The Latest Automotive Garage Equipment Industry Statistics Explained
The Global Automotive Garage Equipment Market size was valued at USD 9.6 billion in 2021.
The statistic “The Global Automotive Garage Equipment Market size was valued at USD 9.6 billion in 2021” indicates the total worth of the market for equipment used in automotive repair and maintenance activities worldwide in the year 2021. This figure represents the monetary value of all garage equipment, such as lifts, diagnostic tools, and tire changers, sold or utilized within the automotive industry during that year. The market size of USD 9.6 billion reflects the scale and economic significance of the automotive garage equipment sector, serving as a key indicator of the industry’s growth, demand, and overall economic impact on a global scale.
The Automotive Garage Equipment Market is expected to grow at a 4% CAGR from 2022 to 2028.
This statistic indicates that the Automotive Garage Equipment Market is forecasted to experience a Compound Annual Growth Rate (CAGR) of 4% from 2022 to 2028. This means that on average, the market is projected to increase by 4% each year during this period. The growth rate suggests a positive trend in the industry, indicating potential opportunities for businesses operating in the automotive garage equipment sector. Factors such as technological advancements, increasing demand for automotive services, and expanding automotive industry globally are likely contributors to this projected growth. Investors and stakeholders can use this information to make informed decisions regarding investments, expansion strategies, and market positioning in the automotive garage equipment market.
In 2020, the market for Vehicle Diagnostic Equipment, a sub-category of the Automotive Garage Equipment, occupied about 35% of the market share.
In 2020, the market for Vehicle Diagnostic Equipment, which falls within the larger category of Automotive Garage Equipment, held a significant share of approximately 35% of the total market. This statistic indicates that Vehicle Diagnostic Equipment was a prominent segment within the automotive industry that year, reflecting the importance of diagnostic tools and technologies in the maintenance and repair of vehicles. The substantial market share suggests a strong demand for these specialized tools among mechanics, automotive technicians, and car owners, highlighting the crucial role they play in identifying and resolving vehicle issues efficiently. The data underscores the significance of Vehicle Diagnostic Equipment in the automotive sector and its contribution to the overall market dynamics in 2020.
The lighting and electronics Garage Equipment is expected to achieve over 5% CAGR due to increased use in daily garage operations.
This statistic suggests that the industry of lighting and electronics garage equipment is projected to experience a Compound Annual Growth Rate (CAGR) of over 5% in the coming years. This growth is anticipated to be driven by a rising demand for such tools and technology in everyday garage operations. As the use of advanced lighting and electronic equipment becomes increasingly integrated into the automotive repair and maintenance sector, the industry is expected to expand steadily. This trend indicates a positive trajectory for businesses operating in this market, signaling opportunities for growth and development in the near future.
North America Automotive Garage Equipment industry will grow at a 3.5% CAGR through 2028.
This statistic indicates that the North America Automotive Garage Equipment industry is projected to experience a Compound Annual Growth Rate (CAGR) of 3.5% over the period spanning from the current year to 2028. This suggests that the industry is expected to gradually expand and increase its market size at a steady rate over the specified timeframe. Factors driving this growth could include increasing demand for automotive maintenance and repair services, technological advancements in garage equipment, and overall economic conditions in the region. The forecasted CAGR serves as a valuable metric for industry stakeholders to anticipate future trends and plan their strategies accordingly.
Asia Pacific accounted for a significant share in the Automotive Garage Equipment Industry in 2021.
The statement ‘Asia Pacific accounted for a significant share in the Automotive Garage Equipment Industry in 2021’ suggests that the region of Asia Pacific had a considerable portion of the market in the automotive garage equipment industry compared to other regions in the year 2021. This statistic indicates that a large number of automotive garage equipment products such as tools, machinery, and accessories were sold or manufactured in the Asia Pacific region during that year, signifying its importance and influence in the industry. Factors such as economic growth, technological advancements, and the presence of key market players in the region may have contributed to its significant share in the industry.
The adoption of advanced vehicle technology is set to drive the global market for Automotive Garage Equipment.
