LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Garage equipment Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the heavy industry. This report breaks down the data and analysis behind the procurement of garage equipment and acts as an all-inclusive guide for making smart purchasing decisions.
“The increasing number of vehicles in use will fuel the demand for garage equipment as these vehicles require frequent periodic maintenance and testing,” says SpendEdge procurement analyst Bhuvaneshwari Udayakumar. “Also, the market in North America accounts for the largest share, owing to the presence of franchise and standalone garages,” added Bhuvaneshwari.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Garage Equipment Market:
- Backward integration by automotive manufacturers
- Use of additive manufacturing technology
- Growing adoption of EVs in global automotive market
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Backward integration by automotive manufacturers
In the garage equipment market, major automotive manufacturers account for a significant share of the global market demand. The adoption of backward integration helps the buyers gain the advantage of process control and price reduction.
Use of additive manufacturing technology
In recent years, additive manufacturing technology is gaining momentum in the automotive industry. This technology is used to manufacture certain complex and demanding mechanical structures. It also helps the buyers gain a significant reduction in the production waste.
Growing adoption of EVs in global automotive market
The garage equipment market is witnessing a significant adoption of EVs. This trend is expected to drive product innovation with prominent manufacturers leveraging this technology. Also, the adoption of EVs has numerous benefits, such as lesser noise pollution compared with internal combustion engines.
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