Upsurge In The Automotive Industry To Proliferate Garage Equipment Market

(MENAFN- Straits Research) Rapid advancement in the automotive industry propels the market growth. The automotive industry is one of the major industry globally, with the time the transportation has become easy and convenient owing to the advancement in the automotive industry. The consumption of motor vehicles including passenger cars, motorbike, among others has drastically increased in the last 2-3 decades. For instance, in 2018, the U.S. automotive industry generated a total of USD 545.4 billion and contributed 2.7% to the nation's GDP. According to Statista, in 2017, the global sales of passenger vehicles were around 79.6 million units. Increasing consumption of electric vehicles and continuous innovations in the automotive sector are unlocking lucrative opportunities for the garage equipment market. Moreover, the increasing trend among youngsters and adults regarding car drifting, stunts, and rough driving has surged the need for maintenance due to early decaying of the vehicle, further driving the market growth.

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COVID-19 Impact on the Garage Equipment Market
The automotive industry is severely hit by the COVID-19 outbreak. The sales of new and pre-owned cars have declined drastically. The sales are expected to decelerate by 12 to 14% in China, India, and Europe by the end of 2020. As per the Economic Times, there will be an overall impact of around USD 1.5 to 2 billion per month across the automotive industry. Similarly, the garage equipment market is severely impacted by the pandemic due to lockdowns imposed by governments and rapidly decelerating sales of automobiles.
Key Players

Arex Test Systems B.V.
Aro Equipments Pvt. Ltd.
Boston Garage Equipment Ltd
Continental AG
Gray Manufacturing Company, Inc.
Guangzhou Jingjia Auto Equipment Co., Ltd
Istobal S.A.
Nussbaum Automotive Solutions Lp
Robert Bosch GmbH
Vehicle Service Group, LLC.
MAHA Maschinenbau Haldenwang GmbH and Co. KG
VisiCon Automatisierungstechnik GmbH
Standard Tools and Equipment Co.
Symach s.r.l.
Otto Nußbaum GmbH and Co. K.G.
M/s Samvit Garage Equipments
Sarveshwari Engineers
Euro Car Parts Ltd T/A LKQ Coatings
ISTOBAL
Con Air Equipments Private Limited
Oil Lube Systems Pvt Ltd.
Gray Manufacturing
AUTEC, Inc.

Garage Equipment Market: Segmentation
By Garage Type

OEM Authorized Garage
Independent Garage
Franchise Garage

By Application

Body Shop Equipment
Diagnostic and Testing Equipment
Emission Equipment
Lifting Equipment
Washing Equipment
Wheel and Tire Equipment

By Installation Type

Mobile
Fixed

By Function Type

Electronic
Mechanical

By Vehicle Type

Motor Cycle
Passenger Vehicle
Commercial Vehicle

By Region
North America

The U.S.
Canada
Mexico

Europe

Germany
France
The U.K.
Italy
Spain
The Netherlands
Russia
The Rest of Europe

Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Malaysia
Singapore
Vietnam
The Rest of Asia-Pacific

Central and South America and the Caribbean

Brazil
Argentina
Colombia
The Rest of Central and South America and the Caribbean

The Middle East

Saudi Arabia
The UAE
Oman
Bahrain
The Rest of the Middle East

Africa

Nigeria
South Africa
Ghana
Tanzania
The Rest of Africa


" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast Periods

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