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Automotive Garage Equipment Market Trends

Report ID: GMI8638
Published Date: Mar 2024
Report Format: PDF

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Automotive Garage Equipment Market Trends

The surge in demand for sophisticated diagnostic equipment is a key trend propelling the market forward. As vehicles become more complex with advanced systems like ADAS and hybrid powertrains, the need for precise and efficient diagnostics grows. Garage equipment manufacturers are responding by developing innovative tools capable of handling these complexities. This trend improves maintenance accuracy and efficiency and ensures vehicles are serviced to meet modern safety and performance standards, fueling market growth. For instance, in October 2023, Midtronics introduced its groundbreaking AI battery tester, showcasing the innovative MDX-AI core technology for the first time in a product.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of automotive garage equipment reached USD 9.1 billion in 2023 and is set to grow at around 4.5% CAGR between 2024 and 2032, due to increased awareness of benefits, like safety enhancements and efficiency improvements.

The passenger vehicle segment may hold 63% of the market share by 2032, owing to the higher prioritization of vehicle upkeep and safety along with surging investments in workshops, and garages for advanced equipment.

The lifting equipment segment recorded 25% of the automotive garage equipment market share in 2023, led by their rising essentiality for accessing the undercarriage and performing repairs.

Asia Pacific held over 40% of the market share in 2023, due to the burgeoning automotive industry in the region, in line with increasing vehicle ownership.