Automotive Garage Equipment Market - Key Research Findings
- The global automotive garage equipment market size in 2019 is projected to be ~US$ 7Bn.
- The automotive garage equipment market is estimated to grow at a CAGR of ~4% over the forecast period of 2019-2029.
- In the automotive garage equipment market, the application in light vehicles is likely to gain significant traction during the forecast period.
- In regions, specifically Latin America, demand for used vehicles is growing rapidly. A number of used cars are being imported from the U.S. for the same. The used vehicles market has shown relatively lower downturn in comparison to new vehicles. In addition, usage and sales of garage equipment for maintenance and repair purposes has increased owing to the used vehicles. This factor is likely to help the segment further witness healthy growth in the global automotive garage equipment market during the forecast period.
- Lifting equipment, mainly double post lifts, four post lifts, and scissor lifts are the most procured equipment preferred by end-use industries for lifting light and heavy vehicles and similar applications owing to the excellent technical attributes, such as resiliency, portability, and ability to reduce the man power.
- In terms of value share, Asia Pacific Excluding Japan is predicted to be prominent by holding foremost volume and value share of the global automotive garage equipment
- In terms of the growth rate, Middle East & Africa (MEA) is estimated to foresee notable growth in terms of value in the global market.
- Key market players and OEMS in the automotive garage equipment market are enhancing their product offerings by offering technically sound garage equipment with integration of innovative electronics and lesser complexity to demote man power. Furthermore, acquisitions and collaborations with local market players remains a major trend in the global automotive garage equipment market.
- Emerging market players in the automotive garage equipment market are enhancing their product offerings by investing in research and development activities.
- Italy, India, and China are expected to be the emerging countries in the global automotive garage equipment market.
- Upgrading existing repair shops and independent garages, have positively impacted the automotive industry. Recent developments in the market is due to surge in demand for garage equipment in these regions owing to the increase in two-wheelers and light vehicles fleet over the forecast period. The critical reform in the automotive garage equipment industry, in countries, particularly China and India, is anticipated to further grow in the forecast period.
Factors Determining the Global Automotive Garage Equipment Market
OEMs and Automakers Setting the Momentum Through Innovations in Independent Garages
Automakers are influenced by innovations and are offering digital innovations in garage equipment, which are supplied to independent garages to service their customers efficiently. Manufacturers with a wide-spread network of retailers and distributors easily track garages and supply products and equipment required to service automobiles.
Moreover, with the rising environmental concerns and growing consumer demands, several manufacturers are producing hybrid cars and electric cars. A large number of OEM’s are expanding their product portfolio and are expected to offer hybrid vehicles in the near future.
For instance, in 2019, Wolflubes Equipment will supply dedicated product range, one of them being Smart Oil Cabin, a range of fluid that helps in automation of passenger cars, heavy duty motors, brakes and steering, motors cycles, particularly hybrid vehicles.
Growing Traction for Scissor Lifts Owing to Operational Benefits
Despite the fact that a scissor lift is relatively high priced than the other available alternatives, increased penetration for scissor lift in garages has been observed as it offers ease of operation, has less chances of failures, and requires relatively less space as compared to other similar automotive lifts. Growing Traction of scissor lifts in lifting equipment’s is expected to maintain its prominence in thegarage equipment market by the end of the forecast period.
Market Research Methodology - Perfected through Years of Diligence
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Synergy of Digitalization in Automobiles
Digitalization is one of the major trends driving the market growth. Automation in systems, software, services are expected to drive new mobility solutions in the automotive industry in the future. Automotive garage equipment are being shaped according to recent digital advances, environmental regulations, & changing consumer perspective.
Moreover, automakers and manufacturers are investing heavily in developing electric and digital technologies owing to the increasing demand for autonomous driving, and enhanced mobility solutions in the automobiles. This would create a positive impact on the automotive garage equipment market. Automated garage equipment will fulfil shortage of high-tech workers and skilled labours, which, in turn, will increase the productivity and efficiency of the work performed.
Automotive Garage Equipment Market Structure Analysis
- The global automotive garage equipment market is an organized market where tier-1 players hold around half of the global automotive garage equipment market share.
- Most of the manufacturers in the automotive garage equipment market are strategically focusing in the Asia Pacific. Key market players in the automotive garage equipment market, such as MAHA Maschinenbau Haldenwang Gmbh & Co. KG, Snap-on Incorporated, Robert Bosch GmbH, Continental AG, and Forward Lift Company (Dover Corporation), are focusing on expanding their product lineup by integrating flexibility in garage equipment in the automotive garage equipment market.
- Tier-1 players are strengthening their positions in the automotive garage equipment market by offering technologically advanced products.
