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Automotive Maintenance Tools Market Overview:
The Automotive Maintenance Tools Market size is estimated to reach $26 Billion by 2030, growing at a CAGR of 5.9% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Automotive Maintenance Tools Market – By Product (Hand Tools, Power Tools, Diagnostic Tools and Others), By Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle), By Mode of Operation (Manual, Electric), By Sales Channel (Offline, Online), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
The rapid expansion of electric vehicles is boosting the need for automotive maintenance tools, Growing interest on vehicle safety, vehicle’s performance and fuel efficiency are fueling the growth of the automotive maintenance tools market during the forecast period.
APAC Dominated the Market in 2023:
APAC accounted for the largest share of 41% of the Automotive Maintenance Tools Market in 2023. Increase in production and passenger vehicles sales across countries like China, India, Japan are fuelling the market growth in this region. According to Department for Promotion of Industry and Internal Trade (DPIIT) June 2024 report, automobile sector in India resulted in 5.27% of the total FDI inflow and a market size of $50 Billion for the financing of EVs in 2030 has been identified, about 80% of the current size of India’s retail vehicle finance industry, worth $60 Billion now. Such investments will drive the growth of automobile production in Asia Pacific region which eventually fuels the growth of automotive maintenance tools.
Automotive Maintenance Tools Market: Key Takeaways
Rise in Automotive and Electric Vehicle Production
The automotive maintenance tools market is fueled by the rise in production of modern vehicles which are which are equipped with complex electronic systems. According to Global EV Outlook 2024, almost 14 million new electric cars were registered globally in 2023, bringing their total number on the roads to 40 million. As the number of vehicles on the roads continues to rise, the need for maintenance and repair activities also increases thereby driving the demand for automotive maintenance tools. Due to the complexity of today's electric and modern vehicle’s electronics systems, this technology requires more maintenance and special attention for optimal performance as well as reliability.
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Increasing demand for vehicle maintenance & servicing
The Automotive Maintenance Tools market is expanding significantly due to the rising demand for vehicle maintenance and servicing. The number of vehicles on the road increases accompanied by the need for tools to service, maintain, and repair them. Specialized tools, such as those for electric vehicles or hybrid systems, are needed for maintenance and repairs of modern automobiles with advanced features. Frequent maintenance helps vehicles last longer, allowing users to avoid serious breaks down, minimize wear and tear, and maintain optimal performance for longer. Automotive Maintenance Tools market is also driven by the expanding consumer trend of do-it-yourself (DIY) auto maintenance.
Scope of the Report:
Recent Developments:
- In July 2024, Launch Tech USA and CarTechIQ, Inc., announced a Strategic partnership to deliver AI-driven automotive diagnostic solutions across North America.
- In April 2024, Sandvik AB signed an agreement to acquire Almü Präzisions-Werkzeug GmbH, a Germany-based cutting tools and solutions provider within high-precision drilling, reaming, milling and tooling systems.
- In October 2023, Matco Tools launched diagnostic scan tool, the Maximus Plus that provides complete coverage flexibility, OE-level functionality, and the power of Android. The tool is designed to perform wireless diagnostics, including read/clear trouble codes, view/graph and record the PID, bi-directional test, reset functionality and more, delivering unparalleled productivity.
Automotive Maintenance Tools Market: Competitive Landscape
Key companies profiled in the Automotive Maintenance Tools Market are Stanley, Matco Tools, Bosch, Makita Corporation, Ingersoll Rand, Stahlwille, Apex Tool Group, Hitachi, Einhell Service, Tolsen Tools & Others.
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