Shop Equipment Market Size, Share, Revenue, Trends And Drivers For 2024-2033

Shop Equipment Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UNITED KINGDOM, October 11, 2024 /EINPresswire.com/ -- The shop equipment market size has experienced strong growth recently. It will increase from $109.62 billion in 2023 to $119.79 billion in 2024, at a CAGR of 9.3%. The growth can be attributed to advancements in manufacturing sectors, rapid urbanization and infrastructure development, heightened demand in the automotive industry, rising investments in industrial sectors, and growing environmental awareness.

What Is The Estimated Market Size Of The Global Shop Equipment Market And Its Annual Growth Rate?

The shop equipment market is anticipated to grow significantly, projected to reach $172.44 billion by 2028 at a CAGR of 9.5%. The growth factors include an increasing focus on sustainable practices, the adoption of eco-friendly manufacturing processes, growth within the construction sector, the rise of e-commerce and digital platforms, and the increasing popularity of electric vehicles. Major trends during this period include the adoption of Industry 4.0 technologies, advancements in additive manufacturing (3D printing), automation and robotics integration, IoT adoption, and innovations in smart equipment.

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Growth Driver of The Shop Equipment Market

The rising popularity of electric automobiles is expected to propel the shop equipment market in the future. Electric automobiles are vehicles primarily powered by electricity, using one or more electric motors for propulsion. This trend is driven by environmental awareness, cost savings, and supportive government policies. Shop equipment is crucial for the maintenance of electric vehicles, providing the necessary tools and infrastructure for maintenance, repair, and charging.

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Which Market Players Are Driving The Shop Equipment Market Growth?

Major companies operating in the shop equipment market are Robert Bosch GmbH, Caterpillar Inc., Stanley Black & Decker, Atlas Copco AB, Textron Inc., Ingersoll Rand Ltd, Makita Corporation, Snap-on Incorporated, Husqvarna Group, Milwaukee Electric Tool Corporation, TTS Tooltechnic Systems AG & Co. KG, Matco Tools, Grizzly Industrial Inc., Klein Tools, JPW Industries Inc., Delta Power Equipment Corporation, Siemens AG, Baileigh Industrial Inc., Emerson Electric Co., Hitachi Koki Co Ltd.

What Are The Emerging Trends Shaping The Shop Equipment Market Size?

Companies in the shop equipment market are innovating with mobile column lift adapters to enhance the versatility and efficiency of maintenance operations for electric vehicles and modern automobiles. These adjustable components allow mobile column lifts to accommodate vehicles with varying configurations and lifting points.

How Is The Global Shop Equipment Market Segmented?

1) By Type: Lifting Equipment, Body Shop Equipment, Wheel And Tire Service Equipment, Vehicle Diagnostic And Testing Equipment, Washing Equipment
2) By Distribution Channel: Direct Sales, Indirect Sales
3) By Application: Passenger Vehicle, Commercial Vehicle

Geographical Insights: North America Leading The Shop Equipment Market

North America was the largest region in the shop equipment market in 2023. The regions covered in the shop equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Shop Equipment Market Definition

Shop equipment includes the tools, machinery, and apparatus used in workshops and retail stores to facilitate business operations, varying widely based on industry and specific tasks.

Shop Equipment Global Market Report 2024 from The Business Research Company covers the following information:

• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global shop equipment market report covering trends, opportunities, strategies, and more

The Shop Equipment Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on shop equipment market size, drivers and trends, shop equipment market major players, competitors' revenues, market positioning, and market growth across geographies. The market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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