Terry Madden, a well-known racer and motorsports television personality, and Mile Marker Industries, Inc., a Pompano Beach, Florida-based manufacturer of high-quality vehicle locking hubs, electric and hydraulic winches, recovery gear, and automotive aftermarket accessories, as well as products for the defence, government, and public sector industries, have announced their multilevel partnership. Madden just joined on with Mile Marker Industries, Inc. after leaving WARN Industries to launch a line of signature products and become a full-line dealer.
Maximus, a supplier of digital controls and Industrial Internet of Things (IIoT) production management systems for the agritech sector, and Ingersoll Rand, a global provider of mission-critical flow creation and industrial solutions, have entered into a merger agreement.
The major factors driving the growth of the market are growing construction activities, rise in demand for vehicles, surge in mining activities, and others.
The market size of electric winch is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023-2035.
High initial cost, lack of awareness among industries, and competition from other types of winches are estimated to be the growth hindering factors for the market expansion.
The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
The major players in the market are Ramsey Winch, Warn Industries, Inc., Ingersoll Rand, Superwinch, and more.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, gear type, line type, end-use industry and by region.
The heavy duty winch segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.