Press release
Automotive Multifunctional Lift Systems Market Will Generate New Growth Opportunities by 2026
Automotive vehicles, in recent years, have become a necessary household entity rather than being a luxury as previously in the past. Rising living standards, rural and urban development, growth in disposable income has lead demand for automobiles to grow significantly over the past years.
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With high growth in automobile sales, the automotive maintenance, repairing and servicing sector is also expected to expand at a high growth rate over the forecast period. Multifunctional lift systems are used both at the manufacturing site and service stations for effective manufacturing and repairing of the vehicles in stipulated timeframe.
Various types of multifunctional lift systems are used in the automotive sector to lift vehicles for repairing and shifting their location. Multifunctional lift systems are manufactured on the basis of vehicle standards. Traditional multifunctional lifts, due to their restricted use in service stations only, are now being replaced by modern multifunctional lift systems such as portable lift or mobile lift systems, which can perform work in less time with higher productivity.
With high growth in the aftermarket and automotive service stations across the globe, the global automotive multifunctional lift systems market is expected to expand at a high CAGR over the forecast period. Manufacturers in the global automotive multi-functional lift systems market are highly focused to develop light weight, affordable, easy-to-use and safer multifunctional lifts which can improve productivity and efficiency of manufacturing/ servicing process in reduced time.
Market Dynamics
Proper maintenance of vehicles is highly recommended in order to keep them fuel efficient and in sync with the carbon emission regulations. Rising awareness among consumers and increasing fuel prices are the major macro-economic factors driving the demand for automotive service stations and in turn, for multifunctional lift systems, across the globe.
Major challenges faced by multifunctional lift system manufacturers are to avoid oil leakage and motor drive problems while lifting the vehicles in case of hydraulic lift and electrically driven lift, respectively. These challenges are directly responsible for increasing the maintenance cost and reducing process efficiency due to time delay involved. Safety of the technician working with the lift remain a critical issue for all multifunctional lift manufacturers in order to avoid any accident.
On the technology front, opportunity exists for manufacturers to introduce more reliable and innovative design, lightweight, portable, safer and mobile lift systems that can work efficiently at lower maintenance costs.
Regional Analysis
Regionally, global automotive multi-functional lift system market is segmented into seven key regions namely, North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan (APEJ), Middle East & Africa and Japan.
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Key players
Key players identified in the global automotive multi-functional lift systems market include - Servo Tech India, EAE Automotive Equipment Co., Ltd., Dannmar Equipment, Konecranes, Rotary Lift, Advantage lift, SEFAC USA Inc., Nussbaum Automotive Solutions, Mohawk Resources, Ltd. And others.
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