Fact.MRís recent forecast study projects a steady growth in demand for automotive lifts in the foreseeable future. The 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.
[USPRwire, Thu Mar 07 2019] Fact.MRís recent forecast study projects a steady growth in demand for automotive lifts in the foreseeable future. The† 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.
For the past decade, high volume growth in vehicle sales has created problems for automotive manufacturers, garages stations, and tire vendors. Compared to the fleet of vehicles that hit the roads every year, garage owners have faced difficulties while handling these large number in limited work spaces. From an OEM standpoint, manufacturing vast units of vehicles demands a greater utility of lifting systems, considering the confined spaces of manufacturing plants. Automotive lifts have served a key purpose of space optimization in todayís automotive landscape. In the future, their role will be instrumental in avoiding congestion problems across garages, OEM plants and tire stations.
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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.
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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, Canadaís 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 regionís high volume growth for automotive lifts.
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BendPak, Inc., PEAK Corp, Nussbaum Automotive Solutions LP, Challenger Lifts, Inc., Rotary Lift, EAE Automotive Equipment Co.Ltd., SUGIYASU Co.Ltd., Stertil-Koni USA, Inc., Ravaglioli S.p.A and ARI-HETRA ??" have been identified as key players in the global automotive lifts market. In the future, finding a balance between adherence to automotive lift manufacturing standards and compliance to diverse end-use requirements will characterize the marketís manufacturing landscape.