Global Automotive Garage Equipment Market to Reach US$10 Bn by 2027
Albany, NY -- (SBWIRE) -- 01/22/2018 -- According to the latest research report titled "Automotive Garage Equipment Market: Global Industry Analysis (2012 - 2016) and Opportunity Assessment (2017 - 2027)" added to the vast database of Market Research Reports Search Engine (MRRSE), the global market is projected to grow at CAGR of 4.1% during the assessment period. The report is valuable source of guidance for all stakeholders who are looking to understand the global automotive garage equipment market in detail.
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The global automotive garage equipment market is influenced by macroeconomic and microeconomic trends. The key macroeconomic factors growth of the global sector is one of the key reasons that is driving the growth of the market. Increase in the population of consumers with high disposable income in developing countries is also providing an impetus to the growth of the market. China and India are witnessing the growth of a strong middle class, which is pushing the sales of automotive. This in turn, is likely to boost the growth of the global automotive garage equipment market during the assessment period. Due to these factors, the global market is projected to grow from $6.7 Bn in 2017 to nearly $10 Bn by the end of 2027.
In addition to growing automotive sales, another key factors that is driving the growth of the market is the increasing average age of vehicles. This has pushed the adoption of the advanced equipment among both consumers and garage owners. The wheel and tire service equipment segment is estimated to witness steady growth during the forecast period. This segment is expected to grow at a high CAGR of nearly 5% through 2027. The wheel and tire service equipment segments was valued at $2 Bn in 2017 and it is projected to reach a valuation of nearly $3 Bn by the end of 2027.
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The report offers a detailed competitive landscape highlighting the key business and product strategies of some of the leading companies in the market. Some of the major companies profiled are Arex Test Systems B.V., Robert Bosch GmbH, Continental AG, Aro Equipments Pvt. Ltd, LKQ Coatings Ltd., Istobal S.A., Con Air Equipments Private Limited, Vehicle Service Group, Gray Manufacturing Company, Inc., Symach SRL, Standard Tools and Equipment Co., VisiCon, Automatisierungstechnik GmbH, MAHA Mechanical Engineering Haldenwang GmbH & Co. KG, Snap-on Incorporated, Samvit Garage Equipments, Sarveshwari Technologies Limited (SARV), and Oil Lube Systems Pvt Ltd.
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