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Automotive Jack Market |Global Analysis of Key Manufacturers, Dynamics & Forecast 2021-2027 | Key Player - Norco Professional Lifting Equipment, US Jacks, Weaver Jacks, ESCO, Autoline Industries, Surewerx
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COVID-19 scenario analysis:
• COVID-19 has rapidly affected the sales in the automotive industry, thus hampering the growth of the automotive jack market.
• The market was expected to register significant growth with rapid growth inthe automobile industry. However, due to COVID-19, the market is expected to decline in the near future, owing to the shutdown of production of vehicles.
• Sales play a major role in the vehicle sector, but trade restrictions and closed borders created a shortage in required parts and limited the distribution of supplies.
• Due to no demand in the COVID-19 situation, most of the companies have stopped automotive jack production.
• COVIID-19 hampered the growth of all industries by shutting them down. They are expected to regain only after situation becomes stable.
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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Top impacting factors that drive the growth of the automotive jack market are the rapid growth of the automotive maintenance market and increase in use of heavy vehicles. However, high cost of the product hampers the growth of the market. Furthermore, rise in number of car repairing garages and increase in repair &maintenance activities provide lucrative opportunities for the automotive jack market.
Rapid growth of the automotive maintenance market
The growth of the automotive maintenance market has escalated the demand for automotive jack. More maintenance garages leads to increase in demand for car jacks to be used in repairing purposes such as tire change, rim change, flat tire repairing, etc. Therefore, this increases the demand for jack and results in the growth of the automotive jack market.
Increase in use of heavy vehicles
Automotive jacks are required to lift heavy vehicles. Heavy vehicle use has increased with growth in the construction and mining industries. These vehicles require high weight tackling jacks to lift them. Additionally, repairing of tires or other parts of heavy vehicles requires jack, there by propelling the growth of the automotive jack market in the coming years.
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Key benefits of the report:
• This study presents the analytical depiction of the automotive jack market along with current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the automotive jack market share.
• The current market is analyzed from 2020 to 2027 to highlight the automotive jack market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the automotive power window market research report:
• Which are the leading market players active in the market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?
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