The portable wheel jack market has witnessed increased interest in recent years, resulting in a steady growth, at a modest pace. This can be attributed to the rising awareness of safety standards being adopted and implemented across industries, which have had a positive impact on the portable wheel jack market. The study by Future Market Insights on the prospective growth of the market estimates based on this, that the portable wheel jack market is likely to grow at an average of 3% globally, during the course of the forecast period.
Players in the portable wheel jack market are increasingly focusing on incorporating newer technologies and materials to improve product effectiveness, which is also expected to have a positive impact on the expansion and growth of the global portable wheel jack market.
End Users of Portable Wheel Jacks
The use portable wheel jacks is rampant across industries and finds applications across industries including automotive, marine, aerospace, railways, construction and mining, among others, each with individualised demands that are particular to that industry. Within the global market for portable wheel jacks, players are working on improving the pneumatic and electric portable jacks, which are expected to grow significantly in the foreseeable future. As the current scenario stands, hydraulic portable wheel jacks are the most popular type being preferred by consumers, accounting for about half of the revenue share.
The automotive industry is one of the biggest consumers for portable wheel jacks in the market, and is expected to experience substantial growth in the foreseeable future, proportionately also influencing the growth of the portable wheel jack market. While marine, aerospace and railways are also expected to grow as well, by value share, the growth is expected to be modest.
The construction and mining industries have become significant end users for the portable wheel jack market, as they continue to generate demand in the global landscape. According to this report on portable wheel jack market by Future Market Insights, the adoption rate of portable wheel jacks is likely to lead to it accounting for a significant share during the forecast period. This comes on the back of the increase in the number of construction projects and mining initiatives globally, in recent years.
East Asia to be Lucrative Market in the Global Landscape
Based on current and historical data, this study suggests that regional markets in developed countries hold the largest market share by revenue, and will continue to hold a significant share in the global portable wheel jack market. This can be credited to the growing automobile production, which is gaining pace quite rapidly, fuelling the growth of the portable wheel jack market.
However, the regional market in East Asia, with their concentration of developing countries, is expected to present lucrative opportunities for manufacturers in the portable wheel jack market, as it is expected to grow substantially in the near future. According to this report, the East Asia market is likely to account for the largest chunk of the revenue share by the end of 2029.
An understanding of these underlying features is opening up opportunities for players in the global portable wheel jack market looking to increase their geographical standing especially in the emerging markets.
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