Automotive Lift Market

Automotive Lift Market Outlook (2022-2032)

The global automotive lift market was valued at around US$ 2.9 Bn in 2022. Sales of automotive lift are projected to accelerate at a CAGR of 4.4% to top US$ 4.5 Bn by 2032. A high level of consumer awareness contributes to the growth of the automotive lift market. The growth of the market is likely to be driven by a rise in disposable income, living standards, and urban development to further contribute to the market growth.

The production of vehicles in both emerging and developed nations have been increasing year by year over the past few decades. In the upcoming years, this will lead to a greater expansion in the automotive lift market, resulting from overall increasing sales of automotive in the market.

Report Attributes	Details
Expected Market Value (2022)	US$ 2.9 Billion
Projected Forecast Value (2032)	US$ 4.5 Billion
Global Growth Rate (2022-2032)	4.4% CAGR
Expected Market Share of North America (2022-2032)	6.5%
Anticipated Market Value of Europe (2022-2032)	4.8%
Major Automotive Lift Players	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. GUANGZHOU GAOCHANG HYDRAULIC ELECTROMECHANICAL TECHNIC CO.,LTD Dannmar Equipment Titan Lift, LLC Hunter Engineering Company Cascos Maquinaria

Revenue Analysis of Automotive Lift from 2017-2021 Vs Market Projections for 2022 to 2032

As per Fact.MR, market research and competitive intelligence provider, the global market for the automotive lift was valued at US$ 2.655 Bn in 2021.

Automotive lifts play an important role in automotive systems. Vehicle sales have a direct effect on the growth of the market for lifts. A strong automotive sector is expected to drive global motorization rates higher from 230 vehicles to 400 in the coming decades. Additionally, the number of vehicles running per kilometer has increased in recent years. As a result, component replacements and maintenance have increased over the past few years.

The growth of construction in emerging countries combined with the production of hybrid and electric lifts is expected to drive growth in the automotive lift market during the forecast period.

In order for automotive lift manufacturers to remain highly profitable in their business, they must continue to cater to the requirements of commercial garages. All of these factors are expected to drive the market at a 4.49% CAGR from 2022 to 2032.

Which are Some Prominent Drivers of the Automotive Lift Market?

A rise in sales of vehicles and demand for automotive productions is expected to grow the market for the automotive lift in the market. As demand for low-interest rates continues to grow, and small businesses are establishing themselves in the automotive industry, the market for automotive lifts is expected to be further influenced by these factors. Automotive garages and an increase in on-road vehicles are expected to drive demand for automotive lifts dramatically during the forecast period.

New opportunities in the global market are expected to emerge due to increased demand for connected car services and the penetration of advanced automated cars to grow the market for the automotive lift market. Garage owners and workshop owners have been subjected to strict regulations on occupational safety and have been put under a greater threat. The advancement and innovation of technology will contribute to further improving the product's performance, allowing it to be used more widely in downstream applications in the market.

Due to this, garage owners are placing a great deal of emphasis on installing automotive lifts in their garages. The usage of automotive lifts in garages is not only safe, but also enhances the efficiency of operations. In recent years, the production of passenger and commercial vehicles has increased, resulting in higher demand for automotive lifts. The growing need for better acceleration, a low carbon footprint, and electric vehicle growth is driving the growth of the automotive lift industry.

In addition, the continuous investment by established automotive lift manufacturers in research and development is anticipated to drive the growth of the automotive lift market throughout the forecast period.

What are the Challenges Faced by the Automotive Lift Market?

As the vehicle fleet expands and safety concerns grow, the automotive lift market is likely to stagnate.

Increasing investments in the automotive sector, as well as a growing number of safety issues, will further impede the market's growth. In addition to the limited availability of technicians and qualified operators, it is anticipated that the market will continue to decline. In addition, high pricing for products and cost associated with automotive lifts is also anticipated to limit the market growth in the future.

Comparative View of Automotive Lift Markets

Automotive Lift Market :

Attributes	Automotive Lift Market
CAGR (2022-2032)	4.49%
Growth Factor	Globally growing commercial and passenger car production will continue to grow the automotive lift market. As interest rates decrease, per capita income rises, and consumers demand increases, the vehicle lift industry is predicted to grow.
Opportunity	An automotive lift manufacturing transition that could be cost-effective has been revealed. In regions with abundant raw material supply and affordable labor, manufacturers can outsource some of their manufacturing processes and develop new products in the market.

Automotive Scissor Lift Market :

Attributes	Automotive Scissor Lift Market
CAGR (2022-2032)	3.6%
Growth Factor	A growing automotive garage market and an increase in commercial and passenger vehicle production are expected to spur growth in the automotive scissor lift market.
Opportunity	Technological advancements, growing concerns about safety issues, and increasing demand for vehicles will further, provide lucrative opportunities in the market.

Which Regional Market is the Most Profitable for Automotive Lift Manufacturers?

According to the forecasts, North America is expected to have a significant impact on the automotive lift market, with the U.S. and Canada playing a significant role in the industry's growth. The Asia-Pacific region is the largest market for automotive equipment.

