LONDON–(BUSINESS WIRE)–#ElectricWinchMarket–The new electric winch market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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“One of the primary growth drivers for this market is the increasing demand for winches for use in LCVs”, says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the electric winch market size to grow by USD 4.14 billion during the period 2020-2024.
Electric Winch MarketSegment Highlights for 2020
- The electric winch market is expected to post a year-over-year growth rate of 7.54%.
- Based on the type, the market saw maximum growth in the single reel segment in 2019.
- The market growth will be significant in the single reel segment during the forecast period.
Regional Analysis
- 66% of the growth will originate from the North America region.
- Factors such as advancement in electric winch systems, lightweight portable winches enabling more flexibility, and the increasing strategies by vendors are driving the growth of the market in North America.
- The US, Canada, and Mexico are the key markets for electric winches in North America. This report provides an accurate prediction of the contribution of all segments to the growth of the electric winch market size.
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Notes:
- The electric winch market size is expected to accelerate at a CAGR of almost 16% during the forecast period.
- The electric winch market is segmented Type (Single reel, Double reel, and Line shaft winches) and Geography (North America, Europe, APAC, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Dowellcrane Machinery Group, Friedrich Koster GmbH & Co. KG, Harken Inc., Henan Hengyuan Crane Machinery Group Co. Ltd., Ramsey Winch Inc., Taiwan Winch Industrial Co. Ltd., Thern Inc., W.W. Grainger Inc., WARN Industries Inc., and Westin Automotive Inc.
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