LONDON--(BUSINESS WIRE)--The global automotive two-post lift market is expected to grow at a CAGR of close to 8% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global automotive two-post lift market by vehicle type that includes passenger cars and commercial vehicles. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growing four-wheeler market
The global four-wheeler industry has two segments, including passenger cars and commercial vehicles. Both these segments operate under contrast market dynamics with different customer behavior and value chain. The passenger cars segment is observing steady growth due to the growing preference for personal vehicle by families and individuals across the world. The commercial vehicle segment is witnessing steady growth rate because of the higher load carrying capacity and comfort of these vehicles.
According to a senior analyst at Technavio for automotive services research, “The rising disposable income and increase in the younger population in emerging markets such as India and China are propelling the demand for passenger cars. Consequently, the number of vehicles on the road has increased in these regions. This is driving the demand for repair and maintenance services. Thus, the demand for automotive two-post lifts is expected to increase during the forecast period.”
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Market trend: increasing average age of vehicle drives automotive repair and maintenance service industry
The global automotive two-post lift market is dependent on the performance of automotive repair and maintenance services market that is correlated to the vehicle population on the road. The increasing number of vehicles on the road across the globe is creating more demand for repair and maintenance services that has led to increased demand for two-post lifts. The increase in the number of vehicles on the road can be attributed to the increasing average age of the vehicles.
Market challenge: increasing repair and maintenance cost
Higher repair and maintenance cost is a major challenge faced by the global automotive two-post lift market. The average age of the vehicle is growing because of the high quality of the modern vehicles. This is increasing the average cost of repairing modern vehicles compared with older vehicles. Thus, this increasing repair cost nullifies the cost-benefit of the customers. The increase in the repair cost is usually attributed to the increasing labor rates, the complexity of the vehicles, and the increased price of parts such as steel and aluminum.
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