by The car ramp market provides a variety of benefits for vehicle owners and automotive service providers. Car ramps help lift vehicles and provide better access for maintenance, repairs, and vehicle storage.
The global car ramp market is estimated to be valued at US$ 1.35 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the car ramp market are Viatris Inc., Opiant Pharmaceuticals, Akorn Operating Company LLC, Pfizer, Inc., Novartis AG, Indivior Plc., Emergent BioSolutions Inc., Amphastar Pharmaceuticals, Inc., Kern Pharma, S.L., Hikma Pharmaceuticals PLC, Mundipharma International Limited, and Kaleo, Inc.
The growing need for vehicle maintenance and rising Car Ramp Market Demand for automotive accessories present significant growth opportunities in the market. Technological advancements including the incorporation of sensors and mechanical lifts have made car ramps safer and easier to use.
Market Drivers
The increasing vehicle fleet across both developed and developing nations is a major factor driving the car ramp market. As more vehicles are used for commercial and personal applications, the need for regular servicing and repairs is also rising. This makes car ramps an essential automotive tool for mechanics and vehicle owners. Moreover, the growing popularity of do-it-yourself repair and maintenance services among customers also promotes the use of car ramps. Their space-saving designs and affordable prices make them appealing for commercial and residential applications. Thus, the widening automotive repair and maintenance industry will continue fueling demand for car ramps over the forecast period.
Current Challenges in the Car Ramp Market
The car ramp market is facing several challenges currently which are hindering its growth. High manufacturing and production costs associated with car ramps have been a major concern for manufacturers. Maintenance and repair costs of heavy duty ramps used for commercial vehicles are also quite high. This increases the overall costs for consumers. Safety concerns while using car ramps is another challenge. Improper usage of ramps can lead to accidents. This discourages some customers from purchasing ramps. Furthermore, availability of alternatives like vehicle lifts pose competition to the car ramp market.
SWOT Analysis
Strength: Car ramps are economical and portable compared to vehicle lifts. This makes them accessible to smaller workshops and households. Ramps also do not require installation like lifts which saves costs.
Weakness: Ramps have weight limitations and cannot handle very heavy vehicles. Their capacity is also dependent on types of vehicles and loads. Durability is also a concern for cheaper ramps.
Opportunity: Growing automotive aftermarket and do-it-yourself (DIY) culture is increasing demand for vehicle maintenance products like ramps. This offers potential for market growth. Manufacturers can launch and promote heavy duty, commercial grade ramps.
Threats: Stringent safety regulations for automotive accessories may lead to additional production costs. Availability of alternatives like scissor lifts pose competition.
Geographical regions of market concentration
The car ramp market in terms of value is highly concentrated in North America and Europe currently. This is owing to high vehicle ownership and established automotive service industries in countries like the US, Canada, Germany, UK, and France. According to sources, over 45% of global car ramp market revenues come from these regions alone.
Fastest growing region
The Asia Pacific region excluding Japan is projected to be the fastest growing market for car ramps between 2024-2031. This is because of rising vehicle parc, growth in the used car market, and increasing do-it-yourself trend in the automotive aftermarket in major countries like China and India. The heavy industrial sector is also expanding rapidly in Asia which is augmenting demand for commercial vehicle ramps. The APAC car ramp market is expected to exhibit a CAGR above 12% during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
