June 18, 2024
Car Ramp Market

Car Ramp Market To Witness High Growth Owing To Rising Vehicle Ownership And Increasing Accidents

The car ramp market comprises vehicle ramps that assist in loading and unloading vehicles easily. Car ramps are lightweight, non-slip aluminum structures used to drive vehicles up or roll vehicles down for activities like repairs, maintenance, and washing. They provide a stable and secure surface to maneuver vehicles with ease. The rising vehicle ownership and increasing road accidents have fueled the demand for car ramps to lift cars safely during mechanical works or transport.

The Global Car Ramp Market is estimated to be valued at US$ 1.35 Mn in 2024 and is expected to exhibit a CAGR of 10 % over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Car Ramp Market Analysis are Viatris Inc., Opiant Pharmaceuticals, Akorn Operating Company LLC, Pfizer, Inc., Novartis AG, Indivior Plc., Emergent BioSolutions Inc., Amphastar Pharmaceuticals, Inc., Kern Pharma, S.L., Hikma Pharmaceuticals PLC, Mundipharma International Limited, and Kaleo, Inc. The rising vehicular fleet on road is opening lucrative opportunities for car ramp manufacturers to expand their portfolio with lightweight, cost-effective, and durable ramps. The growing automotive aftermarket industry has led to increased investments by major car ramp companies in emerging regions of Asia Pacific, Latin America, and Middle East & Africa to tap the vast potential.

Market Drivers

The increasing vehicle ownership worldwide accompanied by rapid urbanization and industrialization has augmented the risk of road accidents. This is propelling the need for an easy and safe vehicle lift mechanism like car ramps during breakdown support and insurance claim processing. Moreover, the expanding automotive repair and maintenance sector is also boosting the adoption of car ramps for routine vehicle servicing activities.

PEST Analysis

Political: Government regulations regarding vehicle and road safety are encouraging the use of car ramps for vehicle maintenance and repairs. New standards for automotive workshops are positively impacting the car ramp market.

Economic: Stable economic growth and rising disposable incomes are enabling higher consumer spending on automotive accessories like car ramps. Investments in infrastructure and real estate are also fueling demand.

Social
: Increased DIY culture is prompting more people to undertake vehicle repairs and maintenance at home or in small workshops using car ramps. Safety awareness is boosting adoption of ramps for preventive vehicle care.

Technological: Advances in materials and manufacturing technologies are resulting in more durable and efficient car ramp designs. Some high-end models feature hydraulic lift systems and rolling mechanisms for convenient handling.

Geographical Regions With High Market Concentration

North America accounts for a major share of the global car ramp market value owing to the large vehicle parc and well-established automotive industry in countries like the US and Canada. The presence of leading international ramp manufacturers has made these countries dominant in the market. Western Europe is another lucrative region driven by high disposable incomes, growing automotive aftermarket, and stringent vehicle safety norms.

Fastest Growing Region

The Asia Pacific region is poised to witness the fastest growth in the car ramp market over the forecast period. This can be attributed to factors like rising middle-class population, increasing vehicle ownership, rapid industrialization, and infrastructure development in developing Asian countries such as China and India. Additionally, local production of affordable car ramps catering to price-sensitive customers further supports the market expansion.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.