CAR RAMP MARKET ANALYSIS

Car Ramp MarketSize and Trends

The car ramp market size is estimated to be valued at US$ 1.17 Bn in 2023 and is expected to reach US$ 1.65 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 5% from 2023 to 2030.

Car Ramp Market Trends:

• Compact and space-saving designs: As urbanization and limited garage space become more prevalent, car ramps with compact and space-saving designs are gaining popularity. Manufacturers are focusing on creating ramps that can be easily stored and do not take up excessive room when not in use. Foldable, stackable, and collapsible ramp designs cater to users with limited storage space.

For instance, according to recent data by the U.S. Census Bureau's 2021 American Housing Survey, nearly 35% of urban housing units in the U.S. do not have a dedicated garage, thereby requiring car owners to find alternative storage solutions for automotive equipment like ramps.

• Lift and tilt mechanisms: Car ramps with lift and tilt mechanisms are becoming more prevalent. These ramps offer the ability to raise the vehicle slightly while also providing a slight incline, thus allowing users to access the underside of the vehicle more comfortably. Lift and tilt ramps offer convenience for various maintenance tasks, including oil changes and inspections.

For instance, according to the recent data by the International Organization of Motor Vehicle Manufacturers, the global vehicle production witnessed a 4% year-on-year increase to reach over 95 million units in 2021.