Rapid advancement in the automotive industry propels the market growth. The automotive industry is one of the major industry globally, with the time the transportation has become easy and convenient owing to the advancement in the automotive industry. The consumption of motor vehicles including passenger cars, motorbike, among others has drastically increased in the last 2-3 decades. For instance, in 2018, the U.S. automotive industry generated a total of USD 545.4 billion and contributed 2.7% to the nation's GDP. According to Statista, in 2017, the global sales of passenger vehicles were around 79.6 million units. Increasing consumption of electric vehicles and continuous innovations in the automotive sector are unlocking lucrative opportunities for the garage equipment market. Moreover, the increasing trend among youngsters and adults regarding car drifting, stunts, and rough driving has surged the need for maintenance due to early decaying of the vehicle, further driving the market growth.
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COVID-19 Impact on the Garage Equipment Market
The automotive industry is severely hit by the COVID-19 outbreak. The sales of new and pre-owned cars have declined drastically. The sales are expected to decelerate by 12 to 14% in China, India, and Europe by the end of 2020. As per the Economic Times, there will be an overall impact of around USD 1.5 to 2 billion per month across the automotive industry. Similarly, the garage equipment market is severely impacted by the pandemic due to lockdowns imposed by governments and rapidly decelerating sales of automobiles.
Garage Equipment Market: Segmentation
By Garage Type
By Installation Type
By Function Type
By Vehicle Type
Central and South America and the Caribbean
The Middle East
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now