The size of the garage equipment market is about USD 9,320.5 million in 2023, which will touch USD 13,390.8 million by 2030, powering at a compound annual growth rate of 5.4% by the end of this decade.
This is as a result of the enormous increase in the production and vehicle sales, because of tech progressions and the snowballing populace all over the globe.
The industry is strongly powered by the advent of autonomous vehicles, carrying exclusive needs and challenges for repairs and maintenance.
They are unified with sophisticated computing systems and sensors; therefore, they need particular diagnostic apparatus to access and understand data from these intricate systems. This leads to heavy funds in cutting-edge tools and software for finding and solve these precise issues.
Independent garages dominate the garage equipment market with a share of 65%, and it will grow at a rate of about 5.8%.
This is as a result of the flexibility and autonomy they offer to customers, as they are not bound by the strategies of large repair shop networks or OEM. They offer the flexibility to customers to pick maintenance plans as per their precise requirements and budget.
The emission equipment will grow the fastest at a rate of more than 6.3%, in the years to come and hold a share of about 20%.
The dominance of the region is because of its robust and cutting-edge automotive sector. There is a long history of production of vehicles, innovation, and tech progressions. There is also the highest rate of vehicle ownership per capita at a global level in the region. The large count of automobiles on the road produces an incessant requirement for repair services and equipment.
The introduction of autonomous and electric cars all over the world has a lot to do with the increasing demand for garage equipment. The trend will continue in the years to come as well.
