Global Garage Equipment Market is valued at US$ 5,504.8 Mn in 2018 and is expected to reach US$ 9,406.4 Mn by 2029 growing at a CAGR of 6.37% over the Forecast Period, Owing to Increasing Sales of Pre-owned Vehicles, says Absolute Market Insights.The advent of transportation on-demand services like Uber, coupled with availability of used/pre-owned cars especially in countries like India, Indonesia, Argentina, and China amongst others, is decreasing the sale of new cars around the globe. Also, many countries are exporting used vehicles to under developed countries like Cambodia, Myanmar, and Nigeria. Countries like U.S.A and Japan have been supplying used cars to Mexico and Nigeria. More than 800,000 used cars have been shipped out of the U.S.A. since 2013. During the process of exportation there are mandatory checks regarding the condition of the automobile to ensure non accessible automobiles are not shipped to other countries. Owing to this export and sales regulations on pre-owned cars, the garage equipment market is also expected to experience an increase in sale over the forecast period.
Access the Full Report @ https://www.absolutemarketsinsights.com/reports/Garage-Equipment-Market-2019-2027–345
According to the National Auto Auction Association (NAAA) of United States the auction of pre-owned cars has experienced a rise of 1.8% and has reached to 39.3 million in 2017. Individuals before selling a used car generally tend to repair the whole vehicle and bring it in a better driving condition and therefore, there has been a rise in the demand of garage tools and equipment. Equipments segments like lifting equipments, body shop equipments, washing equipments and AC recovery units are expected to increase owing to its application in used cars. Additionally pre-owned vehicles need regular maintenance for optimum performance. The evolution of garage as a service ensures that the owners have a hassle free maintenance and repair. Also, the rising awareness among users regarding the need to perform regular checks on emission, oil use, engine performance, tire alignment, etc.to ensure car’s fuel efficiency is contributing to the growth of the global garage equipment market.
The detailed research study provides qualitative and quantitative analysis of garage equipment market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- In terms of revenue, global garage equipment market is expected to reach US$ 9,406.39 Mn by 2029, owing to the numerous applications of equipment maintenance.
- On the basis of equipment type, emission equipment segment is expected to witness highest CAGR over the forecast period (2019 – 2029) owing to stringent government regulations to decrease the percentage of carbon dioxide emission by vehicles.
- On the basis of region, North America is expected to grow at a CAGR of 7.89% during the forecast period owing to the increasing number of strategic initiatives taken by the key market participants present in the region.
- Independent garages are expected to hold the maximum share in the garage equipment market during the forecast period owing to use of authorized products, affordable labor cost and preferred options of preventive maintenance by individuals
- Some of the major players operating in the garage equipment market are Beissbarth GmbH, HELLA GmbH & Co. KGaA, Fortive, Arex, Dover Corporation, and Snap-On Incorporated amongst others.
Garage Equipment Market:
- By Equipment Type
- Body Shop Equipment
- Emission Equipment
- Lifting Equipment
- Jacking Equipment
- Washing Equipment
- Wheel and Tire Equipment
- Engine Repair Equipment
- Pneumatic Tools
- AC Recovery Units
- Lube Equipment
- Others
- By Function Type
- Electronic
- Mechanical
- By End User
- General Garage
- Service Station
- Specialist Repair
- By Garage Type
- Independent Garage
- Franchise Dealership
- By Vehicle Type
- Two Wheelers
- Three Wheelers
- Four Wheelers
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Contact Us:
Company: Absolute Markets Insights
Email Id: sales@absolutemarketsinsights.com
Phone: IN +91-740-024-2424, US +1-510-420-1213
Contact Name: Shreyas Tanna
Website: www.absolutemarketsinsights.com