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 - 20

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

The hook lifts and skip loaders market is speculated to register substantial growth by 2028 owing to the booming construction and infrastructure sectors across the globe. In addition, increasing government focus on waste recycling plants is likely to further propel market expansion over the forecast period.

Hook lifts offer several advantages, such as easier maneuvering, better safety, high versatility, and greater affordability, which has boosted product adoption significantly over the past few years. Growing emphasis on waste recycling has accelerated the demand for waste haulers like hydraulic hook lift systems, which has augmented industry uptake. Moreover, supportive government initiatives to promote automation in the agricultural sector have also fueled hook lifts and skip loaders market progress.

Notably, industry players have been employing profitable strategies to strengthen their foothold in leading marketplaces, which has supported the growth of the global industry. For instance, in June 2021, Stellar Industries Inc., a prominent manufacturer of hook lifts, service vehicles, and cranes, announced the acquisition of MD Products and Solutions (MDPS), a leading provider of agricultural and utility-focused trailer products. The deal enabled Stellar to scale its production capacity by acquiring the Mason City facility of MDPS.

To cite another instance, in May 2021, Hiab, a service vehicle business of cargo expert Cargotec, launched its novel heavy-duty slider lifts for trailers and heavy goods vehicles dubbed the ZEPRO. The ZEPRO slider lifts are sturdy, low-maintenance lifts that are designed to optimize uptime and lift life.

In another instance, in November 2021, Volvo Construction Equipment, a global construction equipment manufacturer, executed the trial of its novel high-lift wheel loader, dubbed the Volvo L180 High-lift. The Volvo L180 High-lift is remote-controlled and was tested over a 5G network in a complicated forestry application. The tests were intended to ensure the efficient integration of automation and development of productive and safer timber processes.

The hook lifts and skip loaders market has been segmented on the basis of application, type, and region. With respect to application, the market has further been categorized into forestry, construction, municipalities, agriculture, and others. The forestry sub-segment is set to witness robust expansion over the assessment period on account of increasing landscaping activities.

From the regional point of view, the Asia Pacific hook lifts and skip loaders market is projected to gain significant growth momentum over the study timeline to reach a notable valuation by the end of 2028. This growth is attributed to favorable government initiatives for the regional agriculture sector. Moreover, the proliferating number of waste recycling plants across MEA is estimated to drive regional market development over the forthcoming period.