Fifth Wheel Coupling Market Is Driven By Global Expansion Of Agriculture And Manufacturing Industries
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 strongly driven by increasing demand for consumer goods due to an increase in the global population. In addition, the population increase has led to the expansion of agricultural and manufacturing units for high demand for food, vegetables, consumer products and other products, which has led to an increase in the requirements for transport vehicles for the transport of such items and therefore led to an increase in the market for fifth-wheel coupling. Increasing roadways around the globe have increased the demand for fifth-wheel coupling as it allows the active unit to connect the towed unit that can hold the goods.
In addition, the increasingly growing waste management systems are also driving the market. Such devices also allow the vehicle to have a high load carrying capacity, which also increases the growth of the market. Companies are investing heavily in the developing region in order to increase their share and grow the untapped market. Furthermore, high initial costs for the manufacture of equipment are expected to impede the growth of the industry.
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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.