The automotive industry is experiencing an upsurge due to the continuously rising population and disposable incomes. The demand for garage equipment also increases owing to the increasing number of sales of automotive. Furthermore, due to the rising environmental concerns, governments are emphasizing the adoption of electric vehicles which in turn increases the need for the garage and advanced equipment. Additionally, the rising integration of advanced technology in the garage also catalyzes the market growth of garage equipment.
The
Garage Equipment market is expected to grow at a steady rate of around 6% owing
to the rising number of motorsports events and the rising number of vehicles. This is attributed to the surge
in the production and sales of vehicles, increasing safety concerns amongst car
consumers, and rising sales of used vehicles is propelling the market’s growth.int
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According to UnivDatos
Market Insights (UMI)’ research report “Global Garage Equipment Market”,
the market is expected to witness robust growth during the forecast period (2022-2028).
This is mainly due to the growing sports activities and rising sports franchises.
Based on the garage type, the
market has been categorized into OEM authorized garages and independent garages.
Among them, the OEM-authorized garages adhesive segment is expected to have
significant growth in the market. The
rising demand for authorized and high-quality equipment is attributed to the
segmental growth the OEM-authorized garages. Furthermore, the continuously
improving technology of the vehicles and integration of the vehicle-specific
equipment in the vehicle are also important reasons for the segmental growth.
Based on the
application, the market has been categorized
into body shop equipment, diagnostic & testing equipment, emission
equipment, lifting equipment, washing equipment, wheel & tire equipment, and
others. Among them, the emission equipment segment is expected to have
significant growth in the market during the forecast period. The rising
environmental concerns along with the increasing focus of governmental and
non-governmental organizations attributed to the increasing segmental growth of
the emission equipment.
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Based on the function
type, the market has been categorized
into electronic and mechanical. Among them, the electronic segment is expected
to have significant growth in the market during the forecast period. The
increasing number of electric vehicles and the increasing number of electronic
safety & tracking equipment are responsible for the growth of electronics
in the garage equipment market.
Asia Pacific to witness extensive growth
For
a better understanding of the market adoption of the garage equipment industry,
the market is analyzed based on its worldwide presence in the countries such as
North America (U.S., Canada, Rest of North America), Europe (Germany, U.K.,
France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest
of Asia-Pacific), Rest of World. The Asia Pacific witnessed the fastest
growth during the forecast period. This is mainly due to the rising number of
vehicles and the presence of emerging economies along with the increasing
disposable income in the region.
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According to UnivDatos Market Insights (UMI)’,
the key players with a considerable market share in the Garage Equipment market
are Adidas AG, Columbia Sportswear, Dick's Sporting Goods Inc., Fanatics
Inc., G-III Apparel Group Ltd., Hanesbrands Inc., Nike Inc., Prada, Puma SE, and
Sports Direct International Plc.
“Global
Garage
Equipment Market” provides comprehensive qualitative and quantitative insights on
the industry potential, key factors impacting sales and purchase decisions,
hotspots, and opportunities available for the market players. Moreover, the
report also encompasses the key strategic imperatives for success for
competitors along with strategic factorial indexing measuring competitors’
capabilities on different parameters. This will help companies in the
formulation of go-to-market strategies and identifying the blue ocean for its
offerings.
Market Segmentation:
1. By
Garage Type (OEM authorized garages and independent garages)
2. By
Application (Body
Shop Equipment, Diagnostic & Testing Equipment, Emission Equipment, Lifting
Equipment, Washing Equipment, Wheel & Tire Equipment, and Others)
3. By
Function Type (Electronic
and Mechanical)
4. By
Region (North America, Europe, Asia-Pacific, Rest of
the World)
5.
By Company (Robert
Bosch GmbH, Continental AG, Istobal S.A., Aro Equipments Pvt. Ltd., Guangzhou
Jingjia Auto Equipment Co. Ltd., Nussbaum Automotive Solutions Lp, Boston
Garage Equipment Ltd., Arex Test Systems B.V., Vehicle Service Group, Gray Manufacturing
Company Inc.)
Key
questions answered in the study:
1.
What are the current and future trends
in the global garage equipment industry?
2.
How the industry has been evolving in
terms of garage type, application, and function type?
3.
How the competition has been shaping
across the countries followed by their comparative factorial indexing?
4.
What are the key growth drivers and
challenges for the global garage equipment industry?
5.
What is the customer orientation,
purchase behavior, and expectations from the global suppliers across various
region and countries?
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