Hook Lifts and Skip Loaders Market Size

Hook Lifts and Skip Loaders Market Size

Hook Lifts and Skip Loaders Market size exceeded USD 2 billion in 2021 and is forecast to grow at over 6% CAGR between 2022 and 2028. Considerable demand for skip loaders and hook lifts in municipalities and forestry work is driving the industry growth.

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Rising population and urbanization at a significant pace are accelerating various activities, such as material transport, roofing, and metal scrapping, propelling the demand for hook lifts and skip loaders. Supportive government initiatives for landscaping activities to increase the usability of land will enhance the market statistics. For instance, in January 2022, the UK Government introduced a new plan to improve the sustainability of its 300,000 hectares of land as well as to promote sustainable food production.

The hook lifts & skip loaders market is experiencing upward trends owing to the increasing investments by OEMs for new equipment innovations. Companies, such as Renault Truck and SwapLoader USA, Ltd., are focusing on improving their corporate liaison with government to increase their equipment sales.
 

One of the vital factors affecting the market growth in the industrial and commercial sectors is high maintenance cost of hook lifts and skip loaders. Hoist systems in hook lifts and hydraulic systems in skip loaders need to be checked and replaced after a specific time period, thereby affecting the industry expansion. Frequent wear & tear of the cables and frequent oil changing in hydraulic systems also increase the maintenance costs of hook lifts and skip loaders. High ownership and freight charges also impact equipment adoption worldwide.
 

Hook lifts and skip loaders industry was hit worst in 2020 and several months in 2021 due to the COVID-19 pandemic. Majority of countries imposed strict lockdowns to control the first and second COVID-19 waves, impacting the market revenue. Industry participants, such as Volvo Construction Equipment, VDL Containersystemen B.V., and Stellar Industries incurred significant financial losses by decline in demand. However, the market is slated to observe demand led by government initiatives aimed at reviving the pandemic-affected economy.