Transparency Market Research has published a new report titled, “Automotive Garage Equipment Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” According to the report, the global automotive garage equipment market is projected to expand at a CAGR of 3.50% during the forecast period to reach US$ 8 Bn by 2026.
According to the report, the global automotive garage equipment market is likely to be driven by a range of macroeconomic and industry-specific factors. Asia Pacific is expected to be at the forefront of global demand, with the market in the region expanding at a CAGR of 3.74% between 2018 and 2026.
The global automotive garage equipment market is witnessing steady growth. Rise in urbanization and surge in sales of vehicles in various countries have increased the overall vehicle miles driven globally by approximately 2% to 4% in the past few years. This, in turn, has propelled the usage of passenger cars which is anticipated to augment the global automotive garage equipment market during the forecast period. Growth of the market is attributed to the booming automotive sector across the globe. Increase in awareness about vehicle maintenance and vehicle safety among vehicle owners is likely to drive the global automotive garage equipment market during the forecast period. Rise in preference for vehicle customization and increase in number of vehicle maintenance & repair garages, technical inspection centers, and body shops are likely to drive demand for garage equipment from 2018 to 2026.
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The global automotive garage equipment market has been segmented based on garage type, equipment type, and vehicle type. OEM dealerships are taking aggressive steps to expand their market activities. These are increasing authorized dealerships and service centers in order to enhance customer service. Consequently, expansion of the OEM dealership segment is likely to drive the market during the forecast period. Furthermore, reduction in prices of vehicle parts and increase in availability of the parts in cheap price reduces the repairing work. These factors are likely to “hamper the growth of the independent garage segment during the forecast period.
Based on vehicle type, the global automotive garage equipment market has been bifurcated into passenger vehicles and commercial vehicles. In terms of revenue, the passenger vehicles segment accounted for a major share of the market in 2017. Demand for vehicles is increasing across the world. Increase in the number of vehicles globally can be ascribed to the rise in global population. Countries such as the U.S., Canada, and regions such as the EU have witnessed high percentage of urbanization and stable economic conditions. Rise in preference for SUVs among the younger generation owing to sporty and powerful ride increases demand for such vehicles. This in turn is likely to boost the passenger vehicles segment in these countries and sub-region.