The COVID-19 pandemic has caused supply and manufacturing disruptions in the automotive sector creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the automotive landscape.
This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the automotive industry.
The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.
Global Automotive Maintenance Tools Market: Overview
Automotive maintenance is the process of testing or inspecting the condition of vehicle subsystems such as engine and servicing or replacing parts and automobile fluids. Automotive maintenance is carried out at a fixed interval of time or after the vehicle has travelled a specific distance or when the vehicle is underperforming. Automotive maintenance tools are used to dismantle vehicle systems for their repair. This in turn helps the vehicles to function properly and run at their maximum possible efficiency. Furthermore, automotive maintenance tools are used for servicing or to replace parts and fluids of engine for the safety of the vehicles and to avoid any major damage. Automotive maintenance is necessary to ensure safety, comfort, drivability, reliability and longevity of vehicles.
Currently, due to rapid advancements and requirement to reduce the time required for transport and logistics, the demand for automotive maintenance tools is increasing significantly. Automotive maintenance tools include battery filler, battery terminal cleaner, boosters, jumper cables, portable power, swivel filter wrench, creepers and creeper casters, drain and drip etc.
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Global Automotive Maintenance Tools Market: Drivers and Restraints
Increasing industrialization has led to the surge in the logistics industry, this in turn has increased the transportation of the goods across geographies. Thus, there is an increase in the maintenance rate of the vehicles and is a major factor contributing to the growth of the global automotive maintenance tools market. Also, the flourishing automobile industry and its mandatory norms to provide each vehicle with a tool kit is the key driver of the global automotive maintenance tools market
However, skills required to operate these automotive maintenance tools is restricting the use of these tools only at service centers that can hamper its aftermarket.
Global Automotive Maintenance Tools Market: Segmentation
The global automotive maintenance tools market can be segmented as follows:
Global Automotive Maintenance Tools Market, by Type
- Battery Chargers
- Automatic Battery Chargers
- Manual Battery Chargers
- Automotive Specialized Tools
- Feeler Gauge
- Radiator Filler
- Bearing Race/Seal Driver Kit
- Creepers and Creeper Casters
- Drain and Drip Pans
- Electric Vehicle Charging Station
- Steel Funnel
- Plastic Funnel
- Measuring Cups/Pitcher/Scoop
- Others (Air compressor, Torque wrench, Jack, Ratchet Pumps, Roller-type stud extractor and Thread Chasers)
Global Automotive Maintenance Tools Market, by Vehicle Type
- Passenger Cars
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
Global Automotive Maintenance Tools Market, by Distribution Channel
- Original Equipment Manufacturer (OEM)
Global Automotive Maintenance Tools Market: Regional Outlook
Geographically, the global automotive maintenance tools market is segmented into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). Eastern Europe & Western Europe are market leaders in the global automotive maintenance tools market owing to its established automobile industries. North America is the second major contributor to the global automotive maintenance tools market mainly due to its automotive hubs in the U.S. Technological advancements in automobile industry of Japan is making it a significant contributor in the global automotive maintenance tools market. Also, the presence of automobile companies such as Toyota Motor Corporation and Honda Motors Co. Ltd in Japan is a major factor for its growth in global automotive maintenance tools market. APEJ is anticipated to register healthy CAGR in the global automotive maintenance tools market due to a surge in the number of automobile manufacturing units being set up in this region.
Middle East and Africa is recovering from its oil and gas crisis and is anticipated to have a positive landscape in the global automotive maintenance tools market and Latin America is at a nascent stage in the global automotive maintenance tools market.
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Global Automotive Maintenance Tools Market: Key Players
The key players in the global automotive maintenance tools market are
- Unior d.d.
- Mobletron Electronics Co., Ltd.
- R. Laurence Co., Inc.
- Ningbo Dicong Machinery Industrial & Trading Co., Ltd.
- Sir Tools
- Matco Tools (Danaher Corp.)
- Lisle Corporation
- Thexton Manufacturing Company
- Mac Tools
- Aspov Hydraulicss
- JET Tools
Globally, the manufacturers of automotive maintenance tools are implementing the strategies such as merger and acquisition, and technology advancements such as use of latest computer-controlled machines to manufacture automotive maintenance tools.
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