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The electric winch market size is estimated to increase by USD 1.99 billion, growing at a CAGR of 8.09% between 2024 and 2028. Several factors drive the growth of the market, including the rising demand for winches in light commercial vehicles (LCVs), increased demand for cranes, and the growing need for automotive winches. However, the market faces hindrances such as the complexity associated with handling electric winches, the presence of substitutes for electric winches, and challenges related to the disposal of electric winches. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
Electric Winch Market Forecast 2024-2028
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The oil and gas industry plays a pivotal role in global energy supply chains, impacting various sectors including shipping and off-road vehicles equipped with hydraulic winches for robust performance in recreational activities and sports. However, concerns over carbon emissions drive innovation in electronic devices and gears to enhance efficiency and reduce environmental impact. In urban populations, logistics involving heavy items like steel beams and precast concrete demand reliable transportation solutions to mitigate risks of accidents and injuries. These challenges are addressed through advancements in mechanical advantages and safety protocols. Moreover, the cultural influence of movies and the universal necessity of food underscore diverse societal interests and essential commodities in everyday life. As industries evolve, balancing resource utilization with sustainability becomes increasingly crucial for managing environmental footprints and ensuring economic stability in a dynamic global landscape.
Electric winches serve as indispensable tools in various industries, including construction projects, forestry, off-roading, and marine applications. Their versatility and efficiency make them crucial for tasks such as vehicle recovery, load transportation, and heavy lifting. With the increasing complexity of construction projects and the need to ensure safety and control, electric winches have become essential equipment for handling heavy loads and ensuring smooth operations. Additionally, advancements in technology, such as load-holding brakes and AI integration, have enhanced the performance and safety features of electric winches, further driving their demand across industries.
Moreover, the automotive supply chain heavily relies on electric winches for transportation and handling of vehicles during assembly, distribution, and storage processes. As the automotive industry continues to expand and evolve, the demand for electric winches equipped with advanced automation and connectivity features is expected to rise. This trend is reinforced by the growing adoption of electric vehicles, which require specialized winching solutions for recovery and maintenance. Consequently, companies like Mile Marker Industries, Ingersoll Rand, and Harken are poised to capitalize on the increasing demand for electric winches, driving the growth of the global market in the coming years.
The way winches are operated has been revolutionized by the rising integration of remote controllers and wireless technologies, and this is a prominent development in the global market. This trend improves user convenience and safety in a variety of businesses.
However, wireless technology provides real-time monitoring and analysis of information, to improve its maintenance procedures while ensuring optimal winch performance that contributes to operational efficiency and safety. Thus, these factors are expected to drive the demand and contribute to increased sales, thereby propelling the growth of the global market during the forecast period.
It is crucial to be careful while using an electric winch because it contains sharp edges and moving parts that can lead to burns, cuts, lacerations, or amputations. The components are characterized by heat buildup characteristics, which cannot be used for long periods of time. If its motor is heated, it must be cooled down before it can be used for winching again. This further slows down the winching process.
In addition, if it stops pulling, it is necessary to remove the power to the winch, as it can otherwise lead to damage to both the winch and the electrical system. The rope that comes with the power cable is the most important part of the electrical winch. The length and strength of a rope should be taken into account when selecting it. This further impacts the overall operational cost because of the high consumption of power. Thus, it is a key challenge for the growth of the global market during the forecast period.
The single reel segment will account for a major share of the market's growth during the forecast period. The growing demand for the single reel electric winch is because it finds wide use in lifting vehicles or heavy equipment. This is because the rope can leave the drum at any angle by means of a single drum in a single electric winch.
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The single reel segment was valued at USD 2.47 billion in 2018. The demand is also increasing in the mining industry as they are used to lift heavy materials. As deeper underground mining is being conducted and payloads are increasing, the demand for specialized winches is increasing to lift minerals to the ground. Emerging economies where small-scale mining is growing in popularity are likely to be the major source of demand. Owing to such factors, the adoption of single reel type is expected to increase, thereby driving the growth of the market in focus during the forecast period.
