- Global fifth wheel coupling market is expanding at a CAGR of more than 4% during the forecast period. The market for fifth wheel coupling is anticipated to expand at a significant growth rate during the forecast period, owing to the expansion of industries and improving road infrastructure.
-Steel key materials used for couplings, high prices dampen uptake of the lighter material aluminum; Adoption by OEMs of tractors generating massive revenue
ALBANY, N.Y., July 7, 2021 /PRNewswire/ --Overview of Fifth Wheel Coupling Market
The automotive is a major end-use industry of fifth wheel couplings. Fifth wheel coupling has emerged as a trailer mechanism for trucks and tractors. The fifth wheel coupling market has gained revenues on the back of the strides made in freight in transportation. The demand for fifth wheel coupling among original equipment manufacturers (OEMs) and aftermarket has been stridently spurred by advancements made in road infrastructure and rise in volumes of goods transported. To a great deal, the consumption has been fueled by efforts by governments especially in emerging economies to bolster road infrastructure. Advances in engineering of fifth wheel coupling have paved way to better designs and materials, all of which has eventually enabled vehicle drivers to vary the load distribution with remarkable manoeuvrability and balance. These technological advancements boost the demand.
By the end of the forecast period of 2019 - 2027, the fifth wheel coupling market is expected to exceed worth of US$ 500 Mn.
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Key Findings of Fifth Wheel Coupling Market Study
- Improving Road Infrastructure Makes a Large Bearing for Freight Movements: World over, transportation infrastructure has been key to growth in several economies, with road infrastructure playing a seminal role. Governments have spent an impressive share of the GDP on this. The improvements in road networks have notably underpinned the movement of freight for commercial as well as consumer markets. Evidently, the urban centers in industrialized nations are witnessing rise of use of tractors and light trucks for this end. Businesses operating in these industries have preferred the use of fixed fifth wheel couplings due to their cost-effectiveness.
Steel manufacturers have been increasingly offering OEMs in the fifth wheel coupling splendid flexibility of design. A range of trailers have been thus used for different vehicles, including tend to the demand for trailers recreational vehicles. Burgeoning use of light trucks in parts of emerging economies for freight movement has also boosted prospect for fifth wheel coupling market.
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- Thriving International and Regional Trade Key Driver: Manufacturers of fifth wheel coupling are bustling with opportunities on the back of a thriving cross-border trade in numerous developing and developed countries. The demand among them has caught momentum due to industries benefitting from favorable trade policies. The use of both commercial and industrial goods has risen in emerging economies of Asia Pacific in the past few decades. Governments' initiatives to boost the transport sector largely have been underpinning new growth avenues.
Fifth Wheel Coupling Market: Key Driving Factors and Avenues
- Rapid pace of urbanization combined with trade liberalization world over the past few decades has been a key accelerant for uptake of fifth wheel coupling in transportation
- Popularity of trailers has risen in freight movement in line with implementation of vehicular emission norms for heavy vehicles
- Strides made in automotive manufacturing are propelling prospects for the fifth wheel coupling
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Fifth Wheel Coupling Market: Regional Dynamics
- Asia Pacific occupies a sizable share in the global landscape.
- A great deal of opportunities in the regional market comes from the massive scale of production of trailers and consumptions of these in freight movement.
- Efforts by governments to strengthen road infrastructure in emerging economies of Asia Pacific have favored the expansion.
- A large chunk of revenue streams is contributed by India, China, Australia, and Japan.
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Fifth Wheel Coupling Market: Key Industry Stakeholders
- Horizon Global Corporation
- CM Trailer Parts Limited
- York Transport Equipment (Asia) Pte Ltd.
- Magnum Trailer & Equipment Inc.
- Foshan Yonglitai Axles Co., Ltd
- Hunger International GmbH
- RSB Group
- SAF-HOLLAND S.A.
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