.

The lifting equipment segment recorded 25% of the automotive garage equipment market share in 2023, led by their rising essentiality for accessing the undercarriage and performing repairs.

Asia Pacific held over 40% of the market share in 2023, due to the burgeoning automotive industry in the region, in line with increasing vehicle ownership.