Global Vehicle Lift Market– Introduction
- Vehicle lift are designed to lifts to safely transport a commercial and industrial automobile or vehicle from one height to another without or with an occupant. Vehicles can range from full-size to compact size i.e. vans, cars, SUVs, and trucks. Additionally, each vehicle offers different interior space and weight capacities. Furthermore, vehicle lift is also known as car lift, which is specialized in the vertical movement of automobiles or vehicles.
- Beside it, vehicle lift are generally designed in robust and simple, so that it can withstand the blows well, so as to facilitate the exist and entry of vehicles.
- Vehicle lifts are designed with varying degrees of automation from partial to manual automated and to fully automatic depending on lifting and securement.
- Vehicle lifts is one of the most important industrial tool used in service and repair bays or garage. As, it is an integral part of vehicle or automobile repair and maintenance task.
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Global Vehicle Lift Market–Dynamics
Key Drivers of the Vehicle Lift Market
- Growing industrialization in developing and developed countries is expected to drive the vehicle lift market during the forecast period.
- Continuous growth in automobile production is also one of the important factors boosting the growth of the global vehicle lift market across the globe.
- 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 is expected to boost the global vehicle lift market across the globe. Additionally, considering that major automobile repairs initially in automotive maintenance industry for vehicle lifts which can overtake car jacks, will accelerate the demand of vehicle lift market worldwide.
- Furthermore, rising adoption of electric vehicles across both developed and developing economies is surging the growth of the vehicle lift market. Demand for electric vehicles is expected to record accelerated growth in the upcoming years. This in turn is expected to boost the growth of the vehicle lift market.
- Growing production of commercial cars and passenger cars across the world, due to lower interest rates, rise in per capita income, and strong demand from consumers, is projected to drive the vehicle lift market during the forecast period 2019- 2027.
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North America to Hold Major Share of the Global Vehicle Lift Market during the Forecast Period
- North America is expected to hold a prominent share of global vehicle lift market due to adoption of vehicle lift in the U.S. country, which is the lucrative marketplace for automotive. Additionally, it is due to extend presence of home garages across the US.
- Asia Pacific is expected to hold a significant share of global vehicle lift market during the forecast period due to the growing urbanization and increasing population that has led to the increase in commercial and industrial applications.
- 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 next few years.
- The Vehicle Lift market in Europe is anticipated to expand at a significant rate during the forecast period due to growth of automotive sectors in the region. This in turn is expected to propel the market in the region in the next few years.
Global Vehicle Lift Market–Competition Landscape
Key Players Operating in the Global Market
The global vehicle lift market is highly concentrated with top manufacturers accounting for approximately 25%–30% of the market share. A few of the key players operating in the global vehicle lift market are listed below:
- 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.