North America Vehicle Lift Market 2024–2033

Reports Description

As per the current market research conducted by the CMI Team, the North America Vehicle Lift Market is expected to record a CAGR of 4.5% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 3,245.88 Million, and in 2023, the market is projected at USD 3,121.04 Million. By 2033, the valuation is anticipated to reach USD 4,619.6 Million.

The chart titled “New Light Vehicle Sales in the U.S.—Type 2021” clearly shows the supremacy of light trucks from the North American market, which held 77% of new light vehicle sales, whereas merely 23% comprised cars.

This information is of great concern to the North America Vehicle Lift Market since it shows that the frequency of light trucks is higher than that of cars, implying that the market for vehicle lifts suitable for more extensive and heavier vehicles will be more robust.

The large dimensions and relatively high weight of light trucks necessitate a significant increase in vehicle lifts in service centers and repair shops, with a particular focus on their maximum load-carrying capacity. Furthermore, as these vehicles age and require more frequent maintenance, the demand for specialized vehicle lifts increases, making this a crucial area for growth in the region.

North America Vehicle Lift Market – Significant Growth Factors

The North American vehicle lift market presents significant growth opportunities due to several factors:

• Increasing Vehicle Ownership and Aging Vehicle Fleet: Higher vehicle usage in North America and the old age of vehicle fleets are also factors that strengthen the development of the vehicle lift market. Given the fixed number of maintenance intervals throughout a vehicle’s life cycle, the longer a vehicle remains in use, the greater the need for repair and maintenance. Used cars typically require more rigorous servicing, necessitating the effective lifting of the vehicle. This trend has boosted the setting and growth of automotive repair shops and service centers, resulting in high demand for vehicle lifts. Additionally, the market has been driven by the growing vehicle population, which has resulted from the continued expansion of disposable income and urbanization. Original equipment manufacturers and suppliers in the automotive service industry continue to upgrade their lifting systems to improve efficiency and safety, opening up attractive business prospects in the vehicle lift sector.

• Growth of the Electric Vehicle (EV) Market: The study’s findings suggest that the growing adoption of electric vehicles (EVs) presents a rapidly expanding opportunity for the North American vehicle lift market. The increased usage of EVs necessitates lifting equipment designed explicitly for EV maintenance and repair. That is why finding lifting solutions customized to EVs’ unique design and weight distribution is critical. This has led to the evolution and design of exclusive electric vehicle lifts, promoting the market’s growth. Moreover, government programs encouraging the use of electric cars contribute to this trend, along with technological advancements. Service providers are also increasing their capital expenditure to adapt their lifts to accommodate EVs as the demand for these vehicles continues to rise. There are expectations that this move toward EVs will remain constant, contributing to the ongoing need and potential for growth in advanced vehicle lifts.

• Technological Advancements in Vehicle Lifts: Technological expansion in the NVL is considered a significant factor in promoting the vehicle lift market in North America. Wireless controls, auto lifting systems, and better safety aspects add to the efficiency and effectiveness of vehicle lifts. Automotive service stations have accepted these improvements, making vehicle lifts more convenient and safer. Furthermore, via IoT and with the help of AI technologies, it is possible to predict possible failures and monitor the processes remotely, which decreases time and expenses. Technological advancement is always being incorporated today by manufacturers to release outstanding lifting solutions that meet the dynamic automotive sector. All these cite market technological improvements, enhancing further advances for market expansions.

• Strict Safety and Regulatory Standards: The densely populated region of North America has been adhering to rigorous safety and regulatory norms for lifting equipment, a factor that has significantly contributed to the growth of the vehicle lift market. Several high-risk processes are involved in lifting cars, and safety organizations such as the Occupational Safety and Health Administration (OSHA) have established numerous guidelines for using and maintaining car lifts. Implementing these standards necessitates using sophisticated lifting equipment that meets superior safety requirements compared to standard lifting equipment. This increased demand for certified and compliant vehicle lifts, stimulating market growth. Furthermore, mandatory periods for the inspection and certification of outlets encourage service centers to equip themselves with new equipment, creating opportunities for manufacturers. We expect the ongoing focus on safety and compliance to maintain strong trends of sophistication in high-quality vehicle lifts, thereby supporting market growth.

