Hook Lifts and Skip Loaders Market size is set to be around USD 4 billion by 2028, according to a new research report by Global Market Insights Inc.
Rising demand for material handling equipment is driving the hook lifts and skip loaders industry growth. Manufacturers are emphasizing highly on expanding their product portfolio to attract potential business clients.
Various governments, such as Japan, the UAE, China, South Africa, and Germany, are investing heavily in infrastructure development, creating robust opportunities for hook lifts and skip loaders market. For instance, in February 2021, the Ministry of Energy and Infrastructure of the UAE announced to invest over USD 3.2 billion in 130 infrastructure projects by 2023. These projects include the construction of various hospitals, government buildings, and educational facilities in the region.
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Limited availability of skilled operators to securely use hook lifts and skip loaders coupled with high market prices is significantly restricting the industry growth. Moreover, hook lifts and skip loaders face challenges in the picking or unloading of containers when there is not ample space. Accidents related to the breaking of hoist systems and metal cables in material handling will hinder hook lift and skip loader sales.
Analyst view: “Rising residential construction activities and supportive government regulations for agriculture sector are propelling the market growth at a significant pace. OEM initiatives to gain high-value contracts from governments to achieve higher profitability will further support the industry statistics.”
The COVID-19 pandemic in 2020 affected the global sale of hook lifts and skip loaders market. Various countries enforced stringent safety measures to contain the virus, resulting in social gathering restrictions, temporary shutdown of production facilities, and ban on transport & logistics. Due to the temporary suspension of construction and infrastructure development activities, the sale of these vehicles slowed down in 2020. Majority of market players including HYVA, Meiller Group, and Volvo Construction Equipment closed their warehouses and production facilities for several months to avoid the virus spread at workplace.
Browse key industry insights spread across 180 pages with 215 market data tables & 17 figures & charts from the report, “Hook Lifts and Skip Loaders Market Size By Product (Hook Lift, Skip Loader), By Application (Construction, Agriculture, Municipalities, Forestry), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028”in detail along with the table of contents:
Increasing landscaping and utility activities
The skip loader segment in North America is estimated to grow at around 8% CAGR till 2028. The industry is expected to acquire a significant share owing to its ability to support diverse bucket systems and high payload capacity. Additionally, their availability in multiple sizes and their compatibility with a wide range of truck chassis is creating a favorable environment for skip loaders.
Companies, such as B.O.B. Sistemi Idraulici S.p.A, MV Commercial, and West-Trans Equipment, are innovating new products to attract potential skip loaders fleet operators to increase their net sales. They are focusing on providing their skip loaders to waste and recycling companies for ensuring a continuous revenue stream.
Supportive government initiatives for the agriculture sector to foster hook lifts and skip loaders market
The agricultural application is poised to witness growth rate of about 7% in North America through 2028. These equipments are widely used in farming activities for food transport and equipment handling. Supportive government initiatives to increase the production of food by land development will improve the market size.
The governments in the U.S., Norway, India, Kenya, the Netherlands, and France are focusing on improving their agricultural infrastructure, thereby fueling the market expansion. For instance, in September 2021, United States Department of Agriculture (USDA) invested USD 3 billion in nutrition, agriculture, and animal health. This investment will be used for the development of agricultural land, advancements in supply chain operations, and to promote climate smart agriculture.
Development of smart cities in Europe
The Europe hook lifts and skip loaders market is predicted to reach nearly USD 1 billion by 2028. Shifting focus of various municipalities toward smart building construction and developing an energy transport infrastructure will drive the regional industry statistics. Manufacturers are focusing on improving their relations with the government to acquire high valued orders and to improve their market representation.
Industry participants are adopting different strategies, such as collaborations, partnerships, and marketing, to improve their share globally. OEMs, such as Renault trucks and VDL Containersystemen B.V. are emphasizing on new technology innovations to enhance their position in the industry.
The key players operating in the hook lifts and skip loaders market include West-Trans Equipment, Marrel Corporation (Ampliroll), Stellar Industries, B.O.B. Sistemi Idraulici S.p.A, Galbreath, Cargotec Corporation, SwapLoader USA Ltd., Meiller Group, Volvo Construction Equipment, PALFINGER Group, and VDL Containersystemen B.V.