Car Ramp Market Is Estimated To Witness High Growth Owing To Increasing Do-It-Yourself (DIY) Activities
Posted by coherent market insights on November 27th, 2023
The 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 equipment that is designed and built to lift vehicles by their wheels, allowing access to the underside of the vehicle for maintenance activities such as replacing brakes, oil changes, installing accessories and others. Car ramps are commonly used by do-it-yourself (DIY) mechanics and small auto repair shops.
Market Dynamics:
Increasing do-it-yourself (DIY) activities is one of the major drivers of the car ramp market growth. Many vehicle owners prefer performing basic vehicle maintenance activities such as oil changes, tire rotations and brake pads replacement on their own to save costs. Car ramps provide easy and safe access to the vehicle underside thereby encouraging DIY activities. Furthermore, proliferation of repair and maintenance tutorials on internet and video sharing websites is enabling more number of users to perform tasks independently. However, availability of alternatives such as drive-on car lifts in auto service shops is restraining the market growth to some extent. Nevertheless, increasing DIY inclination coupled with easy availability and affordability of car ramps is estimated to present lucrative growth opportunities for players in the car ramp market during the forecast period.
SWOT Analysis
Strength: The car ramp market has strong growth opportunities due to increasing demand for automotive repairs and maintenance. Car ramps provide safety and ease of use for mechanical work. Leading players offer high-quality, durable ramps backed by warranties and customer support.
Weakness: Some budget car ramp models have lower weight limits and may not support heavy vehicles. Installation can be complicated for DIY users without proper instructions.
Opportunity: Growth of the automotive Aftermarket and do-it-yourself culture is spurring demand for vehicle repair and service equipment. Launch of DIY-friendly, lightweight ramps expands the potential customer base.
Threats: Availability of low-cost alternatives like wood planks and jacks poses pricing pressure. Supply chain disruptions during pandemic affected ramp availability.
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 vehicle ownership worldwide. North America dominates the market currently due to large fleet size and developed automotive services sector. The Asia Pacific region is expected to grow at the fastest pace, with China and India being major auto hubs.
Regional analysis
The North American region holds the highest share in the global car ramp market currently. This can be attributed to factors such as high number of registered vehicles, developed automotive aftermarket, and consumption of DIY products. Asia Pacific is projected to witness the highest CAGR during the forecast period. Countries like China and India are exhibiting rapid economic growth and seeing a rise in personal vehicles, supporting the demand for vehicle service equipment like car ramps.
Key players
Key players operating in the car ramp market are RhinoGear, Race Ramps, AutoZone, QuickJack, Discount Ramps, OTC Tools, Black Widow, BendPak, EZ Car Lift, Craftsman, Sunex Tools, RevZilla, and Garage Living. RhinoGear is a leader in automotive lifting and stands with a wide selection of car ramps and vehicle service jacks. AutoZone is a prominent supplier of automotive parts and accessories including DIY ramps through its retail stores and website.
Read More,
https://www.trendingwebwire.com/car-ramp-market-trends-size-and-share-analysis/
