Garage Equipment Market To Generate $13,390.8 Million Revenue by 2030

The global garage equipment market revenue is expected to reach USD 13,390.8 million by 2030, exhibiting a CAGR of 5.4% during 2024–2030.

This will be due to the implementation of stringent emissions concerns in view of the surging concerns over environmental pollution, which create the requirement for the periodic checking of vehicles’ exhaust systems. Further, with the emergence of autonomous and electric vehicles, the need for advanced diagnostic equipment and highly skilled auto repair professionals has risen. Owners of old garages are also looking to update their equipment, especially lifting equipment, such as double- and four-post lifts.

Further, because of the surging strictness of emission norms, the emission equipment category is dominating the market. Many countries around the world have made it necessary to regularly inspect vehicles for the concentration of GHGs and other pollutants in their exhaust.

Passenger Cars Dominate Market

The passenger cars category dominates the market with a revenue share of 45%, and it is set to grow at a significant CAGR, of 5.8%.

This is because passenger cars outnumber other types of vehicles, such as commercial trucks and heavy machinery. The surging volume of passenger cars on the road creates an enormous demand for equipment for various repair and maintenance purposes.

The disposable income of individuals has increased globally in the last two decades, thus resulting in the burgeoning sale of cars for personal use. Cars require regular maintenance & repairs, including oil changes, tire rotations, and brake inspections. This consistent need for servicing creates a steady demand for garage equipment among DIY car owners and garages.

Additionally, an increasing number of auto enthusiasts are investing significantly to enhance the performance or aesthetics of cars. This trend boosts the demand for specialized garage equipment, according to the customization needs. Further, many car enthusiasts prefer to perform basic maintenance tasks themselves, such as oil changes and brake pad replacements, thus driving the demand for the associated equipment.

Asia-Pacific To Witness Fastest Growth

The APAC region is set to experience the fastest growth in the market during the forecast period, due to the booming automotive industry in China, India, Japan, and South Korea. These countries are major manufacturers of vehicles, both for domestic usage and export. Moreover, this region continues to witness a considerable increase in vehicle ownership, especially passenger cars and motorcycles. As the disposable income of the middle class expands and economies grow, more people will be able to afford vehicles.

Moreover, this region is going through rapid urbanization and industrialization, thus leading to increasing commuting and transportation needs. As urban areas expand and the infrastructure improves, the demand for garage equipment to support vehicle maintenance & repair will rise. The automotive industry in this region is also embracing technological advancements quickly, which, in turn, leads to the demand for specialized MRO equipment.

Moreover, as environmental concerns are increasing, inhabitants are gradually shifting toward electric vehicles. EVs have different maintenance requirements than traditional internal combustion engine vehicles, thus creating a demand for new kinds of tools and systems for servicing. The awareness of vehicle safety is also increasing; therefore, more consumers now prefer regular automobile maintenance and inspection, thus catapulting garages to a position of even more prominence.

The top companies manufacturing garage equipment are BorgWarner Inc., Robert Bosch GmbH, Continental AG, Vehicle Service Group, VisiCon Automatisierungstechnik GmbH, Symach Srl, Otto Nussbaum GmbH & Co. KG, Sarveshwari Engineers, Boston Garage Equipment Ltd., and Gray Manufacturing Company Inc.