Automotive tools refer to various manual or electric tools specifically used for automotive repair, maintenance, and inspection. Their design and use are all aimed at ensuring the normal operation and extending the service life of the car.
Overview of Market Development
The market size continues to grow: With the continuous development of the automotive industry and the intensification of global competition, the automotive tool market is also showing a steady growth trend. According to our research data, the global automotive tool market is expected to reach $45.23 billion in 2024, an increase of 5.25% from 2023, and is expected to continue growing to $56.15 billion by 2029. The CAGR for 2024-2029 is estimated to be 4.42%.
Accelerating technological layout: Global automotive tool supply companies are accelerating their technological layout to meet the development needs of related technologies such as smart cars and connected vehicles.
The rise of emerging markets: With the rapid economic growth of developing countries such as China and India, the global automotive production base is gradually shifting towards these emerging markets, bringing new development opportunities to the automotive tool market.
Regional Market Analysis
From a regional perspective, the global automotive tool market is concentrated in the three major regions of the Americas, Europe, and Asia Pacific. These three major regions account for over 95% of the global market share in the automotive tool market. Among them, the Americas region holds the highest share, estimated at 33.23% in 2024.
Global Automotive Tool Market Size and Market Share by Region Forecast
Source: www.globalmarketmonitor.com
Segmented Market Analysis
From the perspective of product types, automotive tools can usually be divided into several categories based on their operating methods, such as manual tools and electric tools. Among them, electric tools occupy the largest market share due to their portability, with an estimated 48.46% in 2024.
From the perspective of downstream application patterns, automotive tools are mainly used in two major fields: automotive manufacturing and automotive maintenance. Among them, the automotive manufacturing sector dominates the downstream market, with an estimated market share of 66.68% in 2024.
Global Automotive Tool Segment Market Size and Market Share Forecast in 2024
|
|
Market Size (Billion USD)
|
Market Share
|
|
Segmented by Type
|
|
Manual Tools
|
114.93
|
25.41%
|
|
Electric Tools
|
219.18
|
48.46%
|
|
Others
|
118.18
|
26.13%
|
|
Segmented by Application
|
|
Automotive Manufacturing
|
301.59
|
66.68%
|
|
Automotive Maintenance
|
150.70
|
33.32%
|
Source: www.globalmarketmonitor.com
For more industry information, please refer to our latest released "2023 Global Automotive Tools Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".
Chinese