Winch Market Outlook 2031
The global winch market was valued at US$ 1,540.7 Mn in 2021
It is predicted to grow at a CAGR of 4.9% from 2022 to 2031
The global winch market is expected to reach US$ 2,471.8 Mn by the end of 2031
Analysts’ Viewpoint on Winch Market Scenario
Leading companies operating in the winch market are focusing on new technologies such as automated and portable winches, which are likely to improve pulling capacities. Multiple cable options, such as synthetic rope, in products are helping reduce downtime. Such advantages are benefitting businesses and industries post the COVID-19 pandemic. Increase in adoption rate of automated products is likely to drive the market in the near future. The market is estimated to witness a decent growth rate (CAGR) of 4.9% during the forecast period, owing to the distinctive capability of winches to perform numerous operations in the application of pulling and lifting.
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Overview of Winch Market
Winch is a mechanical device that is used to pull in or let out or adjust the tension of a rope or wire rope/cable wire. It is a device designed to pull or lift loads by means of a cable that is wound around a horizontal cylinder called a drum, or a chain that rotates around a drive nut. Winches can be manual, electric, pneumatic, and hydraulic; or have a combustion engine. Common examples of winches are portable winch, truck winch, electric boat winch, capstan winch, and hand winch.
Different classifications of winches are available in the market. These include hydraulic winch, capstan winch, and marine winches, which are used as lifting & traction equipment in industrial sectors such as metalworking & construction for lifting & moving heavy loads. Electric boat winch is commonly used in the maritime industry for lifting boats, and for fishing activities. In the automotive sector, a truck winch is used for towing vehicles on trailers.
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Manufacturers are focusing on improving their product lines with automation, as demand for advanced integrated products with additional features such as digital display has been rising, due to their ease of use and convenience. This is expected to augment the demand for winches in the near future. Rise in demand for remote-controlled and GPS-integrated equipment in residential and commercial sectors is also anticipated to boost the demand for winches in the next few years.
The global winch market is likely to observe a rise in product diversity, as increasing number of international companies with R&D capabilities, factory automation, and internet platform resources, specifically for robotic winches, are planning to enter the arena of winch manufacturing.
Growth in Construction Industry Fuelling Demand for Winches
Winches are extensively used across end-use industries such as mining, oil & gas exploration, infrastructure development, automobile recovery, industrial equipment manufacturing, and agriculture to effectively manage loads. Rise in demand for winches in the lifting process or moving loads in industries such as construction and infrastructure development is a key factor driving the winch market.
The global population is expected to reach 8 billion by 2023 according to the United Nations Census Bureau. This entails building cities with denser population, and connecting them with proper infrastructure. On the other hand, demand for construction is increasing due to vast economic growth in developing countries. Having bounced back from the worst of the pandemic fallout, the global construction market is set to grow by 2.3% per year in real terms, reaching US$ 16.6 Trn by 2030, according to a report by London-based Global Construction Perspectives.
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Four of the 10 fastest-growing markets are in Asia, with only Myanmar and Japan facing declining outputs, while five are in Africa, and one is in the Middle East. GDP estimates total construction output to have risen in real terms by 4.1% to US$13.2 Trn in 2021 after dipping by 0.1% during the pandemic’s first year in 2020. Increase in private sector investments in the construction industry, technological development, and rise in disposable income are expected to boost the construction sector. Rise in infrastructure and housing spending by governments across the globe is also driving the market.
Construction is one of the fastest-growing markets for winches. Electric and hydraulic winches are the commonly used products in the construction industry, as they are capable of working with heavy loads efficiently. They are easy to install, have fast starting and shut down operations, and require less space. They also have multipurpose functionality and high capacity features.
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