Automotive Maintenance Tools Market – By Product, By Vehicle Type, By Mode of Operation, By Sales Channel , By Geography - Global Opportunity Analysis
Automotive Maintenance Tools Market is forecast to reach $26 billion by 2030, after growing at a CAGR of 5.9% during 2024-2030. The market growth can be attributed to the increasing demand for maintenance and servicing, growing emphasis on vehicle safety, performance and fuel efficiency and the growing interest in DIY repair. Additionally, the increasing adoption of electric vehicles is also propelling the growth of this market. The demand for automotive maintenance tools is expected to increase significantly due to the growing vehicle production and the rising emphasis on efficient vehicle maintenance.
A growing trend in the automotive maintenance tools market is the integration of smart and connected tools. New vehicles, complete with 100 or more electronic control units (ECUs), have become highly complex networks and this increases the pressure to develop more efficient tools and systems to effectively diagnose the ECUs. Due to the complexity of modern vehicle electronics, automotive professionals now rely on advanced diagnostic tools. Sophisticated scanners, oscilloscopes, and software applications are essential for accurately identifying and resolving vehicle problems. Multi-functional tools have become increasingly popular in the automotive maintenance tools market due to their versatility, efficiency, and space-saving benefits. For instance, tools like multi-bit screw drivers, ratchet and socket sets and multi-function pilers allow technicians to quickly switch between different tasks without having to find and retrieve multiple individual tools. This efficiency can significantly reduce the time spent on maintenance and repairs.
Market Snapshot:
Automotive Maintenance Tools Market Report Coverage
The report: “Automotive Maintenance Tools Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Automotive Maintenance Tools Market.
AttributeSegment
By Product
By Vehicle Type
By Mode of Operation
By Sales Channel
By Geography
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Key Takeaways
Hand Tools is the Largest Segment
The Hand Tools segment held the largest share in Global Automotive Maintenance Tools Market. Hand tools can be used for a wide range of tasks from simple repairs to more complex repairs. Compared to power tools, hand tools are generally more affordable, making them accessible to a wider range of users. Hand tools are generally more reliable and less prone to breakdowns than power tools, making them a dependable option for automotive maintenance. As per the International Organization of Motor Vehicle Manufacturers (OICA), globally nearly 9.3 million vehicles were sold in 2023 compared to 8.2 million vehicles in 2022. 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.
Passenger Vehicles Dominate the Market
The passenger vehicle segment held the largest share in the Global Automotive Tools Maintenance Market. According to The European Automobile Manufacturers’ Association (AECA), passenger cars account for 83% of EU motor vehicle production, with almost 10.9 million units built per year. Over the coming years, the Automotive Maintenance market is expected to be dominated by passenger vehicles due to their high demand, the increasing number of vehicles on the road including the adoption of EVs, Passenger vehicles make up the majority of the Automotive Maintenance Tools industry. The expanding global vehicle fleet, including passenger cars leads to a higher demand for automotive tools. More vehicles on the road translates to more frequent maintenance and repairs, sustaining the market for automotive tools.
APAC Leads the Market
Asia Pacific held the dominant share in the automotive maintenance tools market up to a share of 41% and the region is expected to register the fastest growth rate in the near future. Increasing passenger vehicles sales across Countries like China, India, Japan are fuelling the market growth. As per the Global EV Outlook 2024 by the International Energy Agency (IEA), the market share of electric cars in China could reach up to 45% in 2024. Moreover, rapid growth in the automotive aftermarket industry due to aging vehicles and increasing use of second-hand cars is also driving the market growth in this region. For instance, sales of used vehicles in China surged 14.54% year on year in the first seven months of 2023, data from the China Automobile Dealers Association shows.
Growth in Automotive Production and Advancements in Technology Boosts the Growth
The global increase in automotive production and sales driven by economic growth and rising consumer demand fuels the need for automotive tools. The market is being fueled by the ongoing need for regular vehicle maintenance. Continuous advancements in automotive technology including the development of electric vehicles (EVs), hybrid vehicles and advanced driver-assistance systems (ADAS) necessitate specialized tools for diagnostics, repair and maintenance. ADAS technologies offer a range of features designed to enhance driver safety and assist in avoiding collisions. In July 2024, the EU's New Vehicle General Safety Regulation (GSR2) came into force which requires the installation of several advanced driver assistance systems (ADAS) in order to update the minimum performance standards for motor vehicles. These required systems include intelligent speed assist (ISA), autonomous emergency braking (AEB), driver drowsiness and attention warning (DDAW) and emergency lane-keeping systems (ELKS). Such technologies contribute to the growth of maintenance tools market.
Do-It-Yourself (DIY) Automotive Repair Drives the Market
The growing trend of do-it-yourself (DIY) automotive repair among consumers encourages the purchase of automotive tools. Access to online tutorials and resources empowers vehicle owners to perform basic maintenance and repairs at home boosting the sales of automotive tools. DIY enthusiasts typically require tools that are easy to use, affordable and suitable for home garages. This has led to a growing demand for consumer-oriented tools such as basic hand tools, simple power tools and diagnostic scanners. To cater to the DIY market, manufacturers have introduced new tool categories such as home mechanic kits and simplified diagnostic tools. In November 2023, Gearwrench launched two new floor jacks and four new jack stands for the automotive maintenance. Gearwrench’s jack stands will be available in 2 Ton, 3 Ton, 6 Ton and 12 Ton capacities and are built with a heavy-duty all steel construction. The jack stands have an adjustable ratcheting bar that locks in place with a double lock pin, which helps to prevent accidental height adjustments during use.
High Initial Investment and Tool Costs to Hamper the Market
The substantial initial investment required for advanced automotive tools and diagnostic equipment can pose a challenge, particularly for smaller repair shops and independent mechanics. This financial hurdle could potentially hinder market growth as it may limit access to the latest technology for some businesses. As the complexity of modern vehicles is increasing especially EVs and vehicles with advanced electronic systems require advanced automotive tools which require high capital.
Automotive Maintenance Tools Market Key Players
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Automotive Maintenance Tools Market. The top 10 players in the Automotive Maintenance Tools Market are? 1.?? ?Stanley? 2.?? ?Matco Tools 3.?? ?Bosch 4.?? ?Makita Corporation? 5.?? ?Ingersoll Rand? 6.?? ?Stahlwille? 7.?? ?Apex Tool Group? 8.?? ?Hitachi? 9.?? ?Einhell Service? 10.?? ?Tolsen Tools