Electric Winch Market Analysis | 2023-2028

Market Insights

"The Electric Winch Market was estimated at USD 1.46 billion in 2022 and is likely to grow at a CAGR of 19.45% during 2023-2028 to reach USD 4.28 billion in 2028".

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Market Dynamics

Introduction

Electric winches are electronic devices that are used to pull up the load. These winches are used for moving and lifting all kinds of loads in different applications such as marine, automotive, and industrial sectors. Winches make use of a series of gears to transfer the power from the motor to the drum.

COVID-19 Impact

The COVID-19 outbreak has moderately affected the electric winch industry due to supply chain disruptions amid lockdowns. Verticals such as marine, automotive, and industrial were affected with limited operational activities due to the temporary shutdown of plants and limited workforce, thus affecting the industry growth amid the pandemic.

Market Drivers

Several physical and mechanical advantages of electric winches are likely to augment the industry growth in the coming years.

• An electric power winch has a higher capacity to lift heavier objects along with less manual labor.
• The high bearing capacity decreases the operation cost and thus these winches are more cost-effective, further boosting the market growth.
• However, power failures are likely to hamper the electric winch industry growth during the review period.

Segment's Analysis

Application Trends

"The marine segment held a significant market share in 2022 and is estimated to register a healthy CAGR during the forecast timeline".

• The electric winch market is classified into automotive, sports utility vehicles, all-terrain vehicles, trailers, marine, and industrial.
• In addition, growing demand for Floating Production Storage and Offloading (FPSO) as a result of developments in the petroleum industry in the China, U.S., and India is further anticipated to bolster the segment growth.

Regional Trends

"The North American market accounted for the largest share in 2022 and is expected to grow at a substantial CAGR in the following years".

• This is mainly ascribed to lightweight portable winches allowing more flexibility, robust developments in electric winch systems, and growth strategies by vendors.
• Also, the strong marine and automotive sectors in North America further proliferate the regional market growth.

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Key Players

The following are the key players in the Electric Winch Market (arranged alphabetically).

• Haacon Hebetechnik GmbH (Germany),
• Harken, Inc. (The U.S),
• Ingersoll-Rand plc (Ireland),
• KA-Winch (Bulgaria),
• Polaris (The U.S),
• Powertek (The U.S),
• Superwinch (The U.S),
• Verlinde Lifting Equipment (UK), and
• Warn Industries (The U.S).

Note: The above list does not necessarily include all the top players in the market.

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