Automotive Garage Equipment Market overview:
The tools of the car repair shop Market size is expected to increase by more than a market CAGR of 4.22% between 2021 and 2027. As throughout the historic projected timeframe, which concluded in 2019, global demand reached a market amount of 6.1 billion USD. Along with this, there has been a sharp rise in the number of new building initiatives in the commercial and residential sectors, with industry expansion being supported by expanding industrialization. The industry anticipates continuing to expand and reaching a global size of 10.7 billion USD as a consequence.
Because of the reasonable labor rates at independent workshops, the overwhelming of automobile customers seek their services after their warranties have expired. To draw buyers of luxury vehicles, authentic after-market items have also expanded dramatically in private workshops. Additionally, automobile customers are servicing their vehicles in independent facilities because of the growing expenses of repair and service at OEM-certified facilities.
The COVID-19 epidemic has spread throughout the world. Home invasions were enacted throughout most nations in March 2020 when the WHO declared coronavirus to be an epidemic. Sector participants have been forced to permit their personnel to operate distantly and virtually as a result of the stringent limits that government authorities have placed. However, throughout the assessment phase, which ends in 2027, the extensive expansion of the global automotive garage equipment market is anticipated to be supported by the implementation of automatically created technologies that reduce human interaction in manufacturing and production operations. The broad application of technology, such as automation systems and sophisticated communications, has guaranteed the ongoing operation of enterprises during the epidemic and increased job efficiency.
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Excavator income growth and purchases of associated goods will probably be major factors in driving revenue for the automotive garage equipment market. The items' increased consumption can be traced to their extensive use in the construction of offices and homes. The industry analysis reveals that there has been a huge requirement for the items, and as a result, it is anticipated that the era started loss from the epidemic will be recovered. Over the anticipated period, it is also anticipated that the variable level of digger sales will have an impact on the worldwide expansion of the automotive garage systems industry.
Automotive Garage Equipment Market segmentation:
This market is segmented into three major groups that are type of equipment, type of vehicle, and in the last type of garage.
Based on the type of equipment this is segmented into wheel & tire service Equipment, vehicle Diagnostic & testing Equipment, washing equipment, lifting equipment, body shop equipment, and other tools.
Based on the type of vehicle this is segmented into passenger cars and commercial vehicles. Based on the type of garage this is divided into automotive OEM dealerships, franchised garages, and independent garages.
Automotive Garage Equipment Market Regional classification:
This market is classified into five major regional groups that are Asia-Pacific, North America, Europe, and the rest of the world.
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Automotive Garage Equipment Industry news:
The major player in this market is Robert Bosch GmbH (Germany), Istobal S.A. (U.S.), Aro Equipments Pvt. Ltd. (India) and Boston Garage Equipment Ltd (UK).