NEW YORK, Dec. 6, 2023 /PRNewswire/ — The Electric Winch Market size is expected to grow by USD 16.37 billion, accelerating at a CAGR of 7.22% during the forecast period. The rise in demand for winches in light commercial vehicles (LCVs) is attributed to their usage in transporting goods and people over shorter distances, particularly in urban areas where space is limited. LCVs are essential for time-sensitive deliveries, high-quality goods transportation, and support services within urban constraints. Frequent transport between locations necessitates recovery and winching for these vehicles, leading to an increased need for towing tools. As the LCV market expands, the demand for such tools is expected to rise, indicating favorable growth prospects for the global electric winches market during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample
Technavio has announced its latest market research report titled Global Electric Winch Market 2023-2027
Key Highlights:
The report recognizes the following as some of the key players in the electric winch market: 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
Electric Winch Market is fragmented in nature.
Market to observe 7.04% YOY growth in 2023.
Market Dynamics:
Trend
Integration of remote controllers and wireless technologies revolutionizes winch operation in the global electric winch market.
Enhanced user convenience and safety across various industries are prominent outcomes of this trend.
Wireless technology enables real-time monitoring and analysis for improved maintenance procedures, ensuring optimal winch performance, operational efficiency, and safety.
Anticipated increase in demand for electric winches and subsequent sales growth due to these advancements during the forecast period.
Challenges
Careful handling of electric winches is essential due to sharp edges and moving parts that pose risks of burns, cuts, or amputations.
Heat buildup in winch components limits extended usage, requiring cooling downtime, thus slowing the winching process.
Ceasing winch operations requires removing power to prevent damage to the winch and electrical system.
The rope’s quality, length, and strength impact selection, affecting operational costs due to high power consumption.
The report also covers information on the upcoming trends and challenges. Explore detail information by purchasing report
Keg Segments:
The market is segmented by Type (Single reel, Double reel, and Line shaft winches), Product Type (Heavy duty winch and Light duty winch), and Geography (Europe, North America, APAC, South America, and Middle East and Africa).
The single reel segment is expected to significantly contribute to the market’s growth during the forecast period. The increasing popularity of single reel electric winches is attributed to their extensive application in lifting heavy vehicles or equipment. This is facilitated by the ability of the rope to exit the drum at any angle within a single drum in a single electric winch.
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Related Reports:
Automotive Winches System (AWS) Market: The automotive winches system (AWS) market size is estimated to grow at a CAGR of 5.31% between 2022 and 2027. The market size is forecast to increase by USD 145.44 million.
Europe Electric and Hydraulic Vehicle Winch Market: The electric and hydraulic vehicle winch market in Europe share is expected to increase by USD 370 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.13%.
TOC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Product Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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SOURCE Technavio