Published on : Jul 05, 2018
Albany, New York, July 5, 2018: In recent years, the global demand for automotive garage equipment has been increasing steadily. Due to this, the global automotive garage equipment market is witnessing steady growth. Market Research Hub (MRH) has publicized a new study titled “Automotive Garage Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026” to its wide repository, which offers major insights, analysis, and valuable guidance on the prospects of global market in the coming years.
This 641-pages study begins with a brief overview of the automotive garage equipment and data analysis of the global market with respect to the segments based on garage type, equipment type, vehicle and regions. Regions highlighted in the study are Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. This succeeding section also showcases the market dynamics and trends such as the drivers, restraints, and opportunities that influence the current nature and future status of this market.
As per the analyst’s key findings, the global automotive garage equipment market is projected to expand at a CAGR of 3.50% during the forecast period. Presently, the growth of this particular market is attributed to the booming automotive sector across the globe. Increase in consciousness about vehicle maintenance and vehicle safety among vehicle owners is likely to drive the global automotive garage equipment market during the forecast period.
In terms of geography, the research has analyzed that the Asia Pacific dominated the global automotive garage equipment market, accounting for more than half the market in terms of revenue in 2017. The trend is expected to continue doing so during the forecast period due to the consistent rise in demand for passenger vehicles. Besides, the research study has identified opportunities in the market on the basis of vehicle type in passenger vehicles and commercial vehicles. By garage type, the study covers OEM dealerships and independent garage. In terms of equipment type, the study analyses emission equipment, wheel and tire, washing, body shop, lifting, and vehicle diagnostics and test equipment. Of these, the wheel & tire segment holds a major share of the automotive garage equipment market in 2017 and is expected to retain its supremacy during the forecast period.
The final section of the study presents an exhaustive analysis focusing on the prime players operating in the automotive garage equipment market which are Autec, Inc., Lincoln Electric Holdings, Inc., Lincoln Electric Holdings, Inc., Hunter Engineering Company, Automotive Equipment International, Ravaglioli S.p.A, Corghi, CEMB USA, and Hennesy Industries LLC.
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