The global automotive lift market was valued at around US$ 2.9 Bn in 2022. Sales of automotive lift are projected to accelerate at a CAGR of 4.4% to top US$ 4.5 Bn by 2032. A high level of consumer awareness contributes to the growth of the automotive lift market. The growth of the market is likely to be driven by a rise in disposable income, living standards, and urban development to further contribute to the market growth.
The production of vehicles in both emerging and developed nations have been increasing year by year over the past few decades. In the upcoming years, this will lead to a greater expansion in the automotive lift market, resulting from overall increasing sales of automotive in the market.
Revenue Analysis of Automotive Lift from 2017-2021 Vs Market Projections for 2022 to 2032
As per Fact.MR, market research and competitive intelligence provider, the global market for the automotive lift was valued at US$ 2.655 Bn in 2021.
Automotive lifts play an important role in automotive systems. Vehicle sales have a direct effect on the growth of the market for lifts. A strong automotive sector is expected to drive global motorization rates higher from 230 vehicles to 400 in the coming decades. Additionally, the number of vehicles running per kilometer has increased in recent years. As a result, component replacements and maintenance have increased over the past few years.
The growth of construction in emerging countries combined with the production of hybrid and electric lifts is expected to drive growth in the automotive lift market during the forecast period.
In order for automotive lift manufacturers to remain highly profitable in their business, they must continue to cater to the requirements of commercial garages. All of these factors are expected to drive the market at a 4.49% CAGR from 2022 to 2032.
Which are Some Prominent Drivers of the Automotive Lift Market?
A rise in sales of vehicles and demand for automotive productions is expected to grow the market for the automotive lift in the market. As demand for low-interest rates continues to grow, and small businesses are establishing themselves in the automotive industry, the market for automotive lifts is expected to be further influenced by these factors. Automotive garages and an increase in on-road vehicles are expected to drive demand for automotive lifts dramatically during the forecast period.
What are the Challenges Faced by the Automotive Lift Market?
As the vehicle fleet expands and safety concerns grow, the automotive lift market is likely to stagnate
Increasing investments in the automotive sector, as well as a growing number of safety issues, will further impede the market’s growth. In addition to the limited availability of technicians and qualified operators, it is anticipated that the market will continue to decline. In addition, high pricing for products and cost associated with automotive lifts is also anticipated to limit the market growth in the future.
Which Regional Market is the Most Profitable for Automotive Lift Manufacturers?
According to the forecasts, North America is expected to have a significant impact on the automotive lift market, with the U.S. and Canada playing a significant role in the industry’s growth. The Asia-Pacific region is the largest market for automotive equipment.
Increasing car manufacturing in nations like India and China, as well as manufacturers’ efforts to expand manufacturing capabilities, are expected to lead to an increase in automotive lift demand. The market for automobile lifts in this region is anticipated to grow further in the years to come as garages and auto manufacturers expand in this region.
How will the Indian market for automotive lifts grow?
Increasing consumer demand for passenger vehicles has led to an increase in sales for automobiles in the market. Increased per capita income and the availability of affordable vehicles have contributed to the rapid growth of car sales in the region. With the increase in the number of electric vehicles on the road, it is anticipated that the market for automotive lifts will grow. This country will produce 5 million vehicles more than it did in previous years, which will lead to further growth in the market for automotive lifts.
As consumers will increasingly be in need of maintenance and repair, the market for automotive lifts is poised to expand at a rapid pace in the near future. With the increase in demand for automotive parts as well as customization on tires and rims in this country, it is estimated that the market for these parts is expected to continue to grow over the coming years. Increasing OEM service centers and independent local garages will drive the market for automotive lifts.
How does the scissor lift segment anticipate growth over the coming years?
With the rise in automotive production and economic growth, access equipment such as scissor lifts is gaining popularity in the United States and Indian markets. Safety features play an increasingly important role in scissor lifts as the market matures and becomes more accepted in the coming years. Established players are expanding their sales networks to boost growth as manufacturers in each region are limited. In addition, stringent government regulations regarding workplace safety are expected to increase demand for scissor automotive lifts.
What segment of the market is expected to grow at a robust rate?
The increased popularity of two-post lifts, a permanent option for most garages is expected to boost automotive lift demand in this region. Automobile lifts are ideal for small-scale garages that are planning to expand their space by supporting heavy vehicles with this equipment in the market. With the growing demand for customization and maintenance for vehicles, the market for automotive lifts in garages is expected to continue to grow.
Market Competition
Several established companies and new entrants compete in this industry. Several key companies are attempting to maintain their position in the global market by diversifying their product offerings. Some of the key players operating in the global automotive lift market include BendPak Inc., Challenger Lift, Inc., Nussbaum Automotive Solutions LP, Dover Corp-Rotary Lift, Stertil-Koni USA, Inc., SUGIYASU Co.Ltd, ARI-HETRA, Ravaglioli S.p.A, PEAK Corp, EAE Automotive Equipment Co.Ltd., GUANGZHOU GAOCHANG HYDRAULIC ELECTROMECHANICAL TECHNIC CO., LTD, Dannmar Equipment, Titan Lift, LLC, Hunter Engineering Company and Cascos Maquinaria.
