Car Ramp Market is driven by Increasing Geriatric Population |...

Car Ramp Market is driven by Increasing Geriatric Population

Posted 2024-06-17 12:11:59

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The car ramp market has witnessed significant growth due to the rising geriatric population globally. Car ramps are used to easily load items such as groceries, luggage, and mobility scooters into the vehicle without much strain. The geriatric population is more prone to musculoskeletal disorders and injuries; hence, they prefer using car ramps for convenience. The need for assistive devices is increasing among the aging population.

The global car ramp market is estimated to be valued at US$ 1.35 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period of 2024 to 2031. Key players operating in the car ramp market are Viatris Inc., Opiant Pharmaceuticals, Akorn Operating Company LLC, Pfizer, Inc., Novartis AG, Indivior Plc., Emergent BioSolutions Inc., Amphastar Pharmaceuticals, Inc., Kern Pharma, S.L., Hikma Pharmaceuticals PLC, Mundipharma International Limited, and Kaleo, Inc.

Key Takeaways
Key players operating in the car ramp market are Viatris Inc., Opiant Pharmaceuticals, Akorn Operating Company LLC, Pfizer, Inc., Novartis AG, Indivior Plc., Emergent BioSolutions Inc., Amphastar Pharmaceuticals, Inc., Kern Pharma, S.L., Hikma Pharmaceuticals PLC, Mundipharma International Limited, and Kaleo, Inc. These players are focusing on new product launches and geographical expansion to strengthen their market presence.

The Car Ramps Market Demand is increasing owing to the rapid growth of the aging population globally and the prevalence of mobility challenges among the geriatric group. Assistive devices and safety equipment help the aging population independently carry out daily activities and ensure safe transfer in and out of vehicles.

The car ramp market is expanding globally, with rising focus on accessibility and inclusive infrastructure development. Government initiatives towards universal design and ability access are boosting adoption of car ramps across regions. Manufacturers are focusing on geographical expansion to tap growth opportunities in emerging markets.

Market Drivers
increase in geriatric population prone to mobility issues is a major driver for car ramp market. As per United Nations, the number of people aged 60 years and older is expected to double by 2050 and triple by 2100. With rise in lifespan, risk of age-related health issues increases. Car ramps ensure safe and hassle-free wheelchair access in and out of vehicles for senior citizens and people facing disability challenges. This fuels adoption of car ramps globally.

Impact of geopolitical situation on the car ramp Market growth and geographical regions

The global Car Ramp market is witnessing volatility due to ongoing geopolitical instabilities across various regions. The ongoing Russia-Ukraine war has significantly disrupted the supply chain and logistics operations of many Car Ramp manufacturers in the Eastern European region. Moreover, sanctions on Russia by Western nations are limiting business opportunities. This is negatively impacting the overall Market growth. Additionally, the pandemic-induced lockdowns across major Asian countries like China may further slow down production and exports in the short term.

Geographically, North America is currently the largest and most concentrated region for the Car Ramp Market in terms of value. The US and Canada account for over 35% of global Market revenue. However, with economies reopening, the Asia-Pacific region is expected to emerge as the fastest-growing regional Market during the forecast period. Countries like China, India, and South Korea are witnessing increased automobile usage and aftermarket spends. This is driving the adoption of Car Ramps, especially for repair and maintenance purposes. Overall, strategic partnerships with local players and development of low-cost products tailored for price-sensitive APAC nations can help Manufacturers tap into new growth opportunities across Asia going forward.

The current volatility in global trade and uncertain economic conditions demand that car-ramp companies seriously consider diversifying their supplier and manufacturing bases. Companies need to focus on ramping domestic capacity in major consuming regions like North America and developing easy trade agreements within regional blocs like EU to mitigate such external risks. Central and Eastern European nations can emerge as an alternative low-cost manufacturing hub for European and Western Asian Markets. Additionally, focusing on digital marketing and facilitating direct-to-customer sales channels will help gain more resilience against changes in external business environment.