North America Vehicle Lift Market – Key Developments

The North America Vehicle Lift Market has experienced various key developments over the past few years, wherein companies are trying to enhance their market presence through further leverage of synergies, as well as improvement in product offerings and profitability. Some of the essential key developments in the North America Vehicle Lift Market are:

• In October 2024, The company plans to launch the first 8-armed car lift during the SEMA Show in October 2024. The company has stated that this new design will enhance the product’s stability and versatility, making it ideal for lifting a wide range of vehicles, from sports cars to larger trucks. Flexibility and safety will help cater to contemporary repair shops’ changing requirements.

• In November 2023: Hyundai Motor Company unveiled the Santa Fe in November 2023, introducing a new liftgate six inches wider than the previous generation.

Some key trends that have supported companies in enhancing their product portfolios, increasing market presence, and exploiting growth opportunities in the North America vehicle lift market include the following: The company strategy to maintain or achieve a higher level of competition in the market will continue this trend.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

North America Vehicle Lift Market – Significant Threats

The North America Vehicle Lift Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

• Economic Downturns: The biggest threat to the North American vehicle lift market is uncertainty in the financial environment. Economic cyclical factors directly affect this segment of the population’s spending. During a slump or recession, they may not maintain or repair their vehicles as frequently as they would during a booming economy. Due to financial constraints, auto repair shops will sometimes put off or cancel a purchase of new equipment, such as automobile lifts. This decline in demand impacts manufacturers and suppliers as it reduces their sales and possibly their levels of profitability. However, long periods of economic cycles, such as recessions, can lead to the demise of many businesses and the loss of employment opportunities, thereby slowing down market growth.

• High Initial Investment and Maintenance Costs: The high initial capital required for an advanced vehicle lift poses one of the biggest threats currently. Market penetration may also be weak since many of the automotive service centers are small and medium-sized and may be unable to afford up-to-date lifting equipment. Moreover, the high cost of maintaining and repairing these complex systems can put financial pressure on the firms. This entry barrier limits the market to large and well-endowed service providers; it may also slow the growth rate in the overall market.

• Technological Obsolescence: While the supply chain is growing due to numerous technological advancements, it also faces the threat of technological change. For manufacturers, sustainment of competitiveness is a never-ending promise; it is an expensive exercise that requires a lot of investment. Service centers investing in current technologies may discover that their equipment will become obsolete in a few years, necessitating additional investments. This cycle may discourage several firms from investing in new technologies, as it could result in shorter product lifecycles and frequent upgrades.

• Intense Competition: The North American vehicle lift market, as previously noted, is characterized by fierce competition, with numerous established players eager to increase their market share. This has often created unhealthy competition and price chopping that eradicates the profit of manufacturers and suppliers. Some other issues that companies mention are difficulties in clearly depicting the differences between their products, which may lead to uniformity in the field of vehicle lifts. Cutthroat competition forces organizations to continuously improve their products or services at a low cost, which can harm their profits.

Category-Wise Insights

By Type:

• Portable Car Lifts: They come in customized designs and are easily transportable and relocated in small garages. These are primarily found in backyard workshops or by those who give attention to car fix-up jobs at home. Portable car lifts are on the rise since they are cheap, easily transported, and easy to operate compared to other lift types. Due to the enhanced material technology and enhanced design, they are stronger and more rigid, so they have attracted cheap mechanics and auto repair shops.

• In-ground Car Lifts: Installing in-ground car lifts allows for lifting automobiles from the ground without taking up any space in the working area. They are commonly applied in specialized car repair shops. In-ground lifts might be preferred due to their compact nature and ability to withstand more wear and tear than the standard lift in the ground. Sweden lockers provide a clean, unobstructed working space, thus making the working environment more efficient and safer. As technology has advanced, it has made improvements to the performance and raised concerns as to their maintenance.

• Parking Lifts: These automated and hydraulically operated structures enable the vertical orientation of cars, thereby optimizing parking space in areas with limited space. They are widely used in populated areas characterized by a tiny area available for construction. As people continue to move to urban centers and there is an urge to maximize the use of available space, there will be a high demand for parking lifts. Features are new miniaturizations and automation to improve usability and, in part, safety.

