by The global Car Ramp Market is estimated to be valued at US$ 1.17 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Car ramps are portable platforms or inclined planes used to move wheeled vehicles, such as automobiles, onto flatbed trucks, freightliners or other transport trailers for relocation or repair. Automobiles are becoming more and more automatic with features like automatic transmissions, parking assistants, etc. This has reduced the manual operations involved in driving vehicles. However, automotive repairs and servicing still require manual labor and equipment. Car ramps are essential equipment used at automotive repair shops, dealerships, towing services and households to facilitate lifting vehicles for tasks like repairs, maintenance and transportation. They provide a stable and elevated platform to work under vehicles safely.
Market key trends:
One of the key trends in the car ramp market is the growing popularity of lightweight and portable car ramps. Traditionally, car ramps were bulky and heavy, requiring 2-3 people for handling and storage. However, with advances in material science, car ramps are now being made with lightweight materials like aluminum and composites that make them much easier for one person to carry and store. Their compact, foldable designs enable convenient transportation and storage. This is driving their adoption among car owners for personal use at homes and also repair shops handling high volumes. Another trend is the availability of extra wide and heavy duty ramps capable of supporting heavier commercial vehicles like trucks and buses.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the car ramp market is moderate. Substantial capital is required to set up manufacturing units and gain brand recognition in the market.
Bargaining power of buyers: The bargaining power of buyers is high in this market. Buyers have multiple options to choose from due to the presence of various domestic and international players.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are number of suppliers that provide raw materials required to manufacture car ramps.
Threat of new substitutes: The threat of substitutes is low as there are limited alternatives available for car ramps in the market.
Competitive rivalry: The competition in the car ramp market is high due to the presence of established international as well as domestic players.
Key Takeaways
The global Car Ramp Market Size is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing Do-It-Yourself (DIY) activities. The market size for 2023 is US$ 1.17 Bn.
North America dominates the global car ramp market, with the largest revenue share of over 30% in 2023. The growth of the region can be attributed to rising automotive repair and maintenance activities in the US and Canada.
Asia Pacific is expected to witness the fastest growth over the forecast period. This can be attributed to rising automotive sales and DIY trend in emerging economies such as India and China.
Key players operating in the car ramp market include RhinoGear, Race Ramps, AutoZone, QuickJack, Discount Ramps, OTC Tools, Black Widow, BendPak, EZ Car Lift, Craftsman, Sunex Tools, RevZilla, Garage Living, Autobahn88, and Torin Big Red. RhinoGear and Race Ramps hold a significant share in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