Increasing car manufacturing in nations like India and China, as well as manufacturers' efforts to expand manufacturing capabilities, are expected to lead to an increase in automotive lift demand. The market for automobile lifts in this region is anticipated to grow further in the years to come as garages and auto manufacturers expand in this region.

Due to the large audience of consumers who own cars, especially high-end vehicles and commercial vehicles, the North American automotive lift market will also be one of the major markets during the projection period. With the North American automotive market expanding, automotive lifts and other automotive components companies have emerged with numerous opportunities in the market.

Further, rapid industrialization in India and China and growing economies will boost demand for vehicle lifts over the next few years, which is expected to result in high adoption of vehicle lifts in the automotive sector.

Country-wise Analysis

How will the Indian market for automotive lifts grow?

Increasing number of independent garages and availability of OEM parts are expected to boost the market

Increasing consumer demand for passenger vehicles has led to an increase in sales for automobiles in the market. Increased per capita income and the availability of affordable vehicles have contributed to the rapid growth of car sales in the region. With the increase in the number of electric vehicles on the road, it is anticipated that the market for automotive lifts will grow. This country will produce 5 million vehicles more than it did in previous years, which will lead to further growth in the market for automotive lifts.

As consumers will increasingly be in need of maintenance and repair, the market for automotive lifts is poised to expand at a rapid pace in the near future. With the increase in demand for automotive parts as well as customization on tires and rims in this country, it is estimated that the market for these parts is expected to continue to grow over the coming years. Increasing OEM service centers and independent local garages will drive the market for automotive lifts.

What is the market share of automotive lifts in the United States?

Light commercial vehicles, luxury cars, and passenger cars are likely to support market demand in the United States

The high vehicle ownership rate in North America will make this region a profitable market for automotive lifts in the market. For instance, the majority of American households own a vehicle or a fleet of vehicles. They maintain a strict regulatory stance when it comes to the construction of a safe environment in the automotive industry and aftermarket.

As developed automotive economies, like the United States, grow gradually, revenue will come from continuing penetration into emerging markets. Considering the increasing purchasing power of consumers in emerging countries like the U.S., auto sales are expected to expand faster. As demand for high-end cars and luxury interiors increases in this region, the market is expected to expand in terms of sales in this region.

Country-wise Forecast CAGRs for the Automotive Lift Industry

Country	CAGR
China	4.2%
U.S.	5%
Australia	3%
France	3.5%

Category-wise Insights

How does the scissor lift segment anticipate growth over the coming years?

Increased Production of Automobiles and Increased Safety Issues are Key to Growing the Market

With the rise in automotive production and economic growth, access equipment such as scissor lifts is gaining popularity in the United States and Indian markets. Safety features play an increasingly important role in scissor lifts as the market matures and becomes more accepted in the coming years. Established players are expanding their sales networks to boost growth as manufacturers in each region are limited. In addition, stringent government regulations regarding workplace safety are expected to increase demand for scissor automotive lifts.

Environmentally-conscious technologies are constantly being incorporated by manufacturers to enhance product efficiency. As a result, companies are also enhancing their strategies for expansion in order to remain relevant in an environment characterized by increasing competition. Aside from the demand from the construction and building sectors for scissor lifts, a key focus area for market players will be the application of scissor lifts in repair activities.

What segment of the market is expected to grow at a robust rate?

Customization and Demand for Vehicle Servicing are Expected to Drive Market Growth

The increased popularity of two-post lifts, a permanent option for most garages is expected to boost automotive lift demand in this region. Automobile lifts are ideal for small-scale garages that are planning to expand their space by supporting heavy vehicles with this equipment in the market. With the growing demand for customization and maintenance for vehicles, the market for automotive lifts in garages is expected to continue to grow.

Market Competition

Several established companies and new entrants compete in this industry. Several key companies are attempting to maintain their position in the global market by diversifying their product offerings. Some of the key players operating in the global automotive lift market include 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., GUANGZHOU GAOCHANG HYDRAULIC ELECTROMECHANICAL TECHNIC CO., LTD, Dannmar Equipment, Titan Lift, LLC, Hunter Engineering Company and Cascos Maquinaria.

• A highly capable Tundra TRD Pro will be gladly sold to consumers for $70,135 (plus destination). In addition to the CrewMax body style and 5.5-foot bed on the TRD Pro, Toyota also offers a large pickup equipped with a factory lift kit for those wishing to avoid spending as much capital or do not wish to be restricted to a CrewMax body style. As an option, it is available from TRD dealers and is offered at a price of $3,995 (the price does not include labor, which may be negotiated) and is developed by TRD engineers.
• With the introduction of ALI-certified lifts, Atlas Automotive Equipment now offers a full lineup of lifts. As a result of ALI certification, automotive lifts in the U.S. meet the highest safety standards. Tests are carried out to ensure the lift lives up to its capacity claims safely, including structural integrity, control functionality, and overloading beyond its rated capacity. To ensure the lifts comply with ALI's standards, Atlas Automotive Equipment's lifts are audited annually. Atlas lifts continue to undergo these safety audits every year to ensure they meet the highest standards.

Key Segments Profiled in the Automotive Lift 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
  • Asia Pacific
  • MEA