The recently published market study by Fact.MR highlights the current trends that are expected to influence the dynamics of the Automotive Lift Market in the upcoming years. The report introspects the supply chain, cost structure, and recent developments pertaining to the Automotive Lift Market in the report and the impact of the COVID-19 on these facets of the market. Further, the micro and macro-economic factors that are likely to impact the growth of the Automotive Lift Market are thoroughly studied in the presented market study.
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Global automotive lifts market will experience a 1.4X growth to surpass a market valuation of US$ 9 Bn by the end of assessment period of 2019 -2026 – says Fact.MR in its newest published report. Automotive lifts have served a key purpose in vehicle service and maintenance, with maximum repair work being done under the car.
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.
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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.
Key Takeaways of Automotive Lift Market
- 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.
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- 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.
Innovation & Product Development to Expand Profit Pools of Key Players
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.
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- 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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