- The automotive multifunctional lift system used in vehicle parking and repairing. It helps reduce parking issues, which is likely to boost the adoption of automotive multifunction lift system across the offices, residential areas, and shopping malls.
- Increase in adoption of artificial intelligence helps the multifunction lift system from maintenance problems and also sends messages to the server regarding the condition of lift system. Rise in demand for multifunction lift system across shopping malls, which helps to significantly reduce parking issues including automatic payment for parking and vehicle identity, is propelling the automotive multifunction lift system market across the globe.
Key Drivers of Global Automotive Multifunctional Lift System Market
- Rise in demand for vehicles across the globe is estimated to fuel the automotive multifunctional lift system market. Increase in number of vehicle service centers where multifunction lift systems are widely used for repairing the vehicle has significant demand for automotive multifunction lift system. Major original equipment manufacturers (OEMs) are trying to integrate advanced multifunction lift systems to enhance vehicle production, which is anticipated to boost the automotive multifunction lift system market across the globe.
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- Several government and regulatory authorities have taken initiatives that mandate the implementation of multifunction lift system in the parking space in order to reduce the issue of parking across residential areas and offices. This, in turn, is projected to boost the automotive multifunction lift system market across the globe. Rise in adoption of Internet of Things (IoT) across the globe is estimated to further drive the demand for multifunction lift system, as multifunction lift system has function including vehicle identity and vehicle payment system.
Europe and Asia Pacific to hold prominent share of global automotive multifunctional lift system market
- Europe is projected to hold a major share of the global automotive multifunctional lift system market due to a rise in living standard of people across the region. Major vehicle manufacturers across the region are focused on the integration of the multifunction lift system to enhance their vehicle production, which in turn boosts the automotive multifunction lift system across Europe.
- Followed by Europe, Asia Pacific is projected to account for a significant share of the global automotive multifunctional lift system market due to an increase in sale of vehicles across the region. Presence of major vehicle service centers across China, India, and Japan is projected to further boost the automotive multifunctional lift system market in Asia Pacific.
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Key Players Operating in Global Automotive Multifunctional Lift System Market
The global automotive multifunctional lift system market is highly concentrated owing to the presence of top manufacturers. A few of the key players operating in the global automotive multifunctional lift system market are:
- Servotech India
- EAE Automotive Equipment Co. Ltd.
- Dannmar Equipment
- SEFAC USA Inc.
- Nussbaum Automotive Solutions
- Mohawk Resources Ltd.