Increasing demand for safety features and using durable resources for the fifth wheel coupling, are likely to accelerate its adoption rate in the global market. A recent report by Future Market Insights foresees a healthy 6.0% CAGR growth of the global market for fifth wheel coupling, during the anticipated period, 2018-2028. In addition, the global market for fifth wheel coupling is likely to touch an evaluation of nearly US$ 1,007.7Mn by 2028-end. Developing effective fifth wheel coupling device for end-users will turn out to be a momentous trend, positively impacting the growth of market for fifth wheel coupling. Moreover, the report provides useful insights for growth of the global market for fifth wheel coupling in the forthcoming years.
Analysts that are part of this report development have offered valuable information as to how market for fifth wheel coupling will expand through 2028. Also, our analysts have answered to the main concerns of industry partakers and market viewers.
What are manufacturers in the global market currently working on?
Manufacturers in the global market for fifth wheel coupling are working on firming up their distribution channels, thereby concentrating on direct sales. Manufacturers are also planning to develop load capacity of the product, in order to increase the productivity.
What do you think are the major factors driving the growth of global market?
Implementation of advanced and innovative technologies for enhancing the product quality as well as agreement with government regulations and policies for meeting the emission standards are expected to increase the sales of fifth wheel coupling in the global market.
Can you provide some valuable insights on automotive industry with regards to fifth wheel coupling?
Manufacturers in the automotive industry are working towards attaining fuel efficient economy, by reducing the weight of automobiles and their related components. This in turn fuels the demand for lightweight locomotive fifth wheel couplings.
Can you mention as to which region holds opportunities for the manufacturers in the global market?
China, Europe and North America are likely to create growth opportunities for the manufacturers, especially with regards to industries such as petrochemical, waste management, construction, mining and automotive. Moreover, China is likely to dominate the global market for fifth wheel coupling in the forthcoming years. The region holds majority of manufacturers and has a considerable demand for strong and heavy duty trailers as well.
According to you, what are the major factors likely to hinder growth of the global market?
The global market has been facing threat majorly due to counterfeit products and lack of quality standards, which is turn is creating safety issues for both vehicle and the passenger. Supply of components in grey market trading is another factor challenging growth of the global market. Decline in aftermarket sales will significantly impact the revenue growth of the global market.
Can you name some key players in the global market for fifth wheel coupling?
Yes. Of course I can. The key players profiled by our analysts include Land Transport Equipment Co. Ltd, FOSHAN YONGLITAI AXLE CO., LTD., Hunger Hydraulics Group, Fontaine Fifth Wheel, Guangdong Fuwa Engineering Group Co., Ltd., Shandong Fuhua Axle Co., Ltd. and SAF Holland. Key players are also focusing on M&A for retaining their position in the global market.
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