The Global Garage Equipment Market was worth US$ 8.91 billion in 2022 and is anticipated to reach a valuation of US$ 11.71 billion by 2028 and is predicted to register a CAGR of 4.92% during 2023-2028.

Garage equipment is frequently defined as a group of goods and tools intended to deliver high-performing and exceptionally high-quality services to garage owners and end-users of that equipment. Examples of such services include body shops, wheel & tire maintenance, emission testing, vehicle lifting, vehicle diagnosis & testing, and various others. The functioning of this equipment varies, and each type of equipment offers several levels of usage.

The market is being driven by elements such as the introduction of autonomous vehicles, the adoption of cutting-edge connectivity features, OEM and government expertise in electric vehicles, the utilization of sensor data for preventive maintenance, and worries about vehicle and passenger safety.

Market Drivers and Restraints:

The market is expected to grow as more companies become specialized in the sale of used or pre-owned vehicles, and as more mandates and regulations are implemented requiring scheduled and routine vehicle inspections. Additionally, the number of cars on the road globally is expected to increase, and more companies are becoming more specialized in the adoption of digital services by various market segments.

The presence of various trade regulations and unfavorable conditions for the trade of heavy equipment is predicted to impede the market growth. Additionally, the availability of original equipment parts at lower prices is predicted to slow garage use and restrain the expansion of the repair industry. High maintenance and repair costs for luxury vehicles are also predicted to restrain market growth.

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The report is segmented as follows:

The Garage Equipment Market is segmented by Type; the Market is segmented by Application; the Market is segmented by Installation Type; the Market is segmented by Function Type; the Market is segmented by Vehicle Type:

By Type (OEM Authorized Garage and Independent Garage)

By Application (Body Shop Equipment, Diagnostic & Testing Equipment, Emission Equipment, Lifting Equipment, Washing Equipment, Wheel & Tire Equipment, and Others)

By Installation Type (Mobile and Fixed)

By Function Type (Electronic and Mechanical)

By Vehicle Type (Passenger Cars and Commercial Vehicles)

Market Regional Segmentation:

The development of the garage equipment sector is supported by the fact that the North American automotive industry is among the most developed in the world. The US is the main nation driving the regional market's expansion. The nation's automotive sector is geared toward technological advancement, innovation, and the creation of high-performance and fuel-efficient vehicles. The OEMs had implemented enhanced features as a result of the developments in sensors and IoT devices. Within the anticipated years, the nation is expected to play a significant role in the development of driverless vehicles. Additionally, sales of commercial vehicles rose in this region by 6.9%. The demand for more garage equipment will be influenced by the increasing logistical requirements and innovation from American OEMs. The North American Free Trade Agreement (NAFTA) has also encouraged the growth of the automobile sector in the area. The demand for high-end connected automobiles has been fueled by the vast consumer base and high-income levels in the nation. Future demand for garage equipment would be boosted by the rise in the number of those automobiles.

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Impact of the COVID-19 pandemic on the market:

Due to initial lockdowns that caused garages to close and a decrease in car production, the COVID-19 pandemic had a detrimental effect on the market. However, once limits were loosened in the first half of 2021, the market picked up speed. With the majority of consumers starting to adopt personal vehicles to suit their daily commuting demands, consumer demand in the automotive industry is primarily sustained by used car sales and consumer propensity toward vehicle maintenance.

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