It is expected that a winch stretches as far as you need and has a strong pull. Perhaps what is not automatically obvious, however, is that the market for this product has followed the same trajectory economically and is part of an automotive industry growth trend. Keen to find out more? Read on for just that.
Tech Drives EVs
Technology advances are driving innovation and demand from customers to have the very best in all things electric. Electric vehicles (EVs) on the roads passed ten millionas a total in 2020 despite the pandemic, and are sure to increase further as the world looks to tackle climate issues moving forward.
Market Newcomer Looking To Mix It Up
The Rivian RT1 is an all-electric pickup model that has been brought to the market by the Californian company of the same name.This vehicle has taken the world by storm, by looking to introduce ‘electric adventure vehicles’ to the market, as a means of taking the family on adventures while also preserving the natural world. Their aim of helping fleets electrify at scale was recognised with the award of MotorTrend Truck of the Year for 2022.With an 11,000lb towing capacity it has the true practical winching ability for off-road environments mixed with the everyday element.
Off-Road Offers Options
Off-road vehicles are also experiencing high demand due to the increasing popularity of extreme sports,and a need for vehicles to be more robust in their uses. The very nature of off-road products means they have a practical application across a range of industries such as agriculture, mining, construction, and other sectors. All of these rely on the use of winches in some form, and UK-based firm SuperPower Winch are at the forefront of providing the very best options within the recovery industry – with a growing focus on electric winch options.
Industry Requires The Reliability
Rising demand for the electric winch is recognised by the growth in industries where winches are used for their high quality and reliability. Demand from drilling oil fields is anticipated to rise, owing to the requirement for rigs and crude oil. Improvement in the petrol sector in Russia, the USA and UK has created an upsurge in demand for Floating Production Storage and Offloading (FSPO) vessels.Thisis expected to have a positive impact on the sale of winches and other relatable items. High performance, simple operations as well as the proven reliability of winches are set to drive the growth in terms of application.
A report produced by Technaviohas suggested that the market is set to have a year-on-year growth of almost 7% for 2021 while further expected to grow at a CAGR of 8.49% right through to 2025. It further reinforces the idea that the market for winches will continue to move towards electric, having already been at 65% in 2021 and that overall growth will increase by circa £1 billion in the four years from there.
Further advancements in technology that make systems more lightweight will give increased flexibility to the end-user but it is clear that this is a market that still has some pull when others have been dragged down by the pandemic.