Vehicle Lift Market Outlook - 2027
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 . This condition arises many a times in vehicles. 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 fulfill the purpose for that it is meant. 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 to be used in service and repair bays or garage. it is one of the most important and an integral part of vehicle or automobile repair and maintenance task.
Covid -19 impact on industry -
COVID-19 pandemic has shut-down the production of various products in the vehicle lift market industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of vehicle lift market significantly from last few months, as is likely to continue during 2020.
COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.
The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The main purpose of vehicle lift market to lift the vehicles and its transportation on need, Growing industrialization in developing and developed countries and rising adoption of electric vehicles across both developed and developing economies is surging the growth of the vehicle lift market. so these factor are acting as its driving factor for its growth for upcoming time.
Growing industrialization in developing and developed countries
Growing industrialization in developing and developed countries is expected to drive the vehicle lift market during the forecast period. as there is Continuous growth in automobile production that is also i one of the important factors boosting the growth of the global vehicle lift market across the globe. there is 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 so, it is expected to boost the global vehicle lift market across the globe. Apart from this , 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.
Rising adoption of electric vehicles across globe
As rising adoption of electric vehicles across both developed and developing economies is surging the growth of the vehicle lift market. People are moreover preferring these electrical vehicles due to current scenario regarding environmental issues. 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.
Key benefits of the report:
- This study presents the analytical depiction of the vehicle lift market along with the current trends and future estimations to determine the future of the market
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the vehicle lift market share.
- The current market is quantitatively analyzed to vehicle lift market growth scenario.
Vehicle Lift Market Report Highlights
By Product Type
By Distribution channel
Key Market Players
Stertil-Koni USA, Inc., Garage Equipment Supply., Eagle Equipment., Ravaglioli S.p.A,, ATS ELGI., Nussbaum Automotive Solutions LP., Challenger Lifts, Inc., Crypton, CASCOS MAQUINARIA, S.A., Harmar., EAE Automotive Equipment Co., Ltd., Gemco Equipment Ltd., BendPak, Inc., Atlas Auto Equipment