The report offers actionable and valuable insights on the Automotive Lift market. The latest report by Fact.MR provides details on the present scenario of the Automotive Lift market across various regions along with the historic data and forecast of the Automotive Lift market. The report also includes information on the sales and demand of Automotive Lift across various industries and regions. Market dynamics including latest trends, challenges, growth opportunities, and drivers for is also provided in the Automotive Lift market report.
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Currently, the global automotive backdrop reflects a high volume growth in the sales of vehicles, and the coming decades may witness the number of vehicles in use to surpass the global population estimates. This uncontrollable growth will redirect pressure on automakers, garages and tire vendors with respect to limited work spaces. Few years down the line, almost every garage and automotive manufacturing unit will be equipped with automotive lifts that can serve the crucial purpose of space optimization.
Fact.MR’s recent forecast study projects a steady growth in demand for automotive lifts in the foreseeable future. The global automotive lifts market has been estimated to touch a US$ 9.9 billion valuation by the end of 2026. The report further assesses that over the forecast period, 2017-2026, the global market for automotive lifts will showcase a CAGR of 4.1% in terms of volume.
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Garages to represent most profitable end-use applications of automotive lifts
In 2018 and beyond, more than one-third of automotive lifts manufactured in the world will be used in garages. Strict standards on safety of working environments in garages will drive the adoption of automotive lifts. Considering that major vehicle repairs entail working under the car, the uptake for automotive lifts will overtake that of car jacks. Long service life of automotive lifts will also drive their use in home garages. By the end of 2026, nearly 2,300 thousand units of automotive lifts will be installed in garages worldwide.
Demand for automotive lifts to witness a significant growth in North America
In North America, the US reflects a lucrative marketplace for adoption of automotive lifts. Almost every other US household owns a car if not a fleet of vehicles. High household incomes has extended the presence of home garages across the US. Meanwhile, Canada’s strict regulatory stance towards building safe environments in automotive manufacturing and aftermarket repair works has further bolstered the sales of automotive lifts in North America.
By the end of 2026, nearly 2,250 thousand units of automotive lifts will be installed across North America. However, the report markedly estimates the Middle East & Africa automotive lifts market to reflect highest volume CAGR over the forecast period. Vehicle customization trends and robust growth in automotive aftermarkets across the Middle Eastern countries will factor the region’s high volume growth for automotive lifts.
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More number of scissor car lifts, four-post car lifts and mobile column car lifts will be installed globally
Majority of automotive lifts sold in the world are estimated to be scissor car lifts. In 2017, over 1,000 thousand units of scissor car lifts were sold globally. While the report foresees the demand for scissor car lifts to dwindle in the coming years, their global market volume share will continue to be dominant compared to other types of lifts. Four-post car lifts will witness a steady demand for their advantages in terms of easy installation and affordable costs. Mobile column car lifts will witness a sharp increase in demand, while portable car lifts will showcase highest volume growth at 5.4% CAGR over the forecast period.
Growing trend of manufacturing lightweight vehicles will keep market players focused upon preliminary lifting capacities
Majority of automotive lift manufacturers will be focusing on offering lifting capacity of 4,000-9,000 lbs. In 2018 and beyond, almost every other car will be developed with a focus on keeping it light in weight, considering their role in boosting fuel efficiency and overall performance of the vehicle.
In the coming years, key stakeholders of the global automotive lifts market namely BendPak, Inc., Challenger Lifts, Inc., Nussbaum Automotive Solutions LP, Rotary Lift, Stertil-Koni USA, Inc., SUGIYASU Co.Ltd, ARI-HETRA, Ravaglioli S.p.A, PEAK Corp and EAE Automotive Equipment Co.Ltd., will continue to extend the production of automotive lifts with preliminary lifting capacities.
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The Automotive Lift Market research answers important questions, including the following:
- Why Automotive Lift Market players are focusing on the business expansion in region?
- Which regulatory authorities have granted approval to the application of Automotive Lift Market
- What are the pros and cons of the Automotive Lift Market the environment?
- Why players are targeting the production of segment?
- What are the strategies implemented by emerging players in the global Automotive Lift Market?
The Automotive Lift Market report serves the readers with the following data:
- In-depth analysis of supply-side and demand-side trends.
- Direct and indirect impacts of the growth of relevant markets on the Automotive Lift
- Importance of segment in various regions.
- Accurate Y-o-Y growth of the global Automotive Lift
- Consumption trends among individuals across the globe.
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