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
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Expected Market Value in 2023
US$ 2 billion
Projected Market Value in 2033
US$ 4 billion
Growth Rate (2023 to 2033)
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.
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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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 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.
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.
Some of the leading manufacturers and suppliers of Hi-Lift Jack include
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.