"Rising of Transportation Industry is Driving the Fifth Wheel Coupling Market"

Globally, the fifth wheel coupling market is expected to grow with a CAGR of 6.4% during the forecast period from 2023 to 2030, starting from 2020 with a market value of US$ 696.0 Mn.  The fifth wheel coupling is the devices, which are used for linking a tractive unit to a towed unit. The main functionality of the fifth wheel is to provide articulation among the tractive and the towed units. These coupling systems consist of kingpin, couplers, mounting plates, various linkages and others. One of the major factor, which is driving the growth of the market, is development in transportation industry. