Growing demand in the automobile sector is driving the subsidiary markets as well, hence resulting in demand for multifunctional lift systems, according to a report by Persistence Market Research.
10 key findings in the global automotive multifunctional lift systems market are as follows:
1. Traditional lifts are being replaced by newer, portable, and efficient multifunctional lifts.
2. High growth in automotive market, the aftermarket growth is also pegged to rise at a high CAGR for the forecast period.
3. Companies are working on manufacturing lighter, stronger, and improved efficiency lifts to reduce efforts and service time.
4. Consumer awareness, rising overheads increasing demand for service stations and hence for multifunctional lifts in the global market.
5. Avoiding oil leakage and motor drive problems in case of hydraulic and electronic lifts respectively are major restraints.
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6. Market restraints result in higher cost of maintenance, lower efficiency due to loss of time.
7. Technician safety is a prime concern for manufacturers in case of multifunction lifts.
8. Asia Pacific and North America account for majority share in the global market.
9. Europe is expected to register favorable growth owing to large automobile manufacturing base in the region.
10. MEA and Latin America are expected to showcase strong growth through the forecast period.
For more information on the global automotive multifunctional lift systems market, click here. http://www.persistencemarketresearch.com/toc/11203
Key players in the global automotive multifunctional lift systems market include Mohawk Resources, Ltd., Konecranes, EAE Automotive Equipment Co., Ltd., Servo Tech India, Dannmar Equipment, Rotary Lift, Nussbaum Automotive Solutions, SEFAC USA Inc., and Advantage lift.