In the global market, heavy-duty winches were a dominant product type in 2022. They are widely used in industries including construction, offshore drilling, mining, and transportation, where durable and high-capacity winching solutions are required. Leading manufacturers such as Warn Industries and Ramsey provide a wide range of heavy-duty winches that are known for their durability and dependability. These winches are usually fitted with cutting-edge technology, for example, planetary gear systems, wireless remote controllers, and load sensing mechanisms allowing them to carry out difficult tasks. Continuous product innovation and an emphasis on durability are crucial in a competitive landscape for enterprises striving for a significant portion of the heavy-duty winch industry. Owing to all these factors, the demand for heavy-duty winches is expected to increase, thereby driving the growth of the market in focus during the forecast period.
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APAC is estimated to contribute 42% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Another region offering significant growth opportunities to vendors is Europe. The demand in Europe is growing because of the increasing demand for SUVs and crossovers in Europe. With technological progress and vehicle exteriors offered by a number of auto manufacturers, the market for pickup trucks in Europe is growing. The other contributing factor to the growth of this market in Europe is the decrease in the price of gas and the economic improvement of the region.
However, the demand for LCVs in Europe is expected to be significant during the forecast period owing to the growth of the home delivery sector. Due to restrictions on HCV in cities, vans have been chosen as the most frequent means of distribution especially for city transport. OEMs in Europe are focusing on advanced safety features in LCVs, and this will drive the LCVs market in Europe during the forecast period. Therefore, it is expected that the market will grow gradually during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
COMEUP INDUSTRIES INC.- The company offers electric winches such as CWG 34000, CWG 31500, CWG 30750, CWG 30375 and more.
We also have detailed analyses of the market’s competitive landscape and offer information on 19 market companies, including:
Bhagirath Heavy Transmission, Dowell Crane Co. Ltd, EIVA SAFEX AS, Harken Inc., Henan Crane Co. Ltd, India Industrial Stores, Ingersoll Rand Inc., Knubb Action GbR, LKQ Corp., Mennens Belgium N.V., Mile Marker Industries, Powertek Equipment Co., RAM Winch and Hoist, Ramsey Winch, Taiwan Winch Industrial Co. Ltd., Thern Inc., Westin Automotive Inc., and WINCHMAX Ltd
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
Europe - Electric and Hydraulic Vehicle Winch Market: Europe - Electric and Hydraulic Vehicle Winch Market by Type and Application - Forecast and Analysis
Automotive Winches System (AWS) Market: Automotive Winches System (AWS) Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Canada, China, Germany, France - Size and Forecast
Leather Luggage Market: Leather Luggage Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, Canada, China, Germany, UK - Size and Forecast
The integration of smart technology has transformed various sectors, including the shipping industry and oil fields, where wireless remote control enhances efficiency in towing operations and rig counts management. In the petroleum sector, advancements in synthetic ropes and steel cables optimize towing operations and support military operations and ATV mounts. Innovations in motors and manual winches ensure ergonomics and reliability in sports utility vehicles and all-terrain vehicles used in urban populations and agriculture activities. Moreover, lightweight portable winches aid in trailer handling in the transportation sector, while the marine sector benefits from liquefied natural gas and automobile production in ports. The mining sector utilizes bearing capacity and power failures management, contributing to inspection and quality control tests. As industries expand into renewable energy sectors like wind and solar power, the demand for robust inspection and quality control mechanisms underscores the importance of technological integration across diverse fields for sustainable development and operational excellence.
Industry Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
Market growth 2024-2028 |
USD 1.99 billion |
Market structure |
USD Fragmented |
YoY growth 2023-2024(%) |
7.32 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, Germany, China, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bhagirath Heavy Transmission, COMEUP INDUSTRIES INC., Dowell Crane Co. Ltd, EIVA SAFEX AS, Harken Inc., Henan Crane Co. Ltd, India Industrial Stores, Ingersoll Rand Inc., Knubb Action GbR, LKQ Corp., Mennens Belgium N.V., Mile Marker Industries, Powertek Equipment Co., RAM Winch and Hoist, Ramsey Winch, Taiwan Winch Industrial Co. Ltd., Thern Inc., W.W. Grainger Inc., Westin Automotive Inc., and WINCHMAX Ltd |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Product Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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