CAR RAMP MARKET ANALYSIS

Market Challenges And Opportunities

Car Ramp Market Drivers:

• DIY automotive culture: The do-it-yourself (DIY) automotive trend is a significant driver of the car ramp market. Many vehicle owners prefer to perform basic maintenance and repairs on their vehicles, such as oil changes, filter replacements, and tire rotations. Car ramps provide a simple and effective way for individuals to lift their vehicles, enabling them to work comfortably underneath and access various components without the need for professional equipment.

For instance, according to the U.S. Bureau of Labor Statistics, the average hourly rate of mechanics has risen to over US$23 per hour in 2021. At the same time, the cost of ramps, starting from just US$50, has encouraged to do-it-yourself

• Cost-effectiveness: As compared to more complex and expensive lifting equipment, car ramps are relatively affordable. They provide an economical way for vehicle owners to safely elevate their cars for maintenance, which appeals to both budget-conscious individuals and professionals looking for cost-effective solutions for specific tasks.

For instance, in 2023, according to a report by the U.S. Census Bureau, over 25% of Americans are expected to be retirement-aged by 2030. With rise in this demography, demand will increase for cost-effective products supporting independent living, like car ramps.

Car Ramp Market Opportunities:

• Modular and adjustable designs: Car ramps with modular and adjustable designs provide flexibility to users. Manufacturers can explore the development of ramps with adjustable heights, widths, and configurations to accommodate different vehicle sizes and ground clearance levels. Modular systems can allow users to connect multiple ramps for specialized applications, such as servicing multi-axle vehicles.

For instance, according to the U.S. Bureau of Transportation Statistics, in 2020, over 267.9 million registered passenger vehicles were plying on U.S. roads. This figure is projected to grow steadily in the near future.

• Innovative safety enhancements: Safety remains a top priority in automotive maintenance. Developing new safety features, such as non-slip surfaces, locking mechanisms, and stability indicators, can enhance user confidence and minimize the risk of accidents during vehicle maintenance tasks.

For instance, according to United Nations Department of Economic and Social Affairs data, U.S. Suffered over 6,000 vehicle maintenance/repair related accidental deaths between 2018-2020.

Car Ramp Market Restraints:

• Limited weight capacity: Car ramps are designed to support specific weight capacities, which can vary, based on their construction and materials. Using a ramp that does not adequately support the vehicle's weight can lead to safety hazards, vehicle damage, and accidents. Users need to carefully match the ramp's weight capacity with their vehicle's specifications, which can limit the ramp's versatility for heavier vehicles.

Counterbalance: Using high-strength materials such as reinforced steel or high-grade aluminum can increase the weight capacity of car ramps while also maintaining or reducing their weight for portability.

• Compatibility with lower vehicles: Some car ramps are designed with specific ground clearance requirements, thereby making them more suitable for vehicles with standard or higher ground clearances. Lowered or sports vehicles may have difficulty using certain ramps without scraping or causing damage to the vehicle's underside.

Counterbalance: Creating ramps with a gradual incline can prevent the underside of low-clearance vehicles from scraping against the ramp. This lowers the risk of damage during the loading and unloading process.

Restraints & Challenges:

• Limited weight capacity
• Compatibility with lower vehicles