Quick Lube Equipment Market size in United States worth $23 MN by 2027
Published Date: August 4, 2021 Authors: Kunal Ahuja, Sonal Singh
Quick Lube Equipment Market in the United States is set to surpass USD 23 million by 2027, according to a new research report by Global Market Insights Inc.
Automotive manufacturers are increasingly focusing on aftermarket services to enhance customer satisfaction and revenue-generating opportunities. Due to the COVID-19 disruption, the market witnessed an additional business scaling up know as aftermarket services. The growing interest of manufacturers in aftermarket services will support the quick lube equipment market growth in the country.
Growing government regulations on worker safety have led to increased demand for pit covers & safety nets
The pit covers & safety nets segment is projected to showcase 5% CAGR to reach USD 3.75 million by 2027. Growing government safety regulations in the U.S. on the protection of workers will propel the segment demand. The rising OSHA safety regulations on open pits in service industries is likely to drive the market revenue. Furthermore, pit covers & safety nets withstand heavyweights, which prevent body injuries, ensure fall-safe protection of workers, and offer benefits of simple care & minimum maintenance.
Browse key industry insights spread across 140 pages 19 market data tables and 25 figures & charts from the report “U.S. Quick Lube Equipment Market Size By Equipment (Catwalk Systems, Dispensing Consoles, Pit Covers & Safety Nets, Foot Stools, Computer Console, Oil Filter Racks, Others), By Vehicle Type (Passenger Vehicle, Commercial Vehicle), COVID-19 Impact Analysis, Regional Outlook, End-use Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Growing production of commercial vehicles in the U.S. region to fuel the market growth
The U.S. quick lube equipment market demand from commercial vehicles is expected to cross USD 6.30 million by 2027. An increase in commercial vehicle production, such as busses, trucks, and lightweight commercial vehicles, will require frequent maintenance routine, thus representing a growth opportunity. Additionally, the increase in commercial vehicle production, the cost and time-saving benefits in the quick lube process will augment demand from commercial vehicle operators. According to the International Organization of Motor Vehicle Manufacturers shows, in 2020, the total motor vehicle production in the U.S. was 8.82 billion out of which 6.89 billion are commercial vehicles.
Continuous growth in the automotive industry is anticipated to propel the quick lube equipment market demand in the United States
The steadiness in the U.S. vehicle sales volume is indicative of the abundant growth opportunities for quick lube equipment in the automotive industry. Growing industries, such as automotive and transportation, will fuel the growth of quick lube equipment in the coming years. Transportation equipment are continuously exposed to chemical & physical attacks and thus require durable structures to minimize maintenance & repair costs. These wide applications of quick lube equipment in the automotive industry will drive product demand.
Key companies operating in the United States quick lube equipment market are adopting various strategies including mergers, acquisitions, new product launches, and many others. These strategies will help the companies to enhance their performance and product offerings worldwide. For Instance, in April 2021, Full Speed Automotive acquired five companies and added 10 new automotive maintenance & repair centers to its portfolio. These acquisitions will enable the company to capture a greater share in the U.S. quick lube equipment and vehicle maintenance markets.