Prominent players in the automotive lift market are emphasizing on the development of custom solutions for optimal space utilization.
ROCKVILLE, MD / ACCESSWIRE / March 10, 2020 / The automotive lifts industry is projected to rise at a steady CAGR of 4.2% between 2019 and 2026. High component replacement rates, and expensive costs of labor and spare parts remain the primary factors driving sales of automotive lifts. Convenient operation and growing prominence of workplace safety will continue to aid the growth of the automotive lifts market, reveals Fact.MR in its new study.
"Rapid growth in vehicle sales volume will redirect pressure on automakers, garages and tire vendors owing to workspace limitations. In the near future, almost every garage and automotive manufacturing unit will be equipped with automotive lifts for space optimization," concludes the Fact.MR report.
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Automotive Lift Market - Key Takeaways
- Scissor lifts remain bestsellers; sales of portable car lifts will witness substantial growth.
- Garages continue to contribute significantly, accounting for a third of total automotive lifts adoption.
- Four post car lifts and mobile column car lifts are entering mainstream.
- Automotive lifts with lifting capacity between 4,000 and 9,000 lbs will remain highly popular among end users.
- North America remains the leading regional market, with increasingly strict workplace safety regulations.
Automotive Lift Market - Key Driving Factors
- Stringent workplace safety regulations continue to drive adoption of automotive lifts at workshops and garages.
- Heightened demand for safety equipment in the automotive industry is sustaining growth of the market.
- The rising global motorization rate and the subsequent increase in maintenance activities will further fuel the demand.
- Recent increase in demand from home garages significantly contributes to sales of automotive lifts.
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Automotive Lift Market - Key Constraints
- Noise generation issues continue to be a challenge for automotive lift manufacturers.
- Low operation speed remains another major impediment towards broader adoption of automotive lifts.
- Sporadic issues with electrical problems also restrain the sales of automotive lifts.
Competition Landscape
The global automotive lifts market is moderately fragmented. The leading players profiled in the report include, but are not limited to EAE Automotive Equipment Co. Ltd., BendPak Inc., PEAK Corp, Challenger Lifts Inc., Ravaglioli S.p.A., Nussbaum Automotive Solutions LP, ARI-Hetra, Rotary Lift, SUGIYASU Co. Ltd., and Stertil-Koni USA Inc. Market leaders are investing in product innovation balance diverse end use needs with compliance to regulations. Key players are channeling their efforts in expanding product portfolios. Lifts designed for low-height environments are also gaining importance as indicated by the Fact.MR report.
About the Report
This 170-page study offers readers a comprehensive market forecast of the automotive lifts market. Global, regional and country level analysis of the latest industry trends impacting the automotive lifts market are covered in this Fact.MR study. The report offers compelling insights on the automotive lifts market on the basis of product type (four post car lift, two post car lift, scissor car lift, portable car lift, in-ground car lift, alignment car lift, mobile column car lift, and parking lift), lifting capacities (4000-9000 lbs, 9000-12,000 lbs, 12000 to 15000 lbs, 15000 to 20000 lbs, 20000 to 35000 lbs, and abover 35000 lbs), end use application (garage, auto manufacturers, and tire manufacturers) across six regions (Middle East and Africa, Asia Pacific excluding Japan, Japan, Europe, Latin America, North America).
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Expert analysis, actionable insights, and strategic recommendations of the veteran research team at Fact.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over thousand reports and 1 million+ data points, the team has scrutinized the Industrial Goods sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Fact.MR's latest manufacturing market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: FactMR