The global automotive garage equipment market in 2022 was US$ 24.4 billion and is estimated to be US$ 26.8 billion in 2023. Future Market Insights has mentioned in its reports that the Automotive Garage Equipment Market is predicted to expand at a CAGR of 8.94% between 2023 and 2033, totalling around US$ 63.1 billion by 2033.
Original equipment manufacturers (OEMs) and franchisee garages may use digital improvements in garage equipment to boost sales in the next years. Furthermore, sales of lifting equipment such as double-post lifts and four-post lifts for moving light and heavyweight vehicles are expected to increase throughout the evaluation period.
One of the important drivers of this change in growth rate is the development of new mobility solutions, which is driving demand for repair and maintenance services, which is explained by automation in software, systems, and services.
The industry is expected to grow as OEMs prioritise acquiring useful data and improving vehicle performance. Automobile manufacturers are moving towards technological advancements and the development of fuel-efficient vehicles. Furthermore, the need for automobile garage equipment is expected to rise.
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High demand for electric and hybrid passenger vehicles across the globe acts as one of the major drivers of the automotive garage equipment market”, comments a Future Market Insights Analyst.
Key Innovation of the Market Players in the Market
- In June 2023, ISTOBAL showcased its new M'WASH3 PRO rollover at Autozum 2023, the leading Austrian trade show for the car wash, service station, and dealership industry, held at Messezentrum Salzburg (Stand 09-0200).
The company is exhibiting for the first time at a show and on the international market. This innovative high-end equipment is aimed at increasing profitability in carwashes and improving the user experience through efficient and connected technology.
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https://www.futuremarketinsights.com/reports/automotive-garage-equipment-market
Some of the prominent players in the global market are-
- MAHA Maschinenbau Haldenwang Gmbh & Co. KG
- Snap-on Incorporated
- Robert Bosch GmbH
- Continental AG
- Forward Lift Company (Dover Corporation)
- VisiCon Automatisierungstechnik GmbH
- Standard Tools and Equipment Co.
- Symach Srl
