ROCKVILLE, Md., March 21, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Automotive Lifts market is projected to grow at a compound annual rate (CAGR) of 4.2% by 2026.
The demand for Automotive Lifts is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 9 Bn by the end of 2026.
Automotive lifts provide greater utility by saving on operational time within the confined spaces of manufacturing plants. In order to avoid congestion and eliminate potential injuries across garages, OEM plants and tire stations are rapidly adopting automotive lifts. The commercial scope of automotive lift is pegged to become wider in the coming years. A number of independent garages are being set up across the world which will directly influence the adoption of automotive lift. In addition, high initial investments of OEMs towards setting up manufacturing units is urging them to buy expensive and advanced automotive lifts that offer long-term service life.
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Increasing costs of spare parts, high replacement rate of components and feasible labor costs make commercial garages profitable businesses, which in turn drives the installation rate of advanced automotive lifts. It is projected that more than one-third of automotive lifts are projected to be sold via garages, by 2026.
Scissor Lifts to Lead the Way throughout the Assessment Period
Heightened demand for safety equipment that occupies minimal space and provides high throughput in working environment has significantly increased in the last few years. Scissor lifts are fully retracted and take up very little space in the operating environment. This saves operational time and helps to eliminate potential body twisting injuries.
Further, even distribution of working load reduces the incidents of lift failure. Scissor lifts became the utmost installed automotive lift in 2019. In same year, one in every four lifts sold in global market were estimated to be a scissor lift. Owing to these factors, scissor lifts are gaining rapid prominence and are predicted to grow 1.3X during the assessment period.
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Key Segments Covered in the Automotive Lifts Industry Survey
By Product
- Four-Post Car Lift
- Two-Post Car Lift
- Scissor Car Lift
- Portable Car Lift
- In-Ground Car Lift
- Alignment Car Lift
- Mobile Column Car Lift
- Parking Lift
By Lifting Capacities
- 4000-9000 lbs
- 9000-12000 lbs
- 12000-15000 lbs
- 15000-20000 lbs
- 20000-35000 lbs
- Above 35000 lbs
By End Use Application
- Garage
- Auto Manufacturers
- Tire Manufacturers
By Region
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Ex. Japan
- MEA
Competitive Landscape
Leading automotive lift manufacturers are continuously involved in new product developments or advancements in their existing product portfolio to gain a competitive advantage in the market.
For Instance-
- In Aug 2019, Bendpak, one of the market leaders in automotive lift market introduced a two-post lift in the XPR series. The XPR-12CL-LTA, is a long arm lift to better support vehicle’s center of balance with a capacity of 12,000-lb and three-stage long-reach.
- In Dec 2018, Rotary lift added remote-controlled heavy-duty lifts to its lineup with the new MOD35 Flex powered by RedFire, the industry’s only remote-controlled inground vehicle lift. The new model adds to the convenience of wireless remote-control technology to the modular inground lift.
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Key players in the Automotive Lifts Market
- 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.
Key Takeaways from the Market Study
- Scissor lifts are currently leading in the market with around 30% revenue share in automotive lift market, while mobile column lifts are witnessing growth of 1.3X which is more than the global average
- One in every four lifts sold in 2019 have the lifting capability of 12000-15000 lbs, while automotive lifts with lifting capacity of 4000-9000 lbs are creating a value opportunity of approximately US$ 700 million during the forecast period.
- Collectively, North America & Europe are contributing more than 70% of value in global automotive lift market in 2019, owing to heightened adoption in developed economies
- By the end of assessment period, garage applications will cater to more than 1/3rd of total automotive lift installations, owing to the rapidly growing automotive fleets that hit the road and increasing vehicle runs per year.
- Mobile column lifts are anticipated to gain more than 185 BPS during the assessment period on the backdrop of their versatility.
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