PORTLAND, Ore., Oct. 13, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Scissor Lift Market by Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), Product Type (Hydraulic Scissor Lift and Pneumatic Scissor Lift), Lifting Capacity (Up to 5,000 lb, 5,001–10,000 lb and More than 10,000 lb), and Rise Level (Low, Mid and High): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global automotive scissor lift industry generated $205.4 million in 2020, and is estimated to generate $386.3 million by 2030, witnessing a CAGR of 6.6% from 2021 to 2030.
Drivers, restraints, and opportunities
Surge in automobile production, trend of vehicle customization, and increase in stringent workplace safety regulations drive the growth of the global automotive scissor lift market. However, high initial investments and rise in safety issues related to scissor lifts hinder the market growth. On the other hand, untapped developing markets such as Africa and Asia-Pacific and increase in automobile maintenance & repair activities create new opportunities in the coming years.
Production activities in the automotive sector were stopped completely or partially due to lockdown measures and lack of workforce in factories. This, in turn, affected the demand for automotive scissor lifts in the production factories.
The demand for automotive scissor lifts reduced further as the repair and maintenance activities of vehicles slowed down. The lockdown measures resulted in reduced usage of vehicles and thereby, lowering the need for maintenance and repairs.
The demand would be restored during the post-lockdown as the daily operations in the automotive sector begin and the commuting through private vehicles restart.
The passenger cars segment to continue its lead position during the forecast period
Based on vehicle type, the passenger cars segment accounted for the highest share in 2020, holding around four-fifths of the global automotive scissor lift market, and is estimated to continue its lead position during the forecast period. This is due to its vital role in the transportation industry. However, the heavy commercial vehicles segment is expected to manifest the highest CAGR of 9.6% from 2021 to 2030. This is attributed to rise in demand for safety features in vehicles and stringent government regulations across the world.
The hydraulic scissor lift segment to maintain its leadership status during the forecast period
Based on product type, the hydraulic scissor lift segment held the largest share in 2020, contributing to nearly three-fourths of the global automotive scissor lift market, and is projected to maintain its leadership status during the forecast period. Moreover, this segment is estimated to portray the fastest CAGR of 7.1% from 2021 to 2030. This is due to numerous advantages such as fewer moving parts that make them safer and more economical to use as compared to other lifts and ease of control. The report also analyzes the pneumatic scissor lift segment.
Europe, followed by Asia-Pacific and North America, to continue its leadership status by 2030
Based on region, Europe, followed by Asia-Pacific and North America, contributed to the highest market share in 2020, holding more than two-fifths of the global automotive scissor lift market, and is estimated to continue its leadership status by 2030. This is due to increased technological advancements and surge in vehicle production across the region. However, LAMEA is projected to register the fastest CAGR of 9.2% during the forecast period, owing to rise in implementation of smart technologies in the region.
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