COVID-19 pandemic has turned out to be a major growth determinant in the industrial automation sector. With the integration of digital infrastructure to monitor and control public health, industrial automation has taken a new shape. This crisis has enhanced the value of IT and digital transformation across different sectors and industries.
In the current situation of restricted movement and reduced workforce, new technologies have been developed to provide end-to-end automation in different sectors such as food processing. Automated systems are hired by the companies to ensure continued supply and manufacturing of products with the least manual interference.
The digital transformation during the COVID-19 pandemic has enhanced our dependency on advanced technologies such as Augmented Reality, Virtual Reality, and the Industrial Internet of Things. The unfulfilled financial targets are compelling the organizations to adopt automation and advanced technologies to stay ahead in the market competition. Businesses are utilizing this opportunity by identifying daily operational needs and inculcating automation in it to create a digital infrastructure for the long term.
Automotive vehicles, in recent years, have become a necessary household entity rather than being a luxury as previously in the past. Rising living standards, rural and urban development, growth in disposable income has lead demand for automobiles to grow significantly over the past years. With high growth in automobile sales, the automotive maintenance, repairing and servicing sector is also expected to expand at a high growth rate over the forecast period. Multifunctional lift systems are used both at the manufacturing site and service stations for effective manufacturing and repairing of the vehicles in stipulated timeframe.
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Various types of multifunctional lift systems are used in the automotive sector to lift vehicles for repairing and shifting their location. Multifunctional lift systems are manufactured on the basis of vehicle standards. Traditional multifunctional lifts, due to their restricted use in service stations only, are now being replaced by modern multifunctional lift systems such as portable lift or mobile lift systems, which can perform work in less time with higher productivity.
With high growth in the aftermarket and automotive service stations across the globe, the global automotive multifunctional lift systems market is expected to expand at a high CAGR over the forecast period. Manufacturers in the global automotive multi-functional lift systems market are highly focused to develop light weight, affordable, easy-to-use and safer multifunctional lifts which can improve productivity and efficiency of manufacturing/ servicing process in reduced time.
Proper maintenance of vehicles is highly recommended in order to keep them fuel efficient and in sync with the carbon emission regulations. Rising awareness among consumers and increasing fuel prices are the major macro-economic factors driving the demand for automotive service stations and in turn, for multifunctional lift systems, across the globe.
Major challenges faced by multifunctional lift system manufacturers are to avoid oil leakage and motor drive problems while lifting the vehicles in case of hydraulic lift and electrically driven lift, respectively. These challenges are directly responsible for increasing the maintenance cost and reducing process efficiency due to time delay involved. Safety of the technician working with the lift remain a critical issue for all multifunctional lift manufacturers in order to avoid any accident.
On the technology front, opportunity exists for manufacturers to introduce more reliable and innovative design, lightweight, portable, safer and mobile lift systems that can work efficiently at lower maintenance costs.
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The global automotive multifunctional lift systems market is segmented on the basis of type, application and driving power and regions.
On the basis of type, global automotive multifunctional lift systems market is segmented as the following:
- In ground Lift
- Two Post Lift
- Multi post runaway Lift
- Low/Mid Rise frame engaging lift
- Drive on parallelogram
- Scissor lift
- Movable- Wheel engaging Lift
On the basis of application, global automotive multifunctional lift systems market is segmented as the following:
- Parking Area
- Automotive Manufacturer
- Dealer Owned Outlet
- Specialty Outlet
Based on driving power, global automotive multifunctional lift systems market is segmented into:
- Hydraulic Power
- Electrical Power
Regionally, global automotive multi-functional lift system market is segmented into seven key regions namely, North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan (APEJ), Middle East & Africa and Japan.
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Key players identified in the global automotive multi-functional lift systems market include –
- Servo Tech India,
- EAE Automotive Equipment Co., Ltd.,
- Dannmar Equipment,
- Konecranes, Rotary Lift,
- Advantage lift,
- SEFAC USA Inc.,
- Nussbaum Automotive Solutions,
- Mohawk Resources, Ltd