According to a new report published by MarkWide Research, titled, “Global Automotive Jacks Market,” the global market for automotive jacks is expected to experience steady growth. These essential tools are used for lifting vehicles, facilitating maintenance, and tire replacement.
The report reveals that the global automotive jacks market is projected to witness a CAGR of 5.7% over the forecast period from 2023 to 2030. This growth is driven by the expanding automotive industry, the need for convenient and safe vehicle maintenance, and technological advancements in automotive jack design.
Key Findings from the Report:
- Vehicle Maintenance: Automotive jacks are vital for lifting vehicles, enabling mechanics and DIY enthusiasts to perform maintenance tasks safely.
- Safety Features: Manufacturers are incorporating safety features such as anti-sinking technology and overload protection in modern automotive jacks.
- Versatility: Automotive jacks come in various types, including hydraulic jacks, scissor jacks, and electric jacks, catering to different vehicle types and maintenance needs.
- DIY Enthusiasts: Increasing interest in DIY vehicle maintenance is contributing to the demand for automotive jacks.
- Market Innovation: Ongoing innovation focuses on lightweight and portable designs for ease of use.
The report indicates that the global automotive jacks market is currently valued at $2.8 billion in 2023 and is projected to reach $4.3 billion by 2030, with a CAGR of 5.7% during the forecast period. Asia-Pacific is expected to be a key region for market growth, driven by the rising automotive production and maintenance activities.
Key players in the global automotive jacks market include Arcan, J.S. Products, Inc., and Torin Jacks, Inc. These companies specialize in manufacturing high-quality automotive jacks for various applications.
The global automotive jacks market is poised for growth, driven by the increasing need for vehicle maintenance and repair. With a projected CAGR of 5.7% by 2030, this market offers opportunities for manufacturers to provide efficient and reliable automotive jacks.