Vehicle Workshop Equipment Market REPORT OVERVIEW
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The global vehicle workshop equipment market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.
Vehicle workshop equipments are the ones that are used in garages, and workshops to perform mechanical work. These equipments include, lifting equipments and jacks like hydraulic jacks, pneumatic jacks, stands, bottle, workshop cranes, and, many more.
Due to the changing lifestyle of people, there has been a surge in the number of people buying vehicles. Awareness about, proper maintenance of vehicles is increasing among people. This can be identified as the latest trend in the market.
New garage equipments are being launched. Training centers are also being established. The tremendous growth of automotives is propelling the market share. All of these factors have resulted in the increase in vehicle workshop equipment market growth.
COVID-19 impact: Closing Down of Garages and Workshops During Pandemic decreased Market Growth
The pandemic of COVID-19 became the biggest threat not only to the lives of people but also to their livelihood. With the increasing death rates, strict rules regarding lockdowns, travel bans, and social distancing were imposed. Industries and factories were not allowed to function during this time.
Vehicle workshops or garages also require skilled workforce. But due to the restrictions that were prevalent during the pandemic, garages had to be closed temporarily. Number of vehicles being used during pandemic was also less. Therefore, the demand for vehicle workshop equipments reduced during the pandemic time.
LATEST TRENDS
"Increasing Awareness About Preventive Maintenance of Vehicles to Increase Market Growth"
Awareness regarding, properly maintaining their vehicles has increased among people. Most of the people use their own vehicles to commute from one place to another. Vehicles have become a very important part of everyone’s life. It is necessary to take proper care of these vehicles to keep them in good condition.
Whenever, a vehicle faces any problem taking them to a vehicle workshop would be the right option. People in garages and vehicle workshops are equipped with the knowledge and skills to repair any damages that have been inflicted on the vehicle. Apart from repairing the damages, vehicle workshops also provide services to vehicles in order to keep the in a good condition. This has increased the number of customers to the market recently.
Vehicle Workshop Equipment Market SEGMENTATION
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- By Type:
The market can be divided on the basis of type into the following segments:
Lifting equipment, body shop equipment, wheel and tire repair equipment, vehicle diagnostic test equipment, washing equipment, and, other. The lifting equipment segment is anticipated to dominate the market during the forecast period.
- By Application:
Classification based on application into the following segment:
Commercial vehicle, and, passenger car. The commercial vehicle segment is predicted to dominate the market during the research period.
DRIVING FACTORS
"Rapid Growth of Automobile Industry to Accelerate Market Growth"
Automobile industry is one of the fastest developing sectors. Urbanization, change in the lifestyle of people, and rising disposable income of people has led to an increase in the number of people purchasing vehicles. With an increase in the sales of automobiles, the vehicle workshop equipment market is also experiencing steady growth and development.
People are primarily focusing on their safety while driving vehicles. Therefore, most customers often get their vehicles services so that they can function smoothly without any hinderance. Vehicle workshops also provide many services like vehicle diagnostics, tire and wheel service equipment, washing services, and body shop equipments. All of these factors are propelling the vehicle equipment workshop market share.
"Launch of New Garage Equipments to Propel Market Growth "
Recently many new garage equipments are being launched. Along with the introduction of new equipments, training centers are also being developed to teach people how to work in a vehicle workshop. Similarly, the automobile manufacturers are also focusing on developing new models.
Along with the sales of new vehicles, it is observed that the sales for old and second-hand vehicles are also increasing. When old vehicles are being sold, they will have to be serviced in vehicle workshops before sending them to the final consumer. Many rules and mandates have been introduced regarding the regular checking and servicing of vehicles to ensure driver safety and prevent pollution. All of these factors have facilitated the growth of the market.
RESTRAINING FACTOR
"Superior Quality of Original Equipments to Decrease Market Growth"
Automobile manufacturers are increasing their investments on research and development. They are coming up with technologies, and methods to develop vehicles that are of superior quality. The raw materials that are used to manufacture these equipments are of the finest quality.
The increasing financial means of people is enabling them to buy branded vehicles which have many years of warranty. Most of the original equipments last for a long period of time. Some vehicle showrooms provide repair damages and services free of cost for a certain number of years after buying the vehicle. All of these factors are hampering the market growth.
Vehicle Workshop Equipment Market Regional Insights
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"North America to Dominate Market Share in Upcoming Years"
North America occupies a dominant share of the vehicle workshop equipment market. The major reason for the development of market in this region is due to the increasing number of workshops, or garages. Automotive sector in this region is also developing.
Several factors like introduction of highly efficient vehicles, innovation, and technological developments in the automotive sector has fueled the market growth. The North American Free Trade Agreement have been very helpful in developing the market. Implementation of sensors, and IoT are some of the other developments in the market.
Key Industry Players
"Leading Players adopt Acquisition Strategies to Stay Competitive "
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- Unior dd (Slovenia)
- Total Tools (Australia)
- Chicago Pneumatic (U.S.)
- Butler Engineering and Marketing S.p.A (U.S.)
- Draper Tools (U.S.)
- Columbus McKinnon Industrial Products GmbH (Germany)
- Gedore Tools (India)
- KS Tools Werkzeuge - Maschinen GmbH (Germany)
- King Tony Tools Co. Ltd. (Belgium)
- Felder Group (Austria)
- National Workshop Equipment (India)
- Al-Futtaim Automotive (U.A.E)
- Meusburger (Germany)
- Actia (France)
- Aro Equipment (India)
- Continental (Germany)
- Boston Garage Equipment (U.S.)
- Istobal (Spain)
- LKQ Coatings (U.S.)
- Shenzhen Wanside Automation Equipment Co., Ltd (China)
- Guangzhou Jingjia Automobile Equipment Co., Ltd (China)
- Shenzhen Kangshibai Industrial Co., Ltd (China)
- Zhejiang Jiangxing Automobile Testing Equipment Co., Ltd (China)
Report Coverage
The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations
Frequently Asked Questions
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Which are the driving factors of the vehicle workshop equipment market?
New garage equipments are being launched. Training centers are also being established. The tremendous growth of automotives is propelling the market share. All of these factors have resulted in the increase in vehicle workshop equipment market share.
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Which is the leading region in the vehicle workshop equipment market?
North America is the leading region in the vehicle workshop equipment market.
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Which are the top companies operating in the vehicle workshop equipment market?
Unior dd, Total Tools, and, Chicago Pneumatic are the top companies operating in the vehicle workshop equipment market.
