Sales in the fifth wheel coupling market stands to grow at 5.7% CAGR between 2021 and 2031 in terms of value. Volume demand is estimated to grow at a CAGR of 5.3% over the forecast period. As per Future Market Insights (FMI), the fifth wheel coupling market represents 4% of the semi-trailer market.
Demand in the construction and mining industries will enable growth in the market. Transportation demand is expected to increase as the mining and petrochemical industries expand, particularly in Europe and the Middle East & Africa. This will fuel the demand for fifth wheel coupling for cost-effective goods movement, as well as increased safety and productivity.
Due to the use of new tech to increase product quality and ensure compliance with government rules and policies with regards to emission-control standards, automotive fifth wheel couplings are in high demand. The use of enhanced material tech in the production of automobile components increases component load capacity and strength.
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These improvements enable fuel efficiency in vehicles. Furthermore, automotive fifth wheel couplings are relatively small in weight, making them perfect for improving vehicle durability and performance. Fifth wheel connectors are likely to be used by manufacturers to improve fuel economy.
Driven by these developments, the fifth wheel coupling demand will surge in the automotive sector. With focus on emission control expected to skyrocket in the coming years, sales in the fifth wheel coupling market has been projected to surpass US$ 1.0 Bn by 2031.
Key Takeaways from Market Study
- By product type, semi oscillating fifth wheels are expected to account for the dominant share of more than 55% in the global market.
- By operation, mechanical segment is expected to continue leading, accounting for sales of more than 60%.
- By capacity, between 20 to 30 tons segment will dominate the market with more than 40% share.
- By material, cast steel is projected to dominate the market with a share more than 30%.
- By region, East Asia is expected to have the largest share in the market accounting to more than 30% of sales.
“Advancements in materials to produce lightweight and high capacity fifth wheel coupling, high rate of urbanization, trade liberalization among countries, and increasing popularity of semi-trailers for moving cargo will drive the fifth wheel coupling market,” says a Future Market Insights analyst.
Key Market Segments Covered
- Semi Oscillating
- Fully Oscillating
- Below 20 tons
- Between 20 to 30 tons
- Between 30 to 45 tons
- Above 45 tons
- Cast Steel
- Cast Iron
- Fabricated Steel
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Fifth Wheel Coupling Market Competitive Landscape
Some of the leading players operating in the market are JOST Werke AG, SAF Holland, Foshan Yonglitai Axle Co., Ltd., Xiamen Wondee Auto parts Co., Ltd., Zhenjiang Baohua Semi-Trailer Parts Co. Ltd, Guangdong Fuwa Engineering Group Co., Ltd., Tulga Fifth Wheel Co., Sohshin Co. Ltd, Fontaine Fifth Wheel, RSB Group, Hunger Hydraulics Group, ACCL (PL Haulwel Trailers), Titgemeyer Group, Shandong Fuhua Axle Co., Ltd., Land Transport Equipment Co.Ltd, CM Trailer Equipment Ltd, Horizon Global Corp and others.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.