Introduction: Garage Lifting Equipment Global Market
Automotive garage lifting equipment refers to technical tools used to repair vehicles by lifting them to height by which the vehicle is easily accessible for repair and maintenance. Vehicle maintenance, repairs and operations (MRO) can be easily done by the use of garage lifting equipment. Maintenance services such as repairing damages, repainting, engine oil changing, removing dents as well as overhauling highly damaged automobiles caused by major road accident can be made easier by the use of garage lifting equipment in the global market. The emerging economies where the vehicle production is in high demand is dominated by local garage workshops. The trend of hi-tech specialty mobile van garages is also picking up pace in this regions and the market for automotive garage lifting equipment is also continuously evolving. The replacement of damaged or un-operational auto-components is one of the major driving factors for the impelling growth of garage lifting equipment and its expansion is directly proportional to vehicle production in the global market. Recent research, development and innovation coupled with the technological advancement and improvements for manufacturing lifting equipment which can carry higher payloads with sleek and compact design is acting a catalyst for the growth of global garage lifting equipment market. Furthermore, the advancement in the automation industry (driven by growing population and hence higher disposable income as well as good standard of living) also motivate the growth of the global garage lifting equipment market
Market Dynamics: Garage Lifting Equipment Global Market
The garage lifting equipment market is estimated to gain grip in the market over the forecast period owing to significant drivers, such as noteworthy manufacturing technologies and introduction of novel materials which enhance the lifting capacity of the equipment in the global market. Additionally, there are other factors which are also expected to drive the demand for garage lifting equipment, such as the growing automotive MRO industry and manufacturing sector in developed and emerging economies, rising awareness about the benefits of garage lifting equipment, growing consumer consciousness about environment-friendly equipment and other comforts. Manufacturers have strong opportunity to introduce innovative materials and equipment which are being manufactured to meet transitioning consumer demand for lifting heavy commercial vehicles. Automotive and oil & gas industries are expected to fuel the demand for garage lifting equipment during the forecast period. This trend in the garage lifting equipment market is expected to increase due to the overall growth in the automotive industries, coupled with the rising spending on infrastructure.
Currently, key market participants and manufacturers in the garage lifting equipment market which have widespread presence globally dominate the market with their broad distribution network along with their innovative product portfolio, which is a key driving factor for the growth of the global garage lifting equipment market. Lack of awareness about the advantages of garage lifting equipment systems may act as a restraint for the global garage lifting equipment system market.
Market Segmentation: Garage Lifting Equipment Global Market
The Garage Lifting Equipment market is segmented on the basis of product type, material component and end use.
On the basis of product type, the Garage Lifting Equipment market is segmented into:
On the basis of garage type, the Garage Lifting Equipment market is segmented into:
On the basis of vehicle type, the Garage Lifting Equipment market is segmented into:
On the basis of sales channel, the Garage Lifting Equipment market is segmented into:
Regional Outlook: Garage Lifting Equipment Global Market
Rising automotive sector in Asia-Pacific and MEA is expected to propel the demand of automotive garage lifting equipment market over the forecast period. European countries, especially the EU-5 countries are expected to grow during the forecast period which will in-turn fuel the demand of garage lifting equipment global market. Consumers in North America and Europe live a luxurious lifestyle. This united with higher disposable incomes and standard of living has led to a growth of trend of keeping their vehicles well-maintained, which is in turn estimated to propel the demand for global garage lifting equipment. Moreover, the customers in the global market have increased liking towards smooth and comfortable driving experience and hence, the market is estimated to experience rapid growth in all developed and developing countries in the future. Developing markets in the APEJ region, particularly India and China, are estimated to play a noteworthy role in the rise of the garage lifting equipment in the near future. In countries, such as India and China, automobile industries are growing at a good pace and hence, there is enormous growth prospective for garage lifting equipment in the near future.
Key Market players: Garage Lifting Equipment Global Market
Some of the key players in the polyurethanes additives market are:
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