Global Automotive Garage Equipment Market Expected at a 4.1% of CAGR of 2017-2027

Posted on 2017-12-18 by Mark Hub in Industrial // 0 Comments

Albany, USA, 2017-Dec-18 — /EPR Network/ —A new report added to the repository of Market Research Reports Search Engine “Automotive Garage Equipment Market: Body Shop Equipment & Lifting Equipment in Close Competition for Second Position in Terms of Market Share Throughout the Forecast Period: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027)“ is a comprehensive repository of information, providing market share, size, and forecast.

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Upgradation of existing garages to create significant opportunities in the global market

Future Market Insights has covered several facets of the global garage equipment market in its recent global report. As per this new research study, the global market is anticipated to grow at a steady rate to reach a significant market estimation by the end of the forecast period. The automotive garage equipment market is expected to continue on its growth path to grow at a moderate CAGR of 4.1% during the period of assessment to reach a market value of about US$ 9.9 Bn by the end of 2027 from a value of around US$ 6.7 Bn in 2017. The market is witnessing these statistics owing to rising vehicle sales, increasing penetration of new franchises and up gradation of existing independent repair shops and increasing average age of vehicles pushing the demand for replacement and maintenance of automotive components.

The wheel & tire service equipment segment slated to grow with a prominent CAGR and gain significant BPS over the forecast period

The wheel and tire service equipment segment in the equipment category is expected to show consistency in growth over the forecast period. This segment dominated the global market in terms of value during 2012-2016 and is likely to continue on this track in the coming years. The wheel and tire service equipment segment is projected to grow at the highest rate to register a high CAGR of 5.0% throughout the period of assessment 2017-2027. By the end of 2027, this segment is poised to reach a valuation of more than US$ 3 Bn from a value of US$ 2 Bn in 2017, thus reflecting dominance over other segments in the equipment category. This segment is expected to present higher opportunities to players dealing in garage equipment in the years to come.

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Wheel alignment to reflect its prominence over the forecast period

Wheel alignment sub segment in the wheel and tire service equipment segment is expected to largely contribute to the growth of the parent segment and the market. The wheel alignment sub category is expected to grow at a high pace to reflect a CAGR of 5.0% over the period of forecast. It is estimated to reach a value a little under US$ 2 Bn by the end of the assessment year. The wheel balancer sub segment in this category is poised to be the second largest in terms of value and is projected to grow at the highest pace reflecting a robust CAGR of 5.3% during the 2017-2027 timeline. Both these segments have a lion’s share in the wheel and tire equipment category and are highly attractive to invest in, in the coming years.

Lifting equipment to surpass body shop equipment

The body shop equipment segment reflected higher revenue share than the lifting equipment segment in 2012. However, during the 2017-2027 timeline, the lifting equipment segment caught higher traction to expand further and surpass the body shop equipment segment. By the end of 2027, the lifting equipment segment is anticipated to reach a higher market valuation of more than US$ 2.7 Bn growing at a higher CAGR than the body shop equipment segment thus surpassing it in the coming years.

Scissor lift sub segment of lifting equipment category is expected to highly contribute to the growth of the parent segment with high revenue generation followed by four post lift sub segment. The single post lift sub category is also expected to contribute from a growth angle as it portrays higher adoption rate and is poised to register a higher CAGR in the years to come.

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