Vehicles form a crucial part of life and thus require good maintenance for top performance. A number of equipment is required to achieve this goal. Some of the include emission equipment, lifting equipment, tire changers, and wheel balancers. It is pertinent to note here that last few years have witnessed stricter emission norms, the implementation of which is getting stronger, as governments across the world clamor to reduce carbon footprint. This is also leading to need for better vehicle production and its good maintenance for plying permission.
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The global automotive garage equipment market is set to grow over the next few years owing to the aforementioned factors, states TMRR. New growth opportunities are anticipated to emerge over the period. Fragmented vendor landscape of global automotive garage equipment market is witnessing players focusing on technological advancement, innovation and better product development. A range of other organic and inorganic strategies are also deployed to gain competitive edge. These include synergic collaborations and partnerships, and mergers and acquisitions for better market penetration and expansion of consumer base.
Top players in the market, who are proactive, well-received, and have set notable benchmarks include Hennesy Industries LLC, Ravaglioli S.p.A, Hunter Engineering Company, Highveld Garage Equipment CC, Manatec Electronics Private Limited, and Lincoln Electric Holdings, Inc., among others.
Region-wise, the outlook of North America and Europe is positive and the regions are expected to account for a notable share of the market owing to high disposable income and large number of car owners. Notable growth is expected from the Asia Pacific (APAC) region owing to increasing disposable income, growing automotive industry, and robust economic growth in a number of nations. Additionally, inclination of consumers in the region is growing towards independent garages. International players are entering the region into the lucrative market, promising untapped opportunities. There is notable increase in ownership of both four and two wheelers.
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