Booming automotive sector has given substantial rise to a burgeoning automotive garage equipment market. With consistent rise in automotive sales, the related service & maintenance sector has demonstrated immense growth over the period of time. Apart from authorized service centers, multi-brand service centers have come into existence, thereby driving additional demand for related garage equipment. With growing automotive and related service & maintenance sectors, the demand for related automotive garage equipment is bound to remain strong over the forecast period. Another prominent factor driving the automotive garage equipment market is increasing average age of vehicles. In addition, growing consumer awareness and spending for vehicle safety is further escalating the automotive garage equipment market growth.
Automotive garage equipment include wide array of products including air compressors, automotive jacks, battery chargers, engine tools, jack mounts, welding tools and other automotive maintenance related tools. One of the most prominent trends observed in automotive garage equipment market is increasing OEM dealerships. With increasing preference of consumers towards quality and authentic products, service centers are increasingly entering into partnerships with OEM. This is primarily followed by third-party multi-brand service centers with an aim providing enhanced quality service to their customers.
Asia Pacific dominates the global automotive garage equipment market and is expected to grow with the highest growth rate over the forecast period. Asia Pacific is the leading geographical region for production of light vehicles with more than 30% of global production. With the rising automotive sales, shares of automotive garage equipment market is set to witness an upswing in the coming years. Automotive garage equipment market is significantly unorganized in Asia Pacific region. Due to this unorganized nature of market, independent garage segment holds largest share of automotive garage equipment market in Asia Pacific.
On the other hand, rising penetration of franchises, growing awareness of consumers for quality of service offered, pairing up of small independent shops with fleet operators to gain more maintenance contracts are shifting the nature of automotive garage equipment market towards organized service sector. Europe holds the 2nd position in market share due to presence of huge automobile manufacturing sector.
The global Automotive Garage Equipment Market is segmented on the following basis:
Key Players Identified in Automotive Garage Equipment Market include but are not limited to:
Arex Test Systems B.V., Nussbaum Automotive Solutions Lp, Snap-on, Inc., VisiCon Automatisierungstechnik GmbH, Oil Lube Systems Pvt. Ltd., Standard Tools and Equipment Co., Inc., Symach srl, Gray Manufacturing Company, Inc., Vehicle Service Group, Con Air Equipments Pvt. Ltd., Istobal S.A., LKQ Coatings Ltd., Aro Equipments Pvt. Ltd., Continental AG, Robert Bosch GmbH, MAHA Mechanical Engineering Haldenwang GmbH & Co. KG, Boston Garage Equipment Ltd. and others.