Automotive Winches System Market Synopsis and Highlights, Key Findings, Major Co
Posted by Market Research Future on December 23rd, 2020
Automotive Winches System Market is gaining traction due to a growing demand for towing mechanisms. The winches find their use mostly in pickup trucks and large commercially operated trucks which involves a wire around a drum with one end loose. This loose end can be used to tow trucks. At the same time, the hydraulic and electric system has been developed to reduce workload and make it more efficient. The global Automotive Winches System Market can achieve an impressive CAGR of 16% during the forecast period (2018-2024), reveals Market Research Future. The extensive report incorporates drivers such as towering increase in automobile sales which has spurred the demand for smooth traffic operation, and sophistication in automobiles have called for safe handling of cars. Automotive winches fit the bill to the point which is why growth in its sale can be expected.
JIGE International has recently launched automotive winches with the aluminum bodywork style side bumper. The control boxes in the back have a frame made of stainless steel that has retractable doors as well inside the control box. The superior design also boasts of reduced weight.
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The global Automotive Winches System Market can be segmented by product type and vehicle type.
By product type, the global Automotive Winches System Market can be segmented into hydraulic winches and electric winches. Electric winches add precision and increase portability of the system. Owing to its reduced weight, it can be used in towing trucks and vehicles. For heavy commercial vehicles, hydraulic winches are used.
Based on vehicle type, the Automotive Winches System Market can be segmented into passenger vehicle (PV), light commercial vehicle (LCV), and heavy commercial vehicle (HCV).
Region-specific analysis of the Automotive Winches System Market includes North America, Asia Pacific, Europe, and Rest-of-the-World (RoW).
The APAC market is expected to rise substantially owing to steady growth in automobile sales in the last decade. Rising population, increasing disposable income are some of the few reasons that are triggering the global market. At the same time, ease in traffic control is also a major market influencer. Furthermore, lack of space has made it all the more necessary for the operation of automotive winches.
North America uses mostly huge SUVs and mini trucks which in case of automobile failure, requires winches for transportation to the desired spot. In Europe, high-end models are quite common, and their extensive maintenance and servicing require winches system.
The thriving market depends on tactical implementations executed by various companies. These tactics mostly include a merger, acquisition, collaboration, new product launch, and other methods. However, these methods have also made the market competitive. Gridiron Capital has recently announced the sale of Ramsey Industries that include the winches section as well. But it has received investment from Norwest Equity Partners that can drive the market growth further. Mile Marker Industries, on the other hand, took the strategy of introducing new products, namely, Shackle Mount and Hub.
Prominent players in automotive winches system (AWS) market are Westin Automotive Products, Inc. (U.S.), Warn Industries (U.S.), Vortex Direct (U.S.), TJM (Australia), Superwinch, LLC (U.S.). Smittybilt Automotive Group, Inc. (U.S.), Ramsey Winch Co., Inc. (U.S.), Pierce Arrow Inc. (U.S.), Mile Marker Industries (U.S.), and Ironman 4x4 (Australia), and others.
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