• Two Post Lifts: This sub-type of post lift, featuring two vertical columns, is designed to lift vehicles from their frames. They are often applied in automobile repair shops and are loved for their durability. Two post lifts still in use are economical and can be adapted to service multiple varieties of automobiles. It should be noted that modern developments in the mature component technologies of hydraulic systems and safety features also increase their efficiency and functionality.

By Application

• Industrial: In the North America Vehicle Lift Market, Industrial refers to the vehicle lifts used in manufacturing facilities, warehouses, and industrial-related locations for maintenance and repair work on vehicles and industrial equipment. These are sturdy, large-capacity lifts intended for lifting loads and constant traffic. The industrial segment is experiencing significant growth in its market due to technological advancements in various industries, particularly in the automotive sector, which necessitates efficient methods for maintaining vehicle fleets. Companies are incorporating hydraulic and pneumatic lift technologies to enhance safety, effectiveness, and smooth operation. Also, there is a demand for energy-efficient and sustainable lift solutions.

• Residential: Basically, the term “residential” refers to vehicle lifts installed in households for personal use, vehicle repairs, or conveniences such as driveways. These lifts are of lower capacities than their industrial counterparts and primarily emphasise operation and compactness. In the residential market, there has been growth due to enhanced demand for luxurious and convenient accommodation features. New features include space-saving lift designs such as enclosed compact lifts, retractable lifts, and other specialized features that make the lift easy to use. Additionally, as people become more aware of vehicle maintenance, they increasingly purchase residential vehicle lifts.

• Commercial: In the commercial class, vehicle lifts are particularly used in auto repair firms, car selling companies, and service dealerships. Commercial vehicles of various classes and sizes can utilize these lifts. The business segment is growing because of a rising automotive service industry and overall vehicle population. Trends include the use of sophisticated lifts equipped with diagnostic facilities and safety enhanced features. There is also a focus on productivity in terms of shorter cycle times and improved load manipulation performance.

By Distribution Channel

• Direct Sales: This channel encompasses situations where vehicle lift manufacturers directly supply their products to the final consumer, such as repair shops or automobile dealers, thereby establishing customer contact. The outcome has complemented trends such as direct online sales and customer-specific solutions.

• Indirect Sales: Vehicle lifts are marketed through distributors and dealers who have no ownership equity in the company. It enjoys the advantage of existing networks and large market coverage. Trends indicate an increasing use of distributors to extend coverage and provide after-sale services.

• Vehicle Lift Customers: Typically, these customers consist of auto mechanics, car businesses, and organizations. General trends indicate that higher vehicle complexity and maintenance requirements will drive the sophisticated lift market.

Report Scope

Competitive Landscape – North America Vehicle Lift Market

The North America vehicle lift market is highly competitive, with many manufacturers operating in North America. Some of the key players in the market include:

• BendPak Inc.
• Rotary Lift (Dover Corporation)
• Mohawk Resources Ltd.
• Forward Lift (Dover Corporation)
• Challenger Lifts
• Atlas Automotive Equipment
• Dannmar Equipment
• Stertil-Koni USA Inc.
• Sefac USA Inc.
• Backyard Buddy
• Titan Lifts
• Forward Lift
• Advantage Lifts
• Tuxedo Distributors LLC
• Pro-Lift (Shinn Fu Company of America Inc.)
• Others

These companies are active in the market and have various strategies, including new products and key strategic development and partnerships.

To penetrate the North American vehicle lift market, new entrants Autel Robotics and Nussbaum Automotive Solutions are incorporating smart technology and safer elements in their products. Some well-noted players in the current market are BendPak Inc. and Rotary Lift.

They pioneered through the technologisation of their products, loose Safety Lifecycle standards, and wide distribution dealing networks. Their effectiveness stems from constant research in production, quality products, and good customer relations to serve emerging market trends and have competitive advantages.

The North America Vehicle Lift Market is segmented as follows:

By Type

• Portable Car Lifts
• In ground Car Lifts
• Parking Lifts
• Two Post Lifts
• Four Post Lifts
• Scissor Car Lifts
• Mobile Column Car Lifts

By Application

• Industrial
• Residential
• Commercial

By Distribution Channel

• Direct Sales
• Indirect sales
• Vehicle Lift Customers

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America