Lift Support Market Highlights

The Global Lift Support market was estimated at USD 3.67 billion in 2023, which is expected to reach USD 7.25 billion at a CAGR of 6.43% during 2024-2034.

Lift Support Market CAGR

2024-2034

CAGR OF

6.43%

Lift Support Market

The market deals with the automotive and industrial segment that produce and distribute lift supports such as gas springs, struts, or props. In addition to other uses and access panels, these devices help with the controlled movement and support of a variety of vehicle components, including hoods, tailgates, hatchbacks, and trunk lids.
The market includes several products made for specific applications in a range of vehicles, such as passenger automobiles, commercial vehicles, and specialized industrial equipment.
The market is expected to grow due to various factors, including increased vehicle production, an increase in demand for aftermarket replacements, and technological improvements that enhance the performance of lift supports.

The history of lift supports dates back to the middle of the 20th century. The automobile industry began utilizing lift supports in greater detail by the 1960s and 1970s. Their use in consumer cars grew in popularity as they offered a simple and secure method of lifting and holding open large components like car hoods, trunks, and eventually tailgates and hatchbacks.

The market continues to grow and is driven by advancements in technology and a wider range of applications. The automotive and industrial sectors are the main drivers of the market's consistent expansion. The demand in the automotive industry, technological advancements, growth in the aftermarket, and regional dynamics are some of the main factors that characterize the current situation.

Given the rising popularity of SUVs and crossover cars, lift supports in hoods, trunks, and especially tailgates are predicted to become increasingly necessary as global vehicle production increases, especially in emerging markets like Asia-Pacific. Technological developments that improve user experience and increase market appeal in the higher-end vehicle category, like electrically operated and sensor-integrated lift supports, are also playing a significant role in the growth of the market. Increased demand for non-automotive applications is expected to help the industry and expand its prospects. The aftermarket industry has a consistent need for replacements as automobiles get older, which promotes the market expansion.

Several acquisitions, product launches, and partnerships in the lift support market have been directed in recent years, which would boost the overall market.
Some of the challenges faced by the industry are:
•    There is a lot of pricing pressure as a result of the fierce competition among producers, particularly given the large number of regional and international firms. Profit margins may be squeezed, and businesses may be forced to constantly innovate to hold onto market share.
•    Production costs are impacted by changes in the price of raw materials like steel and aluminum, which are needed to make lift supports. 
•    Trade regulations, supply chain disruptions, and general global economic conditions all frequently have an impact on the market.
•    It is difficult to keep up with the quick advances in technology and the high standards set by consumers for complex functionality.

Lift Support Market Segments’ Analysis

The Lift Support Market is segmented based on Product type, Application and Region.
Based on the Product, the market is further classified into Trunk Lid, Hood Lift, Door, Tailgate, Hatch Lift, Glass, and other categories. 

Lift Support Market

By Product

Trunk Lid

Hood

Door

Tailgate

The Market will Grow

At the CAGR of:

6.43%

The Forecast Market

Size for 2024 in USD:

$7.25B

Out of all the markets Tailgate is experiencing Robust growth to date. Tailgate deals with Tailgate lift support. Tailgate lift supports greatly improve user experience by permitting smooth operation and secure tailgate locking in an open position, which is crucial for assuring simple and safe access to the vehicle's cargo compartment. These latest developments, which frequently depend on more complex lift supports, are becoming increasingly available in new car models as standard or optional equipment, particularly in the mid-to-high-end market segments.

The Hood segment holds this category's second-largest market share. The hood lift is growing quickly because they are essential for safety and vehicle maintenance. the hood lift systems are necessary to give the car's hood steady support and enable hands-free access to the engine area for regular maintenance, repairs, and inspections. In the consumer and commercial vehicle sectors, where accessibility has a major impact on maintenance time and safety, this trait is especially valued. Developments in material science including the incorporation of gas springs or hydraulic dampers that provide smoother operation and increased longevity, have fuelled the expansion of the hood lift.

Lift Support Market

By Applicaion

XX%

HCV

LCV

Passenger Car

Non-automatic

3.67

Total Market Size

USD (Billion), 2024

6.43%

CAGR

2024 - 2024

Lift supports that help with opening and shutting a car's trunk are included in the trunk lid segment. For loading or unloading, they guarantee smooth operation and hold the trunk open—a vital feature for both passenger cars and commercial trucks. In contrast, this market is expanding slowly unlike the first two.
The door lift deals with doors used in lift support, despite being uncommon compared to other types. These are employed in some car types, especially in vans and SUVs with big or sliding doors, to help open and hold larger vehicle doors steadily.

Other segments such as the hatch lift and the glass lift are showing slow but steady growth across the globe.

Based on application, the market is further segmented into HCV, LCV, Passenger Car, and Non-automatic. The passenger car is the one with the most used in the automotive sector among all the other categories. Growth in these applications has been attributed to both an increase in the demand for automobiles and the inclusion of more safety features. The global market was dominated by the HCV/passenger car category, which is expected to continue for the foreseeable future.

Lift Support Market Regional Analysis

Geographically, the lift support market operates across North America, Europe, Asia-Pacific, South America, and Middle East, and Africa.

The lift support market is expanding at the fastest growth rate in the Asia-Pacific area because of increased car production and sales in developing economies such as China and India. Urbanization and rising middle-class incomes have increased the demand for passenger cars, which has increased the need for the market. To serve both home and foreign markets, the businesses in the region are progressively concentrating on cost-effective production techniques and technological integration.

Lift Support Market

By Region

The Market will Grow

At the CAGR of:

6.43%

The Forecast Market

Size for 2024 in USD:

$7.25B

Larger cars like SUVs and minivans are highly preferred in North America, especially in the United States and Canada, which boosts the market.
Strict vehicle safety and performance regulations, which guarantee the broad acceptance of premium lift supports in both OEM (Original Equipment Manufacturer) and aftermarket segments, are the driving forces behind Europe's lift support market.

The lift support market assistance is smaller but expanding throughout the Middle East and Africa. The need for innovative automotive components, such as lift supports, is predominantly driven by the luxury and SUV categories in this region, especially in the Gulf countries where consumer preference for high-end vehicles is evident.

Lift Support Market Key Players

The global Lift Support market is characterized by strategies of collaborations and partnerships, product launches and innovations, and commercialization. Prioritizing research and development investments along with staying abreast of technological advancements being pursued otherwise are also of crucial importance, to sustain market growth and consolidation. 
In recent years, the market has witnessed several developments as companies strive to expand their product portfolios, geographical reach, and market share. The prominent players in the market are:

•    AMS Automotive Monroe
•    LST
•    Crown Equipment Corporation
•    Rugged Ridge
•    Suspa
•    Stabilus
•    First Equipment Quality
•    Boge
•    Omix
•    AC Delco

Lift Support Market Scope: