Transparency Market Research has published a new report titled, “Automotive Garage Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” According to the report, the global automotive garage equipment market is projected to expand at a CAGR of 3.50% during the forecast period to reach US$ 8 Bn by 2026.

According to the report, the global automotive garage equipment market is likely to be driven by a range of macroeconomic and industry-specific factors. Asia Pacific is expected to be at the forefront of global demand, with the market in the region expanding at a CAGR of 3.74% between 2018 and 2026.

The global automotive garage equipment market is witnessing steady growth. Rise in urbanization and surge in sales of vehicles in various countries have increased the overall vehicle miles driven globally by approximately 2% to 4% in the past few years. This, in turn, has propelled the usage of passenger cars which is anticipated to augment the global automotive garage equipment market during the forecast period.

Growth of the market is attributed to the booming automotive sector across the globe. Increase in awareness about vehicle maintenance and vehicle safety among vehicle owners is likely to drive the global automotive garage equipment market during the forecast period. Rise in preference for vehicle customization and increase in number of vehicle maintenance & repair garages, technical inspection centers, and body shops are likely to drive demand for garage equipment from 2018 to 2026.

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Prominent players operating in the global automotive garage equipment market include Autec, Inc., Hunter Engineering Company, Ravaglioli S.p.A., Lincoln Electric Holdings, Inc., CORGHI, Automotive Equipment International, CEMB USA, Hennesy Industries LLC, and others. The global automotive garage equipment market is highly fragmented due to the presence of small- and medium-sized manufacturers.