According to a new market research report published by Credence Research “Global Fifth Wheel Coupling Market (Product Type (Compensating, Semi-oscillating, and Fully-oscillating) Operation (Hydraulic, Pneumatic, and Mechanical); Capacity (Below 20 Tons, 21 Tons To 44 Tons, and 45 Tons & Above); Material (Steel, Aluminum, and Others)) – Growth, Future Prospects and Competitive Analysis,2019 – 2027”, the overall fifth wheel coupling market worldwide was valued at US$ 580.0 Mn in 2018 and is set to grow with a CAGR of 6.4 % during the forecast period.
The global fifth wheel coupling market is highly driven by increasing demand of consumer goods due to rise in population globally. Additionally, the increase in population has led to expansion of agriculture and manufacturing units for high demand of food, crops, consumer products and others, this has led to increase requirements of transportation vehicles for carrying these products and deliver accordingly, leading to drive the fifth wheel coupling market. The increasing roadways across the globe has increased the demand for fifth wheel coupling as it allows the active unit to attach a towed unit with it which can carry the goods.
Moreover, the increasing waste management systems globally are also driving the market. These devices also allow high load carrying capacity for a vehicle also increases the growth of the market. The companies are heavily investing in the developing region to increase their market and expansion in untapped market. However, high initial cost for the manufacturing of the devices is expected to hinder the growth of the market.
Based on material, the fifth wheel coupling market has been segmented as steel, aluminum, and others. The steel segment dominates the market due to their tensile strength, and low cost as compare to other material and accounts a market share of more than 1/3rd. The steel material is used more frequently as they connect the tractive and the towed unit with high strength.
North America is accounts the second largest market share due to the presence of various manufacturing industries, in the region and is expected to grow with a CAGR of 5.2% during the forecast period. Similarly, the growing population leading to demand of goods and development of new designs and products for the fifth wheel coupling are driving the growth of the market. Moreover, the US accounts the largest market share which is followed by Canada in the region.
Some of the prominent players operating in the fifth wheel coupling market include JOST Werke AG, Guangdong Fuwa Engineering Group, Zhenjiang Baohua Semi-Trailer Parts, Sohshin Co. Ltd., SAF Holland, Fontaine Fifth Wheel, RSB Group, Tulga Fifth Wheel Co., Hunger Hydraulics Group, TITGEMEYER Group, ACCL (PL Haulwel Trailers ), Xiamen Wondee Autoparts, Land Transport Equipment Co.,Ltd.
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