Shop Equipment Market Report 2024

This Shop Equipment market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The shop equipment market size has grown strongly in recent years. It will grow from $109.62 billion in 2023 to $119.79 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth during the historic period can be attributed to several factors such as expansion in manufacturing sectors, rapid urbanization and infrastructure projects, increased demand in the automotive industry driving the need for shop equipment, rising investments in industrial sectors, and heightened environmental awareness.

The shop equipment market size is expected to see strong growth in the next few years. It will grow to $172.44 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The projected growth during the forecast period can be attributed to several factors such as an increasing focus on sustainable practices, the adoption of eco-friendly manufacturing processes, growth in the construction sector, the rise of e-commerce and digital platforms, and the growing popularity of electric vehicles. Major trends expected to influence this growth include the adoption of Industry 4 technologies, expansion of additive manufacturing (3D printing), increased use of automation and robotics, integration of the Internet of Things (IoT), and innovations in smart equipment.

The increasing adoption of electric vehicles is projected to drive growth in the shop equipment market. Electric vehicles, powered primarily by electricity and utilizing one or more electric motors for propulsion, are gaining popularity due to rising environmental awareness, cost-efficiency, and supportive government policies. Shop equipment plays a crucial role in maintaining these vehicles safely and effectively, offering the essential tools and infrastructure for maintenance, repair, and charging. For example, in March 2023, the International Energy Agency, a France-based intergovernmental organization, reported that electric vehicle sales exceeded 10 million units in 2022. Additionally, 14% of all new cars sold in 2022 were electric, up from approximately 9% in 2021. This surge in electric vehicle popularity is expected to drive growth in the shop equipment market.

Key players in the shop equipment market are focusing on innovative solutions, such as mobile column lift adapters, to improve the versatility and efficiency of maintenance operations for electric and modern vehicles. Mobile column lift adapters are adjustable components that attach to mobile column lifts, allowing them to lift vehicles with varying configurations and lifting points. For instance, in August 2021, Forward Lift Company, a US-based manufacturer of automotive lifts, launched a new range of frame-engaging mobile column lift adapters designed to enhance the functionality of its mobile column lifts. These adapters enable technicians to lift and service a wider array of forklifts, including reach trucks and pallet trucks, thereby increasing productivity and reducing repair downtime.

In November 2023, Snap-on, a US-based manufacturer of tools and equipment, acquired Mountz Inc. for approximately $40 million. This acquisition supports Snap-on's strategy of expanding its product portfolio and strengthening its market position by incorporating specialized tools and technologies. Mountz Inc., a US-based company, specializes in high-precision torque tools and other shop equipment.

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.

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.

The countries covered in the shop equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Shop equipment encompasses the tools, machinery, and apparatus used in workshops and retail stores to support business operations. The variety of equipment depends on the industry and specific tasks involved.

The main types of shop equipment include lifting equipment, body shop equipment, wheel and tire service equipment, vehicle diagnostic and testing equipment, and washing equipment. In an automotive setting, lifting equipment refers to devices designed to raise and support vehicles for maintenance and repair. This equipment is distributed through various channels, including direct and indirect sales, and is utilized for applications involving both passenger and commercial vehicles.

The shop equipment market research report is one of a series of new reports that provides shop equipment market statistics, including shop equipment industry global market size, regional shares, competitors with a shop equipment market share, detailed shop equipment market segments, market trends, and opportunities, and any further data you may need to thrive in the shop equipment industry. This shop equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The shop equipment market consists of the sale of retail shop equipment, workshop equipment, automotive shop equipment, and food service shop equipment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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