The market is expected to witness a considerable growth due to the rising residential construction and waste recycling plant development globally. Hook lifts and skip loaders play a vital role in garbage and debris transportation to the recycling plant.
The hook lifts and skip loader market has been impacted adversely in 2020 by the COVID-19 outbreak. The production and sales of these machines were impacted significantly during this period owing to the temporary shutdown of manufacturing facilities and suspension of industrial & infrastructure development activities. However, skip loaders and hook lifts observed a significant demand in 2021 led by supportive government initiatives to accelerate economic growth.
According to type, the market is classified into hook lifts and skip loaders. OEMs are participating in various exhibitions to introduce their latest innovations to achieve a significant share in the hook lifts and skip loaders market. For instance, in September 2021, Thompsons displayed its new skip loader mounted on Renault D250 18-ton GWR. These skip loaders possess several features, such as Covermaster sheeting systems, automatic tailgates, and Edbro underfloor lifting gear.
Industry participants are adopting various business strategies to increase their brand identity in the global hook lifts and skip loaders market. These players are focusing on gaining high-value contracts to increase their profitability. For instance, in May 2021, Volvo Trucks provided 18-ton FE and 16 ton FL skip loader trucks to Peak Waste Recycling located in Ashbourne, Derbyshire, in England.
Some prime findings in the hook lifts & skip loaders market report include:
Increasing government investments in North America infrastructure development activities are driving the hook lifts and skip loaders market growth. The availability of hook lifts in various configurations and sizes is improving its market representation in the region.
The shifting focus of various municipalities on smart cities and buildings is boosting the market growth in Europe. The presence of established market players, such as HIAB AB, B.O.B. Sistemi Idraulici S.p.A., and Volvo Construction Equipment, is creating ample opportunities for industry expansion.
Supportive government initiatives for the agriculture sector and increasing maintenance activities to strengthen energy transport are creating a high demand for hook lifts and skip loaders in the Asia Pacific region. Additionally, the proliferation of waste recycling plans will provide a positive market outlook for skip loaders in the region.
Significant urbanization is fueling residential property construction in Latin America, thereby supporting the market growth. Rising forestry work for land development will create a favorable environment for the commercial sector in the region.
Growing construction of restaurants and hotels due to the booming tourism industry is propelling the adoption of hook lifts and skip loaders in the MEA region. Furthermore, increasing agricultural and energy plant construction activities in Central Africa will accelerate the sale of these vehicles in the region.
Prominent players operating in this market include Meiller Group, Cargotec Corporation, West-Trans Equipment, VDL Containersystemen B.V., B.O.B. Sistemi Idraulici S.p.A, SwapLoader USA Ltd., Marrel Corporation (Ampliroll), PALFINGER Group, West-Trans Equipment, Cargotec Corporation, Stellar Industries, Volvo Construction Equipment, and Galbreath