Vehicle Lift Market size was estimated at $xx Billion in 2020 and is expected to reach $xx Billion by 2027, growing at a CAGR of 10.6% during the forecast period of 2020 to 2027.
Market Definition / Research Scope
A vehicle lift is a device produced to safely transport an industrial and commercial vehicle or automobile from one height to another with or without an occupant. Vehicles can vary from full-size to portable size, for example, cars, SUVs, vans, and trucks. In addition, each vehicle offers various interior weight and size capacities.
A vehicle lift is commonly designed in a strong and easy way so that it can tolerate the blows well, so as to facilitate the entry and exit of automobiles. Vehicle lifts are designed with different degrees of automation from partial to fully automatic, depending on securement and lifting.
Vehicle lifts are majorly used in the automobile industry. It is one of the most significant industrial devices used in service and repair garage or bays. Lastly, vehicle lift is also referred to as a car lift, which major function is the vertical movement of vehicles and automobiles.
Vehicle Lift Market Growth and Trends
Driving factors for the industry :
• Continuous growth in automobile across the globe and growing industrialization in developing and developed countries is expected to drive the vehicle lift market during the forecast period.
• Rise in demand of vehicle lifts in garages in automotive industry, due to strict standards on safety of working environments in automotive industry especially in garages by the government and many other agencies, is expected to boost the global vehicle lift market across the globe.
Furthermore , considering the fact that major automobile repairs formerly in automotive maintenance industry for vehicle lifts, which can overtake car jacks, will enhance the demand of vehicle lift market across the world.
• The lofty costs of spare parts, high replacement rate of the parts and feasible labour costs give ample opportunities of growth and enhanced profit margin in the garages, thereby incrementing the installation rate of these advanced automotive lifts. This factor is projected to fuel the demand for the automotive lift market even further.
• Rapid production of commercial and passenger cars across the world, because of lower interest rates, rise in per capita income, and high demand from the end sector consumers with disposable income, will drive the vehicle lift market in the near future.
• Demand and increasing adoption for electric vehicles is expected to accelerate the growth in the upcoming years. This in turn is going to boost the growth of the vehicle lift market during the upcoming years.
• The Asia Pacific region will hold a significant share of global vehicle lift market during the forecast period because of the growing urbanization and increasing consumer population that has led to the increase demand for the vehicle lifts in commercial as well as industrial applications, thereby bolstering the market’s growth in that region.
• Furthermore, rapid industrialization and the fast growing economy in India and China has resulted in high adoption of vehicle lift in the automotive sector, which in turn is expected to drive the demand for vehicle lift over the near future.
• Growth of automotive sectors in the Europe region will cause the Vehicle Lift market in Europe to expand significantly driving the market in the region in the next few years.
Challenges for the industry :
• Growing vehicle sales volume will put pressure on automakers, garages and tire vendors due to workspace limitations, restraining the market.
• Lofty repair and maintenance cost is a major challenge faced by the global automotive sector. High quality of the modern vehicles has led to increased average cost of repairing modern vehicles compared with older vehicles, thereby giving no cost-benefits to the customers.
Vehicle Lift Market Regional Analysis
Vehicle Lift Market Share and Competition
Key companies operating in this industry are: BendPak, Inc., ATS ELGI., CASCOS MAQUINARIA, S.A., Challenger Lifts, Inc., Nussbaum Automotive Solutions LP., Eagle Equipment., Garage Equipment Supply., Stertil-Koni USA, Inc., Ravaglioli S.p.A., EAE Automotive Equipment Co., Ltd., Crypton, Gemco Equipment Ltd., Atlas Auto Equipment, and Harmar. Similar industries in this domain that is growing at a high CAGR include Military Land Vehicle Electronic Market and Self-Driving Industrial Vehicles Market.
Vehicle Lift Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2020 – 2027)
• Data breakdown for every market segment (2020 – 2027)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2020 - 2027)
• Post Surface Mounted
• Two Post Lifts
• Overhead Lifts
• Floor Plate Lifts
• Four Post Lifts
• Scissor Car Lifts
• Portable Car Lifts
• In ground Car Lifts
• Mobile Column Car Lifts
• Parking Lifts
Distribution Channel Analysis (Revenue, USD Million, 2020 - 2027)
• Direct sales (OEM)
• Indirect sales
• Vehicle Lift customers
Application Analysis (Revenue, USD Million, 2020 - 2027)
End User Analysis (Revenue, USD Million, 2020 - 2027)
• Hyper Market
• Super Market
Region Analysis (Revenue, USD Million, 2020 - 2027)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World
Vehicle Lift Market Companies
• BendPak, Inc.
• ATS ELGI.
• CASCOS MAQUINARIA, S.A.
• Challenger Lifts, Inc.
• Nussbaum Automotive Solutions LP.
• Eagle Equipment.
• Garage Equipment Supply.
• Stertil-Koni USA, Inc.
• Ravaglioli S.p.A.
• EAE Automotive Equipment Co., Ltd.
• Gemco Equipment Ltd.
• Atlas Auto Equipment
Available Versions: -
United States Vehicle Lift Market Research Report
Europe Vehicle Lift Market Research Report
Asia Pacific Vehicle Lift Market Research Report
India Vehicle Lift Market Research Report