The Rise of the Transportation Industry is Driving the Fifth Wheel Coupling Market
Starting in 2018, the global fifth-wheel coupling market is expected to grow at a CAGR of 6.4% from 2019 to 2027, with a market value of US$ 580.0 Mn. The fifth wheel coupling is the device that is used for linking a tractive unit to a towed unit. The main functionality of the fifth wheel is to provide articulation between the tractive and the towed units.
These coupling systems consist of kingpins, couplers, mounting plates, various linkages, and others. The development of the transportation industry is one of the major factors driving the market growth. Governments across the globe are investing in improving road connectivity and developing road transportation, which ultimately drives the fifth-wheel coupling market.
The increasing number of tractors, trucks, and carrying vehicles is increasing with the increase in petrochemical industries, carrier industries, and others, which requires the fifth wheel for transporting various goods and heavy machines, leading to the growth of the market. Furthermore, developments in the construction industry, growing industrialization, and enhancements in the mining and petrochemical industries are also fueling the growth of the fifth-wheel coupling market. However, a dearth of intent to expand transport facilities and poor infrastructure in various regions are expected to hinder the market growth during the forecast period.
Fifth Wheel Coupling with Semi-Oscillating its Product Type Segment Maintains Market Dominance
In 2018, the overall fifth wheel coupling market was led by the semi-oscillating segment in its product type segment, contributing to more than 1/4th of the total revenue generated globally in 2018. The demand for semi-oscillating is increasing due to its application in on-road trailer trucks. Moreover, the stability of these products is much better than that of the other ones, making them a reliable component for transportation in terms of luggage or goods safety.
Asia-Pacific Dominates the Market by Region
The global fifth wheel coupling market was led by the Asia-Pacific region due to the growing expansion of international companies and the increasing number of local players such as Zhenjiang Baohua Semi-Trailer Parts Co., Ltd., Xiamen Wonder Autoparts Co., Ltd., and others. The region holds more than 1/3 of the market share. Additionally, the rapid development of the road transportation market in the region is also propelling the growth of the market. In Asia-Pacific, China accounts for the largest market share in the region, followed by India and Japan.
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 WondeeAutoparts, and, Land Transport Equipment Co, Ltd...
Periods of History and Forecast
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The fifth-wheel coupling market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global fifth-wheel coupling market based on product type, material, operation, capacity, and geography. Key segments covered in the report are as follows:
Key questions are answered in this report
What was the market size of fifth-wheel couplings in 2018, and what is the forecast up to 2027?
Which is the largest regional market for semi-oscillating products?
What are the major trends followed in the fifth-wheel coupling market across different regions?
Who are the key fifth-wheel coupling companies leading the market?
What are the key strategies adopted by the leading fifth-wheel coupling companies in the market?
This report's distinct data points
Statistics on fifth-wheel coupling penetration and spending worldwide
Recent trends across different regions in terms of the adoption of fifth-wheel couplings for various operations
Significant changes are taking place in the fifth-wheel coupling market.
Attractive investment propositions for segments as well as geography
Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
Frequently Asked Questions:
The market for Fifth Wheel Coupling Market is expected to reach US$ 580.0 Mn by 2027.
The Fifth Wheel Coupling Market is expected to see significant CAGR growth over the coming years, at 6.4%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Guangdong Fuwa Engineering Group, Zhenjiang Baohua Semi-Trailer Parts, Sohshin Co., Ltd are some of the major players in the global market.
