Hook Lifts and Skip Loaders Market Size, COVID-19 Impact Analysis, Regional Outlook, Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI5107
Hook lifts and Skip Loaders Market size is expected to grow rapidly due to increasing construction and mining activities across the globe. According to the data published by the Office for National Statistics, the monthly construction output in Great Britain grew by 5.8% in March 2021 due to growth in new work, repair, and maintenance work. The high utilization of these machines in several end-use applications is driving the growth of the market. Due to increasing urbanization, there has been a rapid rise in waste transportation, road construction, demolition, waste recycling, roofing, scrap metal, landscaping, and forestry. The increasing level of construction and repair work will pave the path for new opportunities and growth.
Versatile applications and advantages offered by hook lifts and skip loaders will positively influence the market statistics. The hook lift consists of a series of hydraulic ranks that enable haulers to change the types of roll- off containers, hook lifts, and hoist them. The ability of skip loaders to move bulky materials on construction sites will propel their market adoption.
The high maintenance cost of hook lifts and skip loaders is a major restraining factor in the growth of the hook lifts and skip loaders market. The added hydraulic system increases the total cost of hook lifts and skip loaders. Frequent wear & tear and oil changes also add to the maintenance cost. In addition, the safety of workers is a major concern in the loader industry. Strict guidelines laid by authorities, such as the Health and Safety Authority (HAS), are to be followed by the owners. The owners and operators should ensure that the equipment is adequately supported by ideal rated stands/props while carrying out any work beneath or alongside the rear beam to prevent accidents.
Rapid technological advancement and growth in IoT solutions will create new opportunities in the hook lifts and skip loaders market. Companies are investing in research & development activities to meet high growth expectations of customers with sustainable development. The integration of technologies, such as Bluetooth, GPS, and cellular, into smart skip loaders aid users to boost their business productivity. The integration of such features optimizes work, increases productivity, and reduces the risk of accidents. For instance, in September 2018, Hyva introduced an intelligent tipping and lifting solution, Hyva Smart. The system uses sensor board monitoring to provide real-time alerts to drivers. The integration of Hyva Smart with the existing customer’s digital infrastructure not only enhances driver’s performance and safety but also improves fleet availability.
The COVID-19 pandemic has severely affected the hook lifts and skip loaders market. The distribution & supply chain network was disrupted due to the imposition of lockdown announced by several countries. The slowdown of global economy has significantly affected the automotive, construction, and manufacturing sectors causing a fall in demand and production and shut down of several factories. However, the market is witnessing a steady growth in 2021 with a gradual economic revival and reopening of key markets in North America and Asia Pacific.
Based on product, the market is segmented into hook lifts and skip loaders. The hook lifts segment is expected to hold a high share owing to its several benefits. The hook lift equipment is mounted on a heavy duty truck chassis, integrated with a hydraulic hoist. The hydraulic hoist system enables contractors, municipalities, and other vehicle users to lift and haul heavy loads. The flexibility of the hook lift system facilitates several activities such as pothole filling, tree trimming, waste hauling, and snow removal. The increasing usage of hook lifts by municipal utility service providers will propel the hook lifts and skip loaders market share.
Based on application, the market is segmented into waste & recycling, construction & mining, municipalities, waste & scrap, logistics, and specialty sector solutions. The construction segment is anticipated to hold a high market share during the forecast period. The major factors driving the segment growth are increase in construction of smart roads and rise in investment in power, transportation, and airports. In addition, initiatives undertaken by various government organizations for infrastructure development will provide an impetus for growth in this segment. According to the report published by India Brand Equity Foundation (IBEF) in 2021, the Government of India allocated USD 14.85 billion under the union budget 2021 - 2022 for roads and national highways. The government also allowed 100% FDI under the automatic route.
The Asia Pacific hook lifts and skip loaders market is expected to grow at a high rate during the forecast period owing to increasing construction, development of smart roads & cities, and increasing expenditure by government on infrastructure development. The increasing population, urbanization, and rising number of small & medium-sized enterprises in construction and mining activities are expected to fuel the industry statistics.
The hook lifts and skip loaders market is fragmented with various regional & international players operating in this market. Some of the key players include Liebherr Group, Cargotec Corporation, PALFINGER Group, Ampliroll, Meiller Group, VDL Containersystemen bv, B.O.B. Sistemi Idraulici S.p.A., Volvo Construction Equipment, Hitachi Construction Equipment, Caterpillar, Sany Group, and Deere & Company. Several companies are focusing on development of new products to meet the growing demand of their customers.
In June 2020, Hiab, a part of Cargotec Corporation, launched Multilift Optima 15S and Multilift 25S hook lifts for two & four axle trucks. This aided the company to enhance the Multilift Optima product range. The hook lift can be optimized with features such as hydraulic locks, automatic sequence control, and fast speed functions for greater ease-of-use, safety and productivity while reducing the CO2 emission.
The hook lifts and skip loaders market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:
Market, By Product
- Hook lifts
- Skip loaders
Market, By Application
- Waste recycling
- Construction and Mining
- Waste and Scrap
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Saudi Arabia
- South Africa
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