ROCKVILLE, Md., March 21, 2022 (GLOBE NEWSWIRE) — According to a recently released Fact.MR report, the global automotive lift market is expected to grow at a compound annual rate (CAGR) of 4.2% through 2026.
the demand for car lifts is expected to grow over the forecast period and the market is expected to reach a global market size of US$9 billion by the end of 2026.
Automotive lifts provide greater utility by saving on operating time in the confined spaces of manufacturing plants. To avoid traffic jams and eliminate potential injuries in garages, OEM factories and tire stations are rapidly adopting automotive lifts. The commercial application scope of the car lift is expected to expand in the coming years. A number of independent garages are being set up across the world which will directly influence the adoption of car lift. Additionally, OEMs’ high initial investments in setting up manufacturing units drive them to purchase expensive and advanced automotive lifts that provide long-term service life.
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Rising replacement part costs, high component replacement rate and feasible labor costs make commercial garages profitable businesses, which in turn drive the installation rate of automotive lifts advances. It is expected that more than a third of car lifts will be sold through garages by 2026.
Scissor lifts to lead the way throughout the evaluation period
The increased demand for safety equipment that takes up minimal space and provides high throughput in the work environment has increased significantly over the past few years. Scissor lifts are fully retracted and take up very little space in the operating environment. This saves operational time and helps eliminate potential twisting injuries to the body.
In addition, an even workload distribution reduces elevator failure incidents. Scissor lifts became the most installed automotive lifts in 2019. In the same year, one in four lifts sold in the global market was estimated to be a scissor lift. Due to these factors, scissor lifts are rapidly gaining in importance and are expected to grow 1.3 times over the review period.
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Key segments covered by the automotive lift industry survey
- Four Post Lift
- Two Post Lift
- scissor car lift
- portable car lift
- buried car lift
- alignment car lift
- mobile column car lift
- parking lift
By lifting capacities
- 4000-9000 pounds
- 9000-12000 pounds
- 12000-15000 pounds
- 15000-20000 pounds
- 20000-35000 pounds
- Above 35000 pounds
By end use application
- Car manufacturers
- Tire manufacturers
- North America
- Latin America
- Asia-Pacific Ex. Japan
Leading automotive lift manufacturers are continuously involved in the development of new products or advancements of their existing product portfolio in order to gain a competitive edge in the market.
- In August 2019, Bendpak, one of the market leaders in automotive lifts, introduced a two post lift in the XPR series. The XPR-12CL-LTA is a long arm lift to better support the vehicle’s center of balance with a 12,000 lb capacity and three stage long reach.
- In December 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 underground vehicle lift. The new model adds the convenience of wireless remote control technology to the modular underground lift.
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Automotive Lift Market Key Players
- BendPak Inc.
- Challenger Lift, Inc.
- Nussbaum Automotive Solutions LP
- Dover Corp Rotary Lift
- Stertil-Koni USA, Inc.
- SUGIYASU Co.Ltd
- Ravaglioli SpA
- PEAK Corp.
- EAE Automotive Equipment Co.Ltd.
Key insights from market research
- Scissor lifts currently lead the market with around 30% revenue share in the automotive lift market, while mobile column lifts are growing at 1.3 times the global average.
- One in four lifts sold in 2019 have a lifting capacity of 12,000 to 15,000 pounds, while automotive lifts with a lifting capacity of 4,000 to 9,000 pounds create an approximately $700 million value opportunity during the forecast period.
- Together, North America and Europe contribute over 70% of the global automotive lift market value in 2019, driven by increased adoption in developed economies
- By the end of the evaluation period, garage applications will cover more than a third of the total number of automotive lift installations, due to the rapid growth of automotive fleets hitting the road and the increase in vehicle trips per year.
- Mobile column lifts are expected to earn over 185 BPS over the review period due to their versatility.
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