The value of automotive garage equipment has recorded a constant rise from 2012. The recently concluded research indicated the future market is projected to be high and is contributed by various factors.
Between 2017 and 2027, the automotive garage equipment is estimated to experience a market rise of 4.1% and by the end of 2017, its market value is expected to be $10 billion. The equipment market is segmented by the region, vehicle type and garage type. By the end of 2027, the garage type segment is estimated to reach $4.7 billion. The vehicle type segment which dominates the market, on the other hand, is expected to have a value of 4.3%. Considering the region segment, the Middle East, and Asia Pacific with exception of Japan proves to be lucrative grounds for business.
The main factor is attributed to increasing vehicle average age which calls for demand of more replacement and maintenance components in vehicles. As existing independent repair shop are upgraded, and franchisers become more in the market, the demand for automotive garage equipment is triggered. There are other strict rules and regulations which also lead to an increase in the demand for diagnostic equipment.
Moreover, the consumers are also educated on the need to repair vehicles and ensure the safety of vehicle which leads to increase in demand. Besides, the high replacement demand for new and advanced product solutions calls may lead to more demand as well as the rise in sales of second-hand vehicles. Other factors contributing to the rise in demand for automotive garage equipment include the increase in the number of specialty tire shops, rise in OEM dealerships and increased demand for the equipment from independent garage owners.
During the market study, main key players such as Continental AG, Nussbaum Automotive Solutions Lp, MAHA Mechanical Engineering Haldenwang GmbH & Co. KG, LKQ Coatings Ltd and Sarveshwari Technologies Limited (SARV) are considered. Other players also considered include Aro Equipments Pvt. Ltd., Robert Bosch GmbH, Arex Test Systems B.V and others.