The statistic indicates that the global market for Automotive Garage Equipment is expected to experience growth as a result of the increasing adoption of advanced vehicle technology. This suggests that as vehicles become more technologically advanced, such as with features like electric powertrains, self-driving capabilities, and advanced safety systems, there will be a growing demand for specialized equipment used in garages and workshops to service and maintain these vehicles. This trend underscores the importance of keeping pace with technological advancements in the automotive industry to meet the evolving needs of vehicle owners and manufacturers.
Hand tools segment accounts for the largest share of the aftermarket garage equipment segment.
The statement suggests that within the aftermarket garage equipment segment, the category of hand tools holds the most significant portion of the market share compared to other types of equipment. This indicates that hand tools are a popular and essential choice for consumers and professionals in the automotive repair and maintenance industry. The dominance of hand tools in this segment may be attributed to various factors, such as their versatility, affordability, ease of use, and wide range of applications. This statistic highlights the importance and demand for hand tools within the aftermarket garage equipment market, indicating a strong preference for these tools among users.
The garage equipment market size is expected to grow significantly by 2027.
The statement “The garage equipment market size is expected to grow significantly by 2027” indicates that there is a forecasted increase in the overall market value of garage equipment between the present time and the year 2027. This growth is projected to be substantial, suggesting that there may be significant opportunities and advancements within the garage equipment industry over the coming years. Factors such as technological advancements, increasing demand for automotive services, or other industry trends may be driving this anticipated growth. Companies operating within the garage equipment sector may expect to see expanding market opportunities and potential for increased revenue as this growth is realized.
Europe is a significant revenue contributor in the garage equipment market due to a rise in the number of garages and service stations.
The statistic suggests that Europe plays a crucial role in driving revenue growth in the garage equipment market, largely attributed to the increasing number of garages and service stations in the region. This indicates a growing demand for garage equipment such as lifts, diagnostic tools, and other automotive service tools to cater to the expanding infrastructure of garages and service stations. The rising trend signifies an opportunity for businesses operating in the garage equipment industry to capitalize on the European market and tailor their products and services to meet the needs of the growing automotive service sector in the region, ultimately leading to a significant revenue contribution from Europe in the global garage equipment market.
The garage lifts category represents a large share of the market in North America.
The statistic that the garage lifts category represents a large share of the market in North America suggests that the sale and use of garage lifts are prevalent within the region. This indicates that garage lifts are popular among consumers and are widely adopted in the automotive industry. Given the significance of the market share, it implies that there is high demand for garage lifts, potentially driven by factors such as increased awareness of their benefits in terms of convenience, safety, and space optimization in residential and commercial settings. Additionally, the statistic may suggest that there is a competitive landscape within the garage lift industry in North America, with various companies vying for market share in this particular category.
Automated test equipment is predicted to grow with the highest CAGR in the forecast period 2020-2025.
The statistic that automated test equipment is predicted to grow with the highest compound annual growth rate (CAGR) in the forecast period 2020-2025 indicates that this particular sector within the testing equipment industry is expected to experience the most rapid rate of expansion during this time frame. This forecast suggests that companies and industries utilizing automated test equipment are likely to increase their adoption of such technology at a significant pace over the next five years. Factors driving this growth could include advancements in technology, the need for increased efficiency and accuracy in testing processes, and the overall trend towards automation in various sectors. This statistic serves as a key indicator for potential opportunities and trends in the automated test equipment market for investors, businesses, and stakeholders to consider.
The global garage equipment market was valued at USD 5.1 billion in 2019.
The statistic indicates that the global garage equipment market generated a revenue of USD 5.1 billion in the year 2019. This figure represents the total value of sales for various equipment used in garages across the world during that particular year. The value factors in the prices at which the equipment was sold and gives an overall snapshot of the size and economic importance of the garage equipment industry on a global scale. This information is crucial for analyzing market trends, forecasting future growth potential, and making informed business decisions within the garage equipment sector.
In 2020, China held the highest share in the Asia Pacific garage equipment market.
