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The global automotive garage equipment market in 2022 was US$ 24.4 billion and is estimated to be US$ 26.8 billion in 2023. Future Market Insights has mentioned in its reports that the smart agriculture solution market is predicted to expand at a CAGR of 8.94% between 2023 and 2033, totalling around US$ 63.1 billion by 2033.
One of the key trends influencing the market is the introduction of digitalization in the automobile sector. Additionally, the creation of new mobility solutions is being encouraged by automation in software, systems, and services, which is raising the need for repair and maintenance services.
For autonomous, hybrid, and electric vehicles, numerous automakers are investing in the development of electric and digital technology. On the market, this is anticipated to have a favourable effect.
Consumers all around the world are choosing lightweight automobiles and two-wheelers due to growing worries about carbon emissions, which has led to a significant increase in the market for electric and hybrid passenger vehicles.
Numerous independent and franchised garages provide services designed exclusively for small, electric automobiles at reasonable pricing. Further driving up sales of automotive garage equipment is the soaring need for emission equipment in both new and used passenger vehicles.
For more information: https://www.futuremarketinsigh....ts.com/reports/autom
Key Takeaways from the Market Study
The global automotive garage equipment market expanded at a CAGR of 7.12% between 2017 and 2022.
Demand for automotive garage equipment is projected to increase at a 4.3% CAGR, in comparison with the 3.7% CAGR registered between 2018 and 2022.
The United States is home to a large automotive industry holding a significant part with a value share of 31.2%.
North America’s automotive garage market is expected to account for 36.9% of the total market share.
China is expected to set to account for 40.3% of the global market share.
Japan holds a market share of 16.9%.
Introduction of new franchisee garages in India is expected to boost the market in the forthcoming years with a CAGR of 7.15%.
Increasing sales of two-wheelers such as mopeds, motorbikes, and scooters in the country are expected to boost the market in Australia at a CAGR of 6%.
Europe’s automotive garage equipment market is forecasted to account for 54.1% of the total market share, notably driven by increasing sales of luxury vehicles.
Two-wheeler mobility solutions in the United Kingdom at a CAGR of 7.92%.
Refurbishment of old garages is likely to drive sales of garage lift systems.
Sales of lifting equipment are expected to remain high over the assessment period with a market share of 44%.
Servicing premium cars are estimated to boost demand for independent garages for car workshops.
Inexpensive labor costs and the growing availability of premium car servicing equipment might drive sales with a market share of 33.2%.
Increasing repair services for passenger vehicles is expected to boost sales of light vehicles.
Sales in the light vehicles segment are projected to increase over the forthcoming years with a market share of 23.1%.
High demand for electric and hybrid passenger vehicles across the globe acts as one of the major drivers of the automotive garage equipment market”, comments a Future Market Insights Analyst.
Key Innovation of the Market Players in the Market
In June 2023, ISTOBAL showcased its new M'WASH3 PRO rollover at Autozum 2023, the leading Austrian trade show for the car wash, service station, and dealership industry, held at Messezentrum Salzburg (Stand 09-020.
The company is exhibiting for the first time at a show and on the international market. This innovative high-end equipment is aimed at increasing profitability in carwashes and improving the user experience through efficient and connected technology.
Some of the prominent players in the global market are-
MAHA Maschinenbau Haldenwang Gmbh & Co. KG
Snap-on Incorporated
Robert Bosch GmbH
Continental AG
Forward Lift Company (Dover Corporation)
VisiCon Automatisierungstechnik GmbH
Standard Tools and Equipment Co.
Symach Srl
Nussbaum Automotive Solutions
SAMVIT GARAGE EQUIPMENT
Sarveshwari Engineers
PULI Industries (Guangzhou Jingjia Auto Equipment Co., Ltd.)
Boston Garage Equipment Ltd.
Arex Test Systems B.V.
LKQ Coatings Ltd.
Aro Equipments Pvt. Ltd
Istobal S.A.
Con Air Equipment Private Limited
Oil Lube Systems Pvt Ltd.
Gray Manufacturing Company, Inc.
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The strongest currency in the world refers to the currency that holds the highest value relative to other currencies in terms of purchasing power and stability. The United States Dollar (USD) is widely regarded as one of the strongest currencies globally. The USD's strength stems from several factors, including the economic stability and influence of the United States, as well as the status of the US dollar as the primary reserve currency for many countries.
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