Garage Equipment Market Outlook - 2027
The need for timely preventive maintenance has gained significant importance in recent years. Most of the consumers are trying to keep their vehicle in proper condition as vehicle have become a vital product for everyday lives. The daily commuter segment is increasingly focusing on maintenance of the vehicles. Moreover, this has led to rise in garage equipment market. With rising safety equipment and increasing vehicular design changes, the need for advanced equipment have proliferated. The garage equipment consists of wheel and tire service equipment, lifting equipment, vehicle diagnostic & testing equipment, body shop equipment, washing equipment, and other tools.
COVID-19 scenario analysis:
- People around the world are observing social distancing measures by self-isolating, quarantining or working from home to halt the spread of the global COVID-19 pandemic.
- Various industries have redirected the investments of R&D to sustain the core operation.
- While the coronavirus (COVID-19) situation is constantly changing, the safety priority amidst the vehicle owner remain constant.
- However, shortage of workers at vehicle garage services due to lockdown measures is affecting the market.
- Additionally, decrease in number of vehicles on roads due to the pandemic is affecting the business of vehicle garage and garage equipment market simultaneously.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Surge in production and sales of vehicles is primarily driving the Garage Equipment market. Additionally, increasing safety concerns amongst car consumers is favoring the garage equipment market. Besides, rising sales of used vehicles is propelling the market of garage equipment. Moreover, various mandates for regular inspection of vehicles are proliferating the market of garage equipment. However, increasing quality and decreasing cost of original equipment parts is reducing the repair activities and thereby hampering the market of garage equipment. Furthermore, introduction of newer technologies in automotive aftermarket is fueling the market growth.
The garage equipment market trends are as follows:
New product launch to surge the market
With rising automotive demand across the world, the automotive and automotive component manufacturers are increasingly focusing on new product development activities to increase the customer base. Additionally, the rising development of electric vehicle is provoking the manufacturers to improve their product range and quality. In 2019, OMCN launched a new lift model 190/EV which is designed especially for electric vehicles. The lift is aimed to easily install and remove battery packs in electric vehicles.
Increase in training centers to drive the growth
The demands from modern vehicle have increased significantly with the launch of newer technologies. Besides, the rising innovation and increasing investment in research and development have fulfilled the requirements for modern vehicles. The garage equipment market has also witnessed numerous developments to improve the durability and quality of the product. Moreover, the launch of newer highly efficient garage equipment has opened new doors for training centers. In 2019, MAHA has developed a new training center in Halden Wang. The center will provide hands-on training to workshop technicians.
Key benefits of the report:
- This study presents the analytical depiction of the Garage Equipment industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Garage Equipment market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the garage equipment market research report:
- Which are the leading market players active in the Garage Equipment market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Garage Equipment Market Report Highlights
By Garage type
By Installation type
By Function type
By Vehicle Type
Key Market Players
Hennesy Industries, HIGHVELD GARAGE EQUIPMENT, LINCOLN ELECTRIC HOLDINGS, Manatec Electronics Private Limited, Hunter Engineering Company, Autec, Intergrated Garage Equipment, Automotive Equipment International, CORGHI, Ravaglioli, CEMB USA