Garage Equipment Market: Current Analysis and Forecast (2022-2028)
Emphasis on Garage Type (OEM authorized garages and independent garages); Application (Body Shop Equipment, Diagnostic & Testing Equipment, Emission Equipment, Lifting Equipment, Washing Equipment, Wheel & Tire Equipment, and Others); Function Type (Electronic and Mechanical); Region (North America, Europe, Asia-Pacific, Rest of the World); and Region/Country
The global garage equipment market is expected to grow at a significant rate of around 6% during the forecast period. The automotive industry is experiencing an upsurge due to the continuously rising population and disposable incomes. The demand for garage equipment also increases owing to the increasing number of sales of automotive. Furthermore, due to the rising environmental concerns, governments are emphasizing the adoption of electric vehicles which in turn increases the need for the garage and advanced equipment. Additionally, the rising integration of advanced technology in the garage also catalyzes the market growth of garage equipment.
Robert Bosch GmbH, Continental AG, Istobal S.A., Aro Equipments Pvt. Ltd., Guangzhou Jingjia Auto Equipment Co. Ltd., Nussbaum Automotive Solutions Lp, Boston Garage Equipment Ltd., Arex Test Systems B.V., Vehicle Service Group, Gray Manufacturing Company Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Garage Type, OEM-authorized garage category to witness higher CAGR during the forecast period”
Based on the garage type, the market has been categorized into OEM-authorized garages and independent garages. Among them, the OEM-authorized garages adhesive segment is expected to have significant growth in the market. The rising demand for authorized and high-quality equipment is attributed to the segmental growth the OEM-authorized garages. Furthermore, the continuously improving technology of the vehicles and integration of the vehicle-specific equipment in the vehicle are also important reasons for the segmental growth.
“Amongst Applications, emission equipment segment to hold a significant share in the market in 2020”
Based on the application, the market has been categorized into body shop equipment, diagnostic & testing equipment, emission equipment, lifting equipment, washing equipment, wheel & tire equipment, and others. Among them, the emission equipment segment is expected to have significant growth in the market during the forecast period. The rising environmental concerns along with the increasing focus of governmental and non-governmental organizations attributed to the increasing segmental growth of the emission equipment.
“Amongst Function type, electronic segment to hold a significant share in the market in 2020”
Based on the function type, the market has been categorized into electronic and mechanical. Among them, the electronic segment is expected to have significant growth in the market during the forecast period. The increasing number of electric vehicles and the increasing number of electronic safety & tracking equipment are responsible for the growth of electronics in the garage equipment market.
“APAC to hold a significant share in the market”
For a better understanding of the market adoption of the garage equipment industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. The Asia Pacific witnessed the fastest growth during the forecast period. This is mainly due to the rising number of vehicles and the presence of emerging economies along with the increasing disposable income in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global garage equipment market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Garage equipment Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global garage equipment market were the three major steps undertaken to create and analyze the adoption of garage equipment in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global garage equipment market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the garage equipment market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the garage equipment market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as garage type, application, and functionality type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the garage equipment market. Further, we conducted factor analysis using dependent and independent variables such as the garage type, application, and functionality type of garage equipment. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Garage equipment market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global garage equipment market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the garage equipment market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global garage equipment market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Garage equipment market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the garage type, application, and functionality type in the global garage equipment market.
The main objective of the Global Garage Equipment Market Study
The current & future market trends of the global garage equipment market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the garage equipment market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the garage type, application, and functionality type.
- Define and analysis of the regulatory framework for the garage equipment industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the garage equipment market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the garage equipment market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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