Automotive Lifts Market Projected to Experience Major Revenue Boost during 2017-2026 | Key Players are BendPak Inc., PEAK Corp, Nussbaum Automotive Solutions LP, Challenger Lifts Inc., Rotary Lift, etc.
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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 today’s automotive landscape. In the future, their role will be instrumental in avoiding congestion problems across garages, OEM plants and tire stations.
Fact.MR foresees the global market for automotive lifts to reflect a sub-par CAGR of 4.7% in terms of value over the period, 2017-2026. The commercial scope of automotive lifts is pegged to become wider in the coming years. More number of independent garages being set up across the world will directly influence the adoption of automotive lifts. In addition, high initial investments of OEMs towards setting up manufacturing units will not deter them from buying expensive and advanced automotive lifts that offer long-term service life.
The report has analyzed the global automotive lifts market on the basis of above segments and sub-segments. On the basis of an extensive analysis, the report estimates the global automotive lifts sales in terms of volume to surpass 6,400 thousand units by the end of 2026.
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.
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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.
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