Hoist & Winches Market: Introduction
Transparency Market Research delivers key insights on the global hoist & winches market. In terms of revenue, the global hoist & winches market is estimated to expand at a CAGR of 5.4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global hoist & winches market.
Companies are investing in R&D to launch an exclusive collection of hoist & winches. Manufacturers are expanding their product lines to meet the increasing demand for hoist & winches. Moreover, growing popularity of hoist & winches in industries is expected to boost the market during the forecast period.
Hoist & Winches Market: Key Segments
In terms of product type, planetary geared hoist & winches accounts for maximum share in the Asia Pacific region. Gearbox accounts for significant portion of weight, volume, cost, and efficiency in the hoist & winches market. The use of planetary gear leads to high torque, small size, and improved efficiency characteristics, which are suitable in a wide range of applications, and hence, its adoption is increasing.
Based on capacity, above 8 tons, up to 3 tons, and 5 tons products generate maximum revenue. Combined, these three segments account for around 76% of the Europe value market. Up to 3 tons products are widely used in automotive, waste management, and media & entertainment industries.
In terms of operation, electric hoist & winches dominates the market, followed by hydraulics and pneumatics. Electric hoist & winches are the most common products used in almost every industry while the prominent industry for hydraulic products is construction, and marine & shipbuilding industry, while pneumatic products are usually preferred by oilfields, and energy & power industry.
In terms of application, mobile cranes and others segment accounts for maximum value share. Others segment consists of applications in which hoists are used in manufacturing industries such as hoists used for spot welding guns in the automobile industry or winches used for sports or off-road activity purposes. The others segment in no way overlaps with the other applications we have mentioned.
In terms of end-use industry, construction, automotive & railways, and shipping & material handling account for maximum value share. Europe will have to invest US$ 14.8 Trn up to 2040 to meet the infrastructural demand. Governments have increased investment in infrastructure and intend to boost levels of maintenance on roads and water landscaping management, which is expected to drive the hoist & winches market during the forecast period. The shipping & material handling industry is growing and the contribution of shipping industry in 2018 in EU was around US$ 165 Bn.
The growing trade is expected to benefit the hoist & winches market during the forecast period. Germany aims to increase its military spending to 1.5 percent of GDP and achieve the 2% of GDP target by 2031. The France Defense Ministry is targeting to increase defense spending of approximately US$ 2 Bn per year between 2019 and 2022 and US$ 3.5 Bn each year during the 2023–2025 period. Similarly, the U.K. is also strengthening its aerospace & defense industry. This creates great business opportunity for the hoist & winches market during the forecast period.
In terms of distribution channel, indirect sales account for majority of share in the global market. Most of the hoist & winches come with standard specifications and can be purchased from third-party distributors or retailers. Frequent users of these products can easily identify the product and hence, purchase the product based on delivery time. Thus, indirect sales account for maximum share in the global market.
Hoist & Winches Market: Prominent Regions
Asia Pacific holds the dominant position in the global hoist & winches market. APAC is home to two of the most populated countries in the world, thus creating a great opportunity for development. Asia Pacific comprises many emerging economies, which are striving to grab the opportunity generated due to the pandemic and this is projected to drive the hoist & winches market during the forecast period.
Hoist & winches Market: Key Players
Key players operating in the global hoist & winches market are Columbus McKinnon Corporation, Ingersoll Rand, Inc., Hitachi Industrial Equipment Ltd., TWG Inc., PACCAR Inc., Ramsey Industries Inc., Warn Industries Inc., Demag, Thern, Inc., Köster, and others.
Global Hoist & Winches Market: Segmentation
Hoist & Winches Market, by Product Type
- Planetary Gear
- Worm Gear
- Planetary Gear
- Worm Gear
Hoist & Winches Market, by Capacity (Tons)
- Up to 3 Tons
- 4 Tons
- 5 Tons
- 6 to 7 Tons
- 8 Tons
- Above 8 Tons
Hoist & Winches Market, by Operation
Hoist & Winches Market, by Application
- Commercial Recovery
- Military Recovery
- Mobile Cranes
Hoist & Winches Market, by End-use Industry
- Aerospace & Defense
- Automotive & Railways
- Shipping & Material Handling
- Energy & Power
- Agriculture (including Forestry)
- Waste Management
- Media & Entertainment
- Marine Industry
Hoist & Winches Market, by Distribution Channel
- Direct Sales
- Indirect Sales
Hoist & Winches Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Rest of the World
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