The global electric winch market size is projected to reach USD 13.80 billion by 2025. The positive outlook towards automotive sector of China and India as a result of recent expansion of production capacity by companies including, Kia Motors, Hyundai, and Volkswagen is projected to expand the scope of electric winch in these countries. Rise in demand from manufacturing sector, government organizations, and shipping industry on account of high load bearing capacity and excellent durability of electric winch is expected to remain a key trend in near future.
In June 2017, Ramsey Winch Company relaunched Hercules 50K Winch. The SAE0J706 compliant 50K product with improved properties has 200lb weight reduction over the competition and superior cable management. In 2016, KA-Winch, launched VoltPro Winch, a 100% electric product. The low noise product is completely emission free. Such product innovations are expected to play a key role in tapping new application areas over the next eight years.
High concentration of shipbuilding manufacturers in China, Taiwan, Philippines, and South Korea are expected to provide growth opportunity for electric winch in the region. In addition, supportive government regulations aimed at expansion of shipping sector in India and Australasia as manufacturing destinations is expected to promote new investments in the region, which in turn is expected to open new avenues in the near future. Countries such Nigeria, Angola, and Saudi Arabia are focusing on development of offshore vessels which is expected to provide growth opportunity for electric winch market over the forecast period.
In terms of revenue, automotive is expected to account for 44.9% market share by 2025. The revival of automotive industry in developed countries including the U.S., Germany, and U.K. is expected to boost the product demand over the forecast period. However, the predominant consumption of mechanical and hydraulic winches in automotive sector on account of their high market visibility is expected to limit the use of electric winches over the next eight years.
Marine segment is expected to generate a revenue of USD 4.86 billion by the end of 2025. Rising demand for Floating Production Storage and Offloading (FPSO) as a result of development of petroleum industry in U.S., China, and India is expected to open new avenues in the next eight years.
Electric winches are majorly used in Sports Utility Vehicles (SUVs), All-terrain Vehicles (ATVs), pickup trucks, and other commercial vehicles, where a towing mechanism is deployed which cloaks the wire around the drum. Rising awareness regarding the importance of SUVs on account of their higher seating position, excellent ground clearance, and enhanced towing and off-road capability is projected to expand the scope of electric winch as a lifting medium.
The manufacturers operating in the electric winch market are focusing on achieving significant business growth and to maintain market position through implementation of various advanced technologies and innovation to enter specific markets that utilize winches for productivity during material handling operations.
Favorable government policies coupled with Foreign Direct Investments (FDI) to boost manufacturing sectors especially in Mexico, China, and India, is further expected to propel market for electric winches over the projected period. Some of the prominent players operating in the market for electric winch are KA-Winch; Verlinde Lifting Equipment; Powertek Equipment Co.; Ingersoll-Rand plc; Warn Industries, Inc.; Hampton Products International; Polaris Industries, Inc.; Northern Tool + Equipment; and Harbor Freight Tools.
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Hexa Research has segmented the electric winch market report based on application and region:-
Segmentation by Application
• Automotive
• Industrial
• Marine
• Others
Segmentation by Region
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• Asia Pacific
• China
• India
• Central and South America
• Middle East and Africa
• Saudi Arabia
• Israel
Key Players Analyzed
• KA-Winch
• Verlinde Lifting Equipment
• Powertek Equipment Co.
• Ingersoll-Rand plc
• Warn Industries, Inc.
• Hampton Products International
• Polaris Industries, Inc.
• Northern Tool + Equipment
• Harbor Freight Tools