The garage equipment market is estimated to reach USD 9,320.5 million in 2023, which will increase to USD 13,390.8 million, with a 5.4% CAGR, by 2030. This growth is because of the mounting production as well as the sale of vehicles, as a result of technological developments and the rising populace across the globe.

Moreover, with their rising taxes and prices, people are purchasing pre-owned automobiles, which require regular maintenance, therefore, boosting the need for repair products. There has also been an increase in the sale of lightweight and two-wheelers automobiles, particularly in developing nations, this will further boost the industry.

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The independent garages category, based on garage type, is leading the industry, with a 65% share, and it will further propel at approximately 5.8% CAGR, during this decade. This will be because of the independence and flexibility they offer to consumers because they’re not bound by the rules of original equipment manufacturers or large repair shop networks.

The OEM-authorized garages category is also a significant contributor to the industry. Such garages are armed with up-to-date repair and diagnostic equipment, along with dedicated software, to cater to the increasing need for repair maintenance services for luxury automobiles.

The passenger category, based on vehicles, is dominating the garage equipment market, with a 45% share, and it will further propel at a 5.8% CAGR, during this decade. This will be because passenger vehicles outnumber other kinds of automobiles.

Moreover, the growing count of passenger vehicles on the road produces a large demand for products for different maintenance repair applications.

Moreover, the high average disposable salary of the people in this region also allows them to spend more on automobile maintenance, repairs, or customization.

APAC is likely to propel at the fastest CAGR during this decade. This will be mainly because of the enhancing automotive sector in India, China, South Korea, and Japan. Moreover, these nations are large manufacturers of automobiles, both for export as well as for domestic usage.

With the implementation of strict emission guidelines, coupled with the arrival of electric and autonomous cars, the garage equipment industry will continue to progress in the coming years.