According to Future Market Insights (FMI), the global portable wheel jack market is expected to reach US$ 6.8 billion in sales by 2029, growing at a 3.3% CAGR from 2022 to 2029.
Portable wheel jacks are devices that are used to lift heavy loads and equipment. There are numerous types of jacks available in the market, used for a variety of applications in diverse business segments. The scope of this research covers mechanical, hydraulic, electric, and pneumatic jacks. This research has a primary goal to analyse the current scenario of the portable wheel jack market and perspective of various end users, and preference of various users belonging to various segments, and also the adoption of different types of jacks by users in industries such as railways, aerospace, automotive, construction, mining, and marine.
Additionally, the global demand for portable wheel jacks is expected to be influenced by the safety standards implemented by almost every end-use industry. In addition, the efficient and fool proof work of portable wheel jacks is expected to increase their use across various industries.
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Mining & Construction Generating Significant Demand
On the basis of end user, the automotive segment is foreseen to experience substantial growth. However, the construction and mining segment is anticipated to account for a prominent volume share in the global portable wheel jack market. The floor jack/service jacks sub-segment under automotive end use is expected to witness a growth of 4.0 percent during the forecast period, mostly driven by increasing garages and car service stations across the globe.
Based on product type, the hydraulic portable wheel jacks segment is expected to be a prominent segment in the portable wheel jack market, accounting for more than 50% of the market share. Hydraulic portable wheel jacks are less likely to get affected by rust, which provides these jacks great working life. This will lure customers who are looking for a long-term solution for heavy lifting operations. Mechanical jacks are ideal for lifting light and moderate weights, but these jacks are incapable of lifting heavy loads and cannot sustain multi-toned weights, which can be easily lifted using hydraulic jacks. This factor is surging the demand for hydraulic jacks in target regions.
East Asian Market Emerging Lucrative
East Asia, against the backdrop of growing utilization and sales of end-use products, is set to act as one of the most lucrative regions in the portable wheel jack market during the forecast period. Furthermore, Europe and North America are likely to be prominent portable wheel jack markets over the coming years, mainly driven by the U.S. and EU-5. Automobile production in China and Germany is increasing at great pace every year, and the users of these automobiles will need lifting jacks or portable wheel jacks as a vehicle accessory.
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Portable Wheel Jack Market: Key Participants
Some of the key manufacturers involved in the portable wheel jack market are Horizon Global Corp., Curt Manufacturing LLC, Lippert Components, Inc., Gray Manufacturing Company Inc., Osaka Jack Co. Ltd., Tronair Inc., Kubanzheldormash Co., Dutton-Lainson Company, Vestil Manufacturing. HYDRO Systems KG, Autolift Gmbh, and Jiaxing Datong Machinery Co., Ltd., among others.
Within the global portable wheel jack market, players need to focus on pneumatic and electric portable wheel jacks. The increasing and booming railway industry and airplane transport industry automatically creates a great potential customer base for portable wheel jacks. Due to the intense and aggressive competition between hydraulic jack manufacturers, companies are compelled to manufacture quality products in the least price possible.
In terms of market value, the global portable wheel jack market is foreseen to increase at a moderate CAGR of more than 3%, and is set to provide opportunities to all stakeholders in the portable wheel jack market during the forecast period.
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PORTABLE WHEEL JACK MARKET TAXONOMY
The global portable wheel jack market is segmented in detail to cover every aspect of the market, and present a complete market intelligence approach in front of the reader.
By End Use
- Automotive
- Floor Jacks/Service Jacks
- Bottle Jacks
- Scissor Jacks
- Hi Lift Jacks
- Trailer Jacks
- Marine
- Swivel Jacks with Wheels
- Round Jacks (Swivel) with Foots & Others
- Aerospace
- Axle Jacks
- Tripod Jacks
- Railways
- Heavy locomotives Jacks
- Railcar Jacks
- Transit Jacks
- Construction and Mining
- High tonnage mining Jacks
- Scaffolding Jacks
- Hydraulic Jacks
- Mechanical Jacks
By Product Type
- Hydraulic Portable Wheel Jacks
- Pneumatic Portable Wheel Jacks
- Electric Portable Wheel Jacks
- Manually Operated Portable Wheel Jacks
Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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