The global wheel jacks market has experienced a healthy growth in recent years. This has resulted in the development of the market at a steady and moderate pace. The growth of the market can be primarily attributed to the growing awareness among the end users about the safety standards while driving a vehicle. Moreover, the strict implementation of these safety standards not only in the public lives but across multiple industries has also been quite helpful in the overall development of the global market.
The leading players in the global wheel jack market are increasingly concentrating on incorporating better and more innovative materials and technologies for improving the efficiency and effectiveness of the product. Such initiative is also expected to have a positive effect on the overall development of the global wheel jack market.
Some of the key insights about the global wheel jack market are given below:
- The use of wheel jacks and especially portable wheel jacks is huge across multiple industries. These wheel jacks find applications in several end-use industries such as aerospace, construction, mining, automotive, marine, and railways among others. The demands are quite varied from each of the individual industry, however, wheel jacks are more than capable of catering to all such varied demands.
- Within the global wheel jacks market, the leading players are striving to develop electric and pneumatic wheel jacks. This segment is expected to contribute significantly in terms of developing the market over the coming years of the forecast period. In the current market state, the segment of hydraulic wheel jacks is among the most popular segments of the global wheel jacks market. The growth of the segment is due to the growing preference of the customers to these hydraulic wheel jacks are that are easy to set up and do not involve intensive labor.
Global Wheel Jack Market: Introduction
Wheel jack is the device used to lift heavy equipment or heavy loads. Wheel jacks are available in several types in the market and are used for a variety of applications in diverse business segments. These include mechanical wheel jack, hydraulic wheel jack, electric wheel jack, and pneumatic wheel jack. Different types of wheel jacks are used in different industries such as aerospace, railways, construction, automotive, marine, and mining.
Global Wheel Jack Market: Competition Landscape
Lippert Components, Inc.
Incorporated in 1956, Lippert Components, Inc. develops and manufactures a wide range of products for recreational vehicles, marine industry, residential housing industry, and automotive vehicles. The company has 65 facilities situated in various countries including the U.S., Canada, Ireland, Italy, and U.K.
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Horizon Global Corporation
Established in 1855, Horizon Global Corporation is a U.S based company engaged in design, manufacture, and distribution of a distinctive range of cargo management, custom engineered towing, and trailering products. The Horizon group has nine different brand offerings and jacks offered under its Bulldog and Fulton brand. The company operates through 67 facilities located in 21 countries and has more than 4,000 employees recruited across the globe. It has nine manufacturing facilities and a strong sales channel spread across the globe.
Curt Manufacturing LLC
Established in 1993, Curt Manufacturing LLC is located in Eau Claire, Wisconsin, the U.S. The company is primarily focused on development and manufacturing of towing products and truck accessories and custom made trailer hitches for all types of automotive vehicles from cars to commercial trucks. The company has manufacturing facilities in three different locations in the U.S. and around 1,000 associates spread across the globe to enhance its sales footprints in the market. The company has a hefty share in the regional market of the U.S and Canada and around 12 regional warehouses across these countries. Curt manufacturing LLC is a part of Curt group which includes brands such as LUVERNE, ARIES, RETRAC, and UWS.
Gray Manufacturing Company Inc.
Incorporated in 1952, Gray Manufacturing Company Inc. is located in Saint Joseph, Missouri, the U.S. The company is involved in designing, manufacturing, and distributing a variety of lifting equipment. The manufacturing facility of the company is located in Missouri, U.S. This vertically integrated manufacturing facility is dedicated to deliver American manufactured equipment to its customers. In 2015, the products of the company received ISO 9001: 2008 certification which enhanced the reputation of its products in the market.
Other prominent players operating in the global wheel jack market are Osaka Jack Co., Ltd., Tronair Inc., QuickJack, LLC, Vestil Manufacturing Corp., Whiting Corporation, Emerson Manufacturing, Dutton-Lainson Company, Jiaxing Datong Machinery Co., Ltd., Kubanzheldormash Co., and Hydro Systems KG.
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Global Wheel Jack Market: Dynamics
Long working life and economic operations adds to effectiveness
Hydraulic jacks are less likely to succumb to the rusting problem, providing them a longer working life, which lures customers looking for a long term solution for heavy lifting operations. Also, hydraulic jacks do not need any external mechanical force or external power supply for its operation which makes the use of jacks economical and a one man operation. Hydraulic jacks are anticipated to evolve as the best alternative for lifting operations performed in multiple industries due to their economic operation and reduced human effort.
Growth in automobile industry
The automobile industry all over the world is booming and this is expected to increase the sales of portable wheel jacks. Automobile production in China and Germany is increasing at a great pace every year and users of these automobiles need lifting jacks as a vehicle accessory. Demand for automobile vehicles is increasing globally which is likely to lead to a surge in sale of portable wheel jacks as even the basic repair and maintenance work requires lifting jacks. The jacks are highly effective in the process of repair and maintenance of rail guided vehicles and aircrafts. The increasing and booming railway industry and airplane transport industry automatically creates a huge potential customer base for portable wheel jacks.
Additional power supply and additional cost of operations to hamper the market
Electric jacks can only be useful in places with proper electric supply required for actuation of jacks. This disadvantage causes problems to the mobility feature of the jacks which can be moved only to locations where electric supply outlets are available. Electric jacks also consume a lot of power which can lead customers to prefer screw jacks for lifting operations. Hence, these factors are anticipated to hinder the global market in the upcoming years.
Global Wheel Jack Market: Segmentation
In terms of type, the global wheel jack market can be segmented into:
- Mechanical Wheel Jack
- Hydraulic Wheel Jack
- Electric Wheel Jack
- Pneumatic Wheel Jack
Based on application, the global wheel jack market can be classified into:
- Construction and Mining
The report on the global wheel jack market is a compilation of first-hand information, qualitative and quantitative assessment by market analysts, and inputs from market experts and market participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness of each segment. The report also maps the qualitative impact of various factors on segments of the wheel jack market across different geographies.
Regional analysis of the global wheel jack market includes:
- North America
- Asia Pacific
- Middle East & Africa (MEA)
- South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.