Automotive Garage Equipment Market Expected to Reach $35.5 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Automotive Garage Equipment Market," The automotive garage equipment industry was valued at $17.3 billion in 2022, and is estimated to garner $35.5 billion by 2032, growing at a CAGR of 7.5% from 2023 to 2032.

Automotive garage equipment refers to a variety of tools and machinery used in automotive repair shops, service centers, and garages. These tools are essential for diagnosing, maintaining, and repairing vehicles. The most widely used garage equipment are lifting equipment, diagnostics and testing equipment, hand tools and power tools, and others.

The prime factors responsible for the growth of the global automotive garage equipment industry are  growing sales of automobiles globally, increasing vehicle complexity, as well as increase in demand for vehicle restoration, modification, and upgradation projects. Moreover, the development in the connected garage equipment as well as increasing inclination towards the adoption of electric and hybrid vehicles is anticipated to create lucrative growth opportunity for the companies operating in the market during the review period 2023-2032.

The global market is segregated into component, garage type, and region. Based on component type the market has been analyzed across lifting and hoisting equipment, diagnostic and testing equipment, wheel and tire equipment, hand tools and power tools, washing equipment, and others. On the basis of garage type the global market has been segmented into OEM-authorized garages and independent garages. Based on region the global automotive garage equipment industry has been analyzed across North America, Europe, Asia-Pacific, and LAMEA region.

In addition, the global market is highly competitive, with presence of several key players dominating the overall industry share. Prominent manufacturers are focusing on innovation, product differentiation, and strategic partnerships with other major manufacturers to maintain their market positions. 

In recent years, there is increasing growth towards an automobile restorations and increase in preference toward conserving vintage cars. Similarly, there is increasing inclination toward vehicle modifications, which include upgrading car components such as tires, exhaust systems, suspension, modified air intakes, spoilers, full body kits, paint works, and others. Thus, rise in inclination of consumers towards vehicle upgradation and visual enhancement of vehicles has created increase in demand for automotive garage equipment as they are extensively used in restoration projects.

In addition to this the growth in adoption of electric vehicle due to changing consumer preference, increasing disposable income and growing inclination of consumers towards the use of cleaner & and environmentally friendly mode of transportation, resulted in growing adoption of EV and hybrid vehicles, thus creating more demand for their maintenance and regular service further driving the demand for automotive garage equipment. Earlier, there were limited options for vehicle restoration, but due to technological advancement and analyzing the market demand,  major companies have emerged offering sophisticated car restoration and custom automobile projects. Classic vintage cars also fetch high market value after restoration, thus becoming a valuable asset for the owner.

Russia-Ukraine War Impact on Automotive Garage Equipment Industry

The war between Russia and Ukraine has had little impact on the worldwide automotive garage equipment industry. However, garage equipment hardware producers faced an acute shortage of raw materials coming from Russia and Ukraine. Because Russia is a significant steel supplier worldwide, the conflict increased the cost of raw steel. The war also resulted in decreased manufacturing, scarce inventory, and supply chain disruption, raising the overall price of garage equipment.

Furthermore, the war caused worldwide political insecurity, limiting manufacturers' ability to make long-term financial choices and grow their business activities, such as developing new product lines or making major capital expenditures as they get around an uncertain international geopolitical landscape.

The automotive garage equipment market leaders include companies such as Ravaglioli S.p.A., Robert Bosch GmbH, Continental AG, Mac Tools, Snap-on Incorporated, MAHA Maschinenbau Haldenwang GmbH & Co. KG, Hofmann Megaplan GMbH, Hunter Engineering Company, SK Professional Tools, and Boston Garage Equipment Ltd.

KEY FINDINGS OF THE RESEARCH STUDY

• By Equipment Type, the wheel and tire segment is anticipated to exhibit significant growth in the automotive garage equipment market in the near future.
• By Garage type, the independent garage segment is anticipated to exhibit significant growth in the market in the near future.
• By Region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.