Portable Wheel Jack market – Global Industry Trends & Forecast to 2029
Portable Wheel Jack market – Global Industry Trends & Forecast to 2029
the portable wheel jack market was valued at USD 5.24 billion in 2021 and is expected to reach USD 6.64 billion by 2029, registering a CAGR of 3.00% during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario.
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Drivers
Increasing demand of swivel jack in Ship Building Sector
Swivel hydraulic jacks are portable wheel jack which is gaining lucrative popularity overall the ship repair and manufacturing sector.
Rising adoption of floor jacks
Growing adoption of the hydraulic floor jacks, a portable wheel jack mainly used for lift heavy vehicle for the repair and maintenance across vehicle service centers,
Rising demand in airplane and railway industry
The booming and growing airplane and railway industry automatically which creates a great potential consumer base for portable wheel jacks.
Opportunities
New launches in the market
The innovative launches of new product, increase the rising production and sales of the portable wheel jack market which is also leading the automotive manufacturers to opening repair shops and new car service centres in the country.
Restraints/ Challenges
High Cost associated with product
However, the high cost associated with the portable wheel jack and the unavailability of the raw material restraint the demand of the portable wheel jack may hamper the growth of the portable wheel jack market during the forecast period of 2022-2029.
The global economy has slowed down due to the outbreak of covid-19 virus. Although new versions pose a major effect to human health, the market for portable wheel jacks is expected to upsurge again as trade borders are opened and rules are eased.
Recent Development
In January 2020, SuhRyung Machiner, which is a South Korea-based manufacturer of hydraulic jacks has declared to increasing its presence by launch its brand in ASEAN nations globally.
The portable wheel jack market is segmented on the basis of type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
Hydraulic Portable Wheel Jack
Electric Portable Wheel Jack
Pneumatic Portable Wheel Jack
Application
Mining
Automotive
Others
Portable Wheel Jack market Regional Analysis/Insights
Asia-Pacific dominates the portable wheel jack market in terms of market share in the forecast period. This is due to the growing utilization and sales of the portable wheel jack in this region.
Europe and North America are expected to be the fastest developing regions because the end users of these automobiles will require portable wheel jacks or lifting jacks as a vehicle accessory.