Robert Bosch GmbH, Symach Srl, Nussbaum Automotive Solutions, MAHA Maschinenbau Haldenwang Gmbh & Co. KG, Snap-on Incorporated, SAMVIT GARAGE EQUIPMENTS, Continental AG, Forward Lift Company (Dover Corporation), and Standard Tools and Equipment Co., are some of the market participants in the global automotive garage equipment market.
Automotive Garage Equipment - Adapting With the Evolving Consumer Trends
The automotive sector has consistently embraced the onset of new innovations and technological advancements. In the current scenario, the automotive market is witnessing a rapid transformation owing to changing consumer demands, penetration of disruptive technologies, evolving environment protection regulations, and more among others. The aforementioned changes are likely to make a strong impact on automotive aftermarket and growth of the automotive garage equipment market.
The developing economies such as India and China are expected to create a flurry of opportunities for market players involved in the automotive garage equipment market owing to the growing sales of automobiles in recent years. Further, the introduction of new technologies in the automotive aftermarket including business models based on digitalization are some of the key factors that are likely to shape the future of automotive garage equipment market.
In recent years, consumer trends suggest a notable shift towards independent garages over a franchise garage as they offer similar range of services at an economical price. Thus, a steady growth in demand for automotive garage equipment from independent garages was observed and the trend is expected to continue in the coming years.
Lifting Equipment - Redefining Repair Shop Efficiency
For any automotive repair shop or a garage, lifting equipment are very critical to provide efficiency and perform certain tasks. Thus, independent garages or franchises are expected to identify which type of vehicle lifting equipment are the most suited for their operations. Some of the factors that impact the demand for automotive garage equipment from such facilities include, the type of vehicles that are repaired, common service offered, and the budget of the garage.
Lifting equipment are one of the most sought after automotive garage equipment and are used to perform various functions including, regular maintenance, inspection, and more especially in light-weight vehicles. Further, some variants of lifting equipment such as four-post lifts are deployed to cater to commercial vehicles, construction trucks, and utility vehicles.
In recent years, scissor lifts have gained significant acceptance owing to a range of benefits offered by them including, suitable lift design, swift service access, and optimum flexibility. The demand for scissor lifts is on the rise owing to their advantages while servicing heavy-weight vehicles. Although scissor lifts are gradually gaining traction owing to their operational benefits, two-post lifts remain one of the most widely used lifting equipment in the current market landscape.
APEJ Presents a Host of Growth Opportunities Owing to Franchise Penetration
In the last couple of decades, the automotive sector in the Asia Pacific excluding Japan soared at a rapid pace. Further, the advent of new franchises, need to refurbish existing repair station, and growing consumer preference towards independent automotive garage is likely to create lucrative opportunities in the coming years.
In addition, owing to the high number of motorbikes & scooters in China, India, and Vietnam, there is a significant increase in the number of independent and authorized OEM dealerships that are driving the growth of the automotive garage equipment market in the region. In addition, the shift towards adoption of new technologies and onset of digitalization is expected to create lucrative prospects for market players operating in the current market landscape.
Automotive Garage Market Outlook - The Impact of Innovations and Modernization of Repair Workshops
Some of the current trends in the automotive sector include, autonomous driving, digitalization, and growing demand for electric vehicles. Thus, the evolving landscape of the automotive sector has gradually impacted the automotive aftermarket as new innovations are making inroads towards auto-repair and maintenance techniques.
Independent garages are expected to adopt new technologies at a rapid pace to enhance garage operations and offer efficient customer experience. With the onset of digital technologies, automotive garage equipment manufacturers can track garages and provide equipment based on the requirement.
In recent years, concerns over the environment have compelled automotive manufacturers to develop hybrid and electric cars. Thus, original equipment manufacturers (OEMs) are focusing on expanding their product range to fulfil the demand for garage equipment required to service hybrid cars in the future.
The digitalization trend in the automation sector is expected to directly impact the growth of the automotive garage equipment market in the coming years. Manufacturers operating in the automotive garage equipment industry are leaning towards offering garage equipment that align with the current environmental norms, consumer trends, and digital advances.
How Growth Will Unfold
In the last decade, independent garages have garnered significant amount of popularity over franchise garage owing to several factors including, convenience, affordable pricing, and others. In addition, the growing demand for autonomous driving and improved mobility technology in automobiles is likely to influence the automotive garage equipment market.
In the current scenario, the automotive garage equipment market is fairly organized with tier-1 companies accounting for more than half of the global share. Major market players including, MAHA Maschinenbau Haldenwang Gmbh & Co. KG, Robert Bosch GmbH, Continental AG and more, are shifting their focus towards product development to consolidate their position in the market.
- 2 Wheelers
- Light Vehicles
- Heavy Vehicles
- Lifting Equipment
- Body Shop Equipment
- Wheel & Tire Alignment
- Vehicle Diagnostics & Testing
- Washing Equipment
- Other Tools
- Franchisee Garages
- Independent Garages
- North America
- Latin America
- Western Europe
- Eastern Europe