A Summary of the Hi Lift Jack Market Developments (2023 to 2033)
As per Future Market Insights, the hi-lift jack market is anticipated to attain a value pool of US$ 2 Billion by 2023-end. Global demand for hi-lift jacks is expected to rise at a CAGR of 7.2% to US$ 4 billion in 2033.
Emergency Services: Fuelling Demand for Hi Lift Jacks
Agriculture and Farming: The Hi Lift Jack is also widely used in the agriculture and farming industry for lifting heavy machinery and equipment. This market segment demands durable and robust jacks capable of lifting heavy loads and operating in harsh environments.
Construction and Building Maintenance: Construction and building maintenance companies also use Hi Lift Jacks for lifting and positioning heavy equipment and machinery, such as scaffolding, concrete forms, and steel beams. The versatility and portability of Hi Lift Jacks make them an ideal choice for these applications.
Military and Defence: The military and defense industries also use Hi Lift Jacks for a variety of purposes, such as recovering stuck vehicles, lifting and positioning heavy equipment, and providing support during field operations. The ruggedness and durability of Hi Lift Jacks make them a popular choice for these demanding applications.
Emergency Services: Emergency services such as fire departments, search and rescue teams, and law enforcement agencies also use Hi Lift Jacks for a variety of purposes, including vehicle extrication, structural collapse rescue operations, and other emergency situations. The versatility and portability of Hi Lift Jacks make them an ideal tool for these critical applications.
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Cross-Selling and Bundling: A Path to Greater Hi Lift Jack Market Success
Expansion into New Geographies: The Hi Lift Jack market has traditionally been concentrated in North America and Europe. However, there is significant potential for growth in emerging markets such as Asia and South America, where off-roading and other outdoor adventure activities are gaining popularity.
Product Innovation: There is an opportunity for companies in the Hi Lift Jack market to develop new and innovative products that offer improved performance, safety, and ease of use. For example, companies could explore the use of new materials or incorporate smart technologies into their jacks.
Cross-Selling Opportunities: Hi Lift Jacks are often used in conjunction with other off-roading accessories, such as winches, bumpers, and tires. There is an opportunity for companies to leverage these cross-selling opportunities by offering bundled packages or discounts to customers who purchase multiple products.
Partnerships and Collaborations: Companies in the Hi Lift Jack market can also explore partnerships and collaborations with other businesses in the off-roading industry, such as vehicle manufacturers, accessory makers, and tour operators. By working together, these businesses can promote each other's products and services, thereby expanding their customer base and increasing brand awareness.
Electric and Hydraulic Jacks: A Growing Trend in the Hi Lift Jack Market
Increasing Adoption of Electric and Hydraulic Jacks: Electric and hydraulic jacks are gaining popularity in the Hi Lift Jack market due to their ease of use and convenience. These jacks offer faster and more efficient lifting capabilities, making them a popular choice for off-roaders, farmers, and construction workers.
Growing Emphasis on Safety Features: There is a growing emphasis on safety features in Hi Lift Jacks, with many manufacturers incorporating features such as anti-wobble technology, locking pins, and safety straps. These features help to prevent accidents and ensure the safety of users and those around them.
Rising Demand for Customization: Consumers in the Hi Lift Jack market are increasingly demanding customized jacks that meet their specific needs and preferences. Manufacturers are responding to this trend by offering a wide range of customization options, such as different colors, sizes, and accessories.
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Hi Lift Jack Market Overview
According to the assessment, the Hi-Lift Jack market is projected to witness a growth of over 4% to 6% CAGR during the assessment period of 2021 to 2031. Demand for lift jacks will witness moderate growth in the short term, with an optimistic growth outlook in the long run.
Significant demand from various end-use applications will create significant opportunities in near future, however, sales of lift jacks from individuals, service centers, and others will provide momentum.
What is Driving Demand for Hi Lift Jack
Growing demand in the Automotive and Aviation sectors will continue to drive demand for lift jacks. The repair and maintenance activities involved for an automobile unit or an aircraft incorporate a hi-lift jack for inspection of the base chassis
The initial scope of use was relegated to service agencies which have gradually transcended towards individual DIY purposes in order to assist in the repair of vehicles under any untimely breakdown or tire punctures.
Portable lift jacks have been instrumental in gaining popularity amongst individual end users. An increasing on-road and off-road fleet of vehicles and their subsequent frequency of service and overhauling of consumables in vehicle service centers is primarily expected to drive the growth of the hi-lift jack market.
With the vehicle servicing market proving to be lucrative for vehicle-authorized service centers as well as independent garages, a healthy rate of hi-lift jack tools are expected to be procured by interested stakeholders.
Hi-lift jack machines are extensively available for customers across various platforms. Manufacturers are offering their tools and equipment through online and offline sales. It enables users to choose their own choice with desired size, brand, price range, and others.
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Individual / Do It Yourself (DIY) is Likely to Augment Hi Lift Jack Sales
Another significant factor that has further boosted the market growth is the DIY (Do-it-Yourself) segment, wherein individual owners of vehicles are purchasing the product as an important spare for any emergency or vehicle repair at remote locations.
Individual / Do It Yourself (DIY) tools sales around the globe have been impacted by COVID-19, due to the induced slowdown in production, and disruption of the supply chain has a significant influence on global markets.
This has also had a ripple effect on tools manufacturing industry sales. As the Hi-Lift Jack manufacturers are likely to witness sustained opportunities in the future from customers across the world.
Lift jacks are used extensively to lift vehicles, clamp together broken parts, spread bent cage tubes, and others. Although lockdown and shelter-at-home guidelines have meant restricted production activities, sales are likely to improve over the course of the assessment period.
China Hi Lift Jack Market Outlook
China is one of the prominent markets for tool manufacturing globally. The China Hi-Lift Jacks market is set to tread on the historic pattern of bust and boom during the assessment period 2021 to 2031
Demand is likely to grow in the next couple of years, as a number of end-use applications make a gradual recovery. Demand for lift jacks in China will account for high demand from the automotive and off-road vehicle tool manufacturers, as demand for lift jacks will continue to grow over the forecast period.
Chain’s tool equipment exports are likely to surge drastically over a period and beyond, and this will continue to benefit OEM companies.
North America Demand Outlook for Hi Lift Jack
USA and Canada have been impacted by the COVID-19 crisis, which has led to a decline in economic activities. North America holds a significant share in tool equipment exports, which in turn continues to drive demand for hi-lift jacks.
Despite the COVID-19 challenges, most North American countries have maintained steady growth in production, sales, and exports in 2020. The USA is the major prominent player in the region, creating opportunities for lift jacks to cater to the demand from end-use industry applications.
Who are the Key Manufacturers and Suppliers of Hi Lift Jack
Some of the leading manufacturers and suppliers of Hi-Lift Jack include
Zhejiang TS Winch Tools Manufacturing Co., Ltd, and others.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
