Garage Equipment Market is Expected to Grow at a CAGR of 8.5% During the Forecast Period by 2034

The global automotive garage equipment market has experienced significant growth and transformation, driven by increasing automobile sales globally, increase in demand for vehicle restoration, modification, and upgradation, also increase in vehicle complexity and advancement in automotive garage equipment are likely to shape the industry's future.

NEWARK, Del, July 02, 2024 (GLOBE NEWSWIRE) -- The garage equipment market is valued at US$ 9.4 billion in 2024. The market is expected to grow at a CAGR of 8.5% from 2024 to 2034. The global market is anticipated to reach US$ 21.2 billion by 2034.

The market is expected to experience a robust growth trajectory driven by the increasing ownership of vehicles worldwide. This has led to a consequent rise in demand for maintenance and repair services. Technological advancements are pivotal in this growth, with manufacturers continuously innovating to develop advanced equipment featuring enhanced features, automation, and connectivity capabilities.

Integrating digital technologies like IoT and AI enables remote monitoring, predictive maintenance, and data-driven decision-making, enhancing garage operations' efficiency and productivity. Furthermore, the versatility of garage equipment across various automotive sectors drives adoption across multiple industries, further boosting the market expansion.

Consumer preference for professional garage services equipped with modern equipment is rising, contributing to increased sales of advanced tools such as vehicle lifts, diagnostic tools, and tire changers. Growing consumer awareness regarding vehicle maintenance and safety, coupled with regulatory mandates, fuels the adoption of quality garage equipment to comply with standards and ensure optimal vehicle performance.