Increasing costs of spare parts, high replacement rate of these components and feasible labor costs make commercial garages profitable businesses, which in turn drives the usability of advanced of automotive lifts that come at slightly high costs.
[USPRwire, Wed Nov 28 2018] 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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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.
End-use of automotive lifts in garages will witness a steady upswing through 2026
For boosting the safety of working environments, garage owners from several parts of the world are installing automotive lifts. Majority of vehicle repairs are being fixed by working under the car, and automotive lifts serve this purpose more effectively than jacks. Besides offering a safe environment to work in, automotive lifts also ease the operations in a garage. The increased space is an added advantage of installing automotive lifts. Several automotive lift manufacturers are considering the custom requirements of garage owners to offer best solutions towards space optimization.
Increasing costs of spare parts, high replacement rate of these components and feasible labor costs make commercial garages profitable businesses, which in turn drives the usability of advanced of automotive lifts that come at slightly high costs. While catering to the demands of commercial garages will remain highly profitable for automotive lift manufacturers, several companies will also capture the sharp increase in demand across home garages. Low heights of home garages may create certain challenges for existing product lines, but companies are offering redesigned automotive lifts that adjust to such environments.
Throughout the forecast period, more than one-third share of automotive lifts sold in the world are estimated to be used in garage applications. By the end of 2026, garages from all across the world will be installing nearly 2,300 thousand units of automotive lifts.
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 market’s manufacturing landscape.
- 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.
- 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.
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Table of Content:
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- Global Economic Outlook
- Global Automotive Lifts Market - Executive Summary
2.1. Global Automotive Lifts Market ??" Opportunity Analysis & Mega Trends
- Global Automotive Lifts Market Overview
3.1.1. Global Automotive Lifts Market Taxonomy
3.1.2. Global Automotive Lifts Market Definition
3.2. Global Automotive Lifts Market Size (US$ Mn) & volume (Unit) and Forecast, 2012-2026
3.2.1. Global Automotive Lifts Market Y-o-Y Growth
3.3. Impactful Trends Transforming Automotive industry to High-Tech Industry
3.4. Key Challenges and Opportunities for Automotive Industry
3.5. Global Automotive Lifts Market Dynamics
22.214.171.124. Impact Analysis By Product Type
126.96.36.199. Impact Analysis By Application Type
3.6. Value Chain
3.7. List of New Entrants
3.8. Global Automotive Lifts Market Forecast Factors
3.9. Technology Roadmap
3.10. PEST Analysis
3.11. Porter's Five Forces
3.12.Product Life Cycle analysis
3.13. Global Automotive Lifts Market Scenario forecast
3.14. Pricing Analysis
3.14.1.Pricing Analysis, By Region and Product Type
3.14.2.Factors Influencing Pricing
3.15. Investment Feasible Index
3.16. Market Competition Structure
3.17 Key Participants Market Presence (Intensity Map) By Region
- Global Automotive Lifts Market Analysis and Forecast 2012-2026
4.1. Global Automotive Lifts Market Size and Forecast By Product Type, 2012-2026
4.1.1. Four-Post Car Lifts Market Size and Forecast, 2012-2026
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