As per Future Market Insights, the electric winch market is anticipated to attain a value pool of US$ 1,100 million by 2023-end. Global demand for electric winches is expected to rise at a CAGR of 7.2% to US$ 2,200 million in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 1,100 million |
| Projected Market Value in 2033 | US$ 2,200 million |
| Growth Rate (2023 to 2033) | 7.2% CAGR |
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The electric winch market has been growing at a steady pace in recent years, driven by numerous factors. Here are few of the prominent drivers of this market:
The electric winch market is constantly evolving, with new trends emerging all the time. Here are few of the latest trends in the electric winch market:
The demand will witness steady recovery in short-term, with optimistic growth outlook in the long-run. Growing industrial usage where heavy loads are in operations the growth in near future remains optimistic, where product utilization in automotive sector will provide momentum.
Principal Consultant
Electric winch is commonly employed in the practice of towing operations where high-performance problems struggling with large loads exists, the product comes as a very reasonable option.
In spite of high maintenance costs, the performance of the electric winch is much better than the manual ones when it comes to support and push heavier items providing better ergonomics and reduced lead time of work procedures.
Rising demand for electric winch is recognized by the growth of construction, shipping and landscape industries where winches are used for their high quality and reliable operations. Significant rise in demand from drilling oil fields is anticipated to rise owing to the requirement for rig counts and crude oil which has been perceiving a growth over the past few years.
Improvement in petroleum sector in foremost oil producing nations including Russia, USA and United Kingdom has created upsurge in demand for Floating Production Storage and Offloading vessels as a result it is expected to have a positive impact on the sales. High performance, simple operations and proven reliability of winches is set to drive the growth in terms of application.
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As a result of rising production of alternative shale gas and tight oil sources there has been developments in the oil and gas sector in USA is expected to promote the utility of FPSO and hence further escalating sales.
The region is set to be the principal platform for electric winch in near future owing to sturdy foothold in military operations, automotive manufacturing shipping yards as well as ATV mounts. Development of automotive industry is anticipated to lift the market growth. Employment of winches saves time, while offering mass production for global as well as regional consumers.
Presence of major leading manufacturers such as Superwinch, Hampton Products International, and Polaris Industries in USA makes it a more promising country. These companies supply their products through several distribution channels including direct supply agreements with buyers, third-party agreements with vendors and wholesalers and e-commerce portals.
Asia Pacific remains a growth oriented region in terms of sales. Rising spending on the improvement of shipping infrastructure on account of inclusion of new projects such as the China Pakistan Economic Corridor (CPEC), National Infrastructure Plan (NIP) as well as Chabahar Airport, by governments of China and India is expected to open new markets.
Furthermore, rising expenditure on the development of Liquefied Natural Gas (LNG) in China and Australia is expected to further boost the demand for electric winch.
Rising production output of automobiles in developing markets including China, and India is expected to upsurge adoption of the product over the next decade.
Growth can also be attributed to the improvement of transportation sector including automotive and marine sectors in countries including China, India, Taiwan, and Japan.
Some of the leading manufacturers and suppliers include
The companies are expanding their product portfolios and production capacities making the market moderately competitive. This is to cater to the growing demand, particularly in the emerging regions. It is also characterized by new participants with their own products and existing companies spending heavily on R&D initiatives.
For instance, in 2016, KA-Winch, a leading manufacturer launched a 100% electric winch named “VoltPro winch”, serving low noise and is completely emission free. It was developed especially for urban wakeboarding and is capable of deep water starts.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Electric Winch Market