The statistic indicates that in 2020, China had the largest market share in the garage equipment market across the Asia Pacific region. This suggests that China was the leading country in terms of sales, production, or consumption of garage equipment compared to other countries in the region. The high market share held by China signifies its strong presence and dominance in the garage equipment industry, highlighting its significant contributions to the market’s size and growth in the Asia Pacific region during that period.
Independent garages dominated the market and accounted for over 58% of the total revenue in 2020.
The statistic indicates that independent garages were the leading players in the market and contributed significantly to the revenue generated in 2020, accounting for more than half (58%) of the total revenue. This suggests that independent garages were preferred by consumers over other types of garages, such as dealerships or franchise locations, for their automotive repair and maintenance needs. The dominance of independent garages in the market could be attributed to factors such as competitive pricing, personalized service, and convenience, which may have appealed to a large portion of customers seeking reliable and cost-effective automotive services.
The vehicle lift segment of Garage Equipment accounted for more than 35% of the revenue share in 2020.
The statistic indicates that in 2020, the revenue generated from vehicle lift equipment within the Garage Equipment segment accounted for more than 35% of the total revenue. This suggests that vehicle lift equipment was a significant contributor to overall sales within the Garage Equipment industry during that year. The high revenue share attributed to vehicle lifts may point to strong demand for this type of equipment, potentially driven by factors such as increased vehicle maintenance needs or advancements in automotive technology. Understanding the specific contribution of vehicle lifts to the overall revenue share can provide valuable insights into market trends and consumer preferences within the Garage Equipment sector.
The washing and cleaning machines segment is expected to register the fastest CAGR of 6.2% during 2021-2028.
This statistic indicates that the washing and cleaning machines segment is projected to experience the highest Compound Annual Growth Rate (CAGR) of 6.2% between the years 2021 and 2028. This suggests a strong anticipated growth rate in demand for washing and cleaning machines during this time period. Factors such as changing consumer preferences, technological advancements, and increasing awareness about hygiene and cleanliness may contribute to this expected growth. Businesses operating within this segment might benefit from this growth trend by capitalizing on the opportunities presented by the increasing demand for washing and cleaning machines.
The OEM end-use segment is projected to reach USD 4.7 billion by 2028.
This statistic indicates a projected value of USD 4.7 billion for the OEM (Original Equipment Manufacturer) end-use segment by the year 2028. The term “OEM end-use segment” typically refers to the market for products or components that are sold directly to manufacturers for incorporation into their own products. This projection suggests a significant growth in the market value of products or components supplied to OEMs, indicating potential increased demand or market opportunities within this specific sector for the given time frame of 2028.
The Diagnostic Equipment market segment is expected to reach USD 5.49 billion by 2028.
This statistic indicates a projected growth in the Diagnostic Equipment market segment, with an expected market value to reach USD 5.49 billion by the year 2028. This value represents the estimated total revenue generated from the sale and usage of diagnostic equipment within the market segment. The growth in market value suggests an increasing demand for diagnostic equipment, such as imaging devices, laboratory analyzers, and point-of-care testing devices, driven by factors such as advancements in technology, increasing prevalence of chronic diseases, and the growing importance of early detection and accurate diagnosis in healthcare settings. This projection provides insights for industry stakeholders and investors to understand the potential opportunities and trends within the Diagnostic Equipment market segment over the coming years.
Demand for more advanced diagnostic equipment in the aftermarket sector, specifically the garage sector, is increasing and therefore boosting the overall market.
The statistic suggests that there is a rising trend in the demand for advanced diagnostic equipment within the aftermarket sector, particularly in the garage industry. This increase in demand is expected to have a positive impact on the entire market, likely driving growth and improving overall industry performance. The need for more sophisticated diagnostic tools in garages points towards a shift towards advanced technology and higher standards for maintenance and repair services. As vehicles become more complex and technologically advanced, there is a growing need for accurate and efficient diagnostic equipment in order to effectively identify and address issues. This trend reflects a recognition of the importance of quality and precision in vehicle maintenance, which is essential for ensuring vehicle safety and performance.
References
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