Global Garage Equipment Market is Estimated to be Worth USD 6.1 billion in 2019 and is Projected to Reach USD 10.7 billion by 2027, at A CAGR of 7.4% From 2019 to 2026: Proficient Market

Proficient Market announces the release of the report “Global Garage Equipment Market – Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2014 – 2026″ to its research database. This Global Garage Equipment Market report analyzes the comprehensive overview of the market comprising an executive summary that covers core trends evolving in the market.

According to the report, global garage equipment market in 2019 stood at USD 6.1 billion and is expected to reach USD 10.7 billion by 2027 growing at a CAGR of 7.4% from 2019 to 2026.

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Garage Equipment are the equipment which are utilized to keep vehicle in good condition, as regular maintenance becomes highly essential. Different type of equipment that are being used in garage for maintenance of vehicle include lifting equipment, tire changer, emission equipment, wheel balancer and others equipment. Also, with advancements in performance, safety and repair of vehicles are equally important. Moreover, continuous changes in the automotive sector, such as lightweight engine to make comfortable ride, adoption of airbags for safety purpose, and advancement in equipment such as automotive jacks, welding tools, wheel balancer, lifting equipment, tire changer and others plays an important role to the garage equipment market.

Global Garage Equipment Market Key Players: The research study includes profiles of leading companies operating in the global garage equipment market. Key players profiled in the report include:
Dover Corporation
Continental AG
Robert Bosch GmbH
Snap-On Incorporated
Fortive Corporation
Cemb S.P.A
Boston Garage Equipment Ltd
Aro Equipment Pvt. Ltd
Arex Test Systems B.V.
Beissbarth Automotive Service Equipment

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Drivers for the Global Garage Equipment Market: According to current market condition, increasing automotive production, stringent rules and regulations regarding vehicle’s fuel efficiency, emission norms, and rising demand for garage equipment’s are some of the factors expected to drive the growth of the target market over the forecast period. Also, with growing automotive and related service and maintenance sector, the demand for related garage equipment is bound to remain strong over the forecast period. Another prominent factor driving the garage equipment market is increasing average age of vehicle. In addition, growing consumer awareness and spending for vehicle safety is further escalating the garage equipment market growth.

Opportunities for the Global Garage Equipment Market: Increasing preference towards quality and authentic products, service centers are entering into partnerships with OEM’s which create a lucrative opportunity to grow the market during forecast period. Apart from authorized service center, multi brand service center have come to existence, thereby driving demand for related garage equipment. Moreover, rising demand for electronic control unit and other electronic features as well as increasing integration of advanced driver assistance system in vehicles are the major factor likely to offer lucrative growth opportunity to the market in the upcoming years.

Restrains for the Global Garage Equipment Market: International trade regulations and increasing cost of vehicles are few factors anticipated to restrain the growth of global garage equipment market during the forecast period. Also, availability of original equipment parts at a lower cost is expected to restrict the rate of garage uses and repair activities will restrict the market growth.

Region Wise, Global Garage Equipment Market Analysis: On the basis of region global garage equipment market include North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all Asia Pacific lead the global garage equipment market as Asia pacific is the leading geographical region for production of light vehicle with more than 30% of global production. With the rising in the sales, shares of garage equipment market is set to witness an upswing in the coming year. Due to this unorganized nature of the market, independent garage segment holds largest share of garage equipment market in Asia pacific region. Asia pacific region is followed by North America and Europe.

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Global Garage Equipment Market: Product analysis
OEM authorized garage
Independent garage

On the basis of type, Independent garage accounted for largest share of total revenue generated. Due to the increasing repair and maintenance cost in the OEM authorized garages, the car owners are getting their cars serviced from independent garages.  Such trends will increase the demand for garage equipment for independent garages.

Global Garage Equipment Market: Application analysis
Body Shop Equipment
Diagnostic & Testing Equipment
Emission Equipment
Lifting Equipment
Washing Equipment
Wheel & Tire Equipment
Others

The emission equipment segment is expected to be the fastest-growing market during the forecast period. The increasing pollution level is one of the major concerns for the government and OEMs around the world. Common emission equipment includes exhaust gas analyzers, diesel smoke meters, and emission testers. This equipment measures various pollutants such as carbon monoxide, carbon dioxide, and nitrogen oxides. Such toxic compounds present in combustion gases have an adverse effect on the health conditions of people living in urban areas. Long term exposure to pollutant gases can even lead to permanent health deteriorations.

Global Garage Equipment Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East

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