Car ramps are portable vehicle ramps or inclined planes used for safe loading and unloading of cars, trucks, SUVs, and other automotive vehicles. Car ramps help provide accessibility into vehicles without much effort. They help individuals with disabilities or injuries easily access vehicles. The rising geriatric population prone to joint and mobility issues has fueled the demand for car ramps. The growing automotive aftermarket industry is also propelling the car ramp market growth.
The Global Car Ramp Market is estimated to be valued at US$ 1.35 Bn 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 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 demand from individuals with walking disabilities and joint issues is opening new opportunities for car ramp manufacturers. The increasing global vehicle fleet is driving various automotive accessory manufacturers to expand their operations globally and penetrate untapped markets.
Market Drivers
The consistent Car Ramp Market Demand As per various estimates, the global vehicle fleet is expected to cross 2 billion units by 2035. This rising vehicle count will propel the aftermarket industry’s growth including car ramps. The increase in older population group who are prone to joint and mobility issues also drives the need for car ramps. Their growing requirements for vehicle accessibility solutions will continue aiding the car ramp demand over the forecast period.
PEST Analysis
Political: The car ramp market is subjected to various safety regulations imposed by government organizations such as National Highway Traffic Safety Administration (NHTSA) and European New Car Assessment Program (Euro NCAP). These regulations help improve safety features of car ramps.
Economic: The growth of automotive industry and rising car ownership globally is positively impacting the Car Ramp market Size And Trends However, economic slowdowns can negatively impact sales of car ramps.
Social: With increasing number of DIY automotive enthusiasts, the demand for car ramps is growing from individual consumers. Car ramps help perform maintenance tasks easily and safely.
Technological: Manufacturers are focusing on developing lightweight yet durable car ramps using advanced materials. Some ramps come with additional safety locks and features. Wireless connectivity in car ramps is another area seeing technological innovations.
Geographical regions with high market concentration
The North American region accounts for a major share of the global car ramp market value owing to large scale car ownership and developed automotive aftermarket industry in countries such as the United States and Canada. The European market is also sizable driven by countries like Germany, France, and UK having strong automotive manufacturing bases.
Fastest growing region
The Asia Pacific region is poised to witness the fastest growth in the car ramp market during the forecast period. This is attributed to rising discretionary incomes, growth in vehicle fleet, and expansion of automotive service networks in developing economies of China and India. Increasing focus of global automotive companies on tapping market opportunities in Asia Pacific will further support regional market growth.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163