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Electric Winch Market Size to Grow Over $4 Billion Despite Ongoing Recession | North America to Present Several Opportunities Through 2020-2024 | Technavio

·3-min read

The new electric winch market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201125005384/en/

Technavio has announced its latest market research report titled Global Electric Winch Market 2020-2024 (Graphic: Business Wire)

Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the electric winch market.

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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.

Click here to learn about report detailed analysis and insights on how you can leverage them to grow your business.

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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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About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201125005384/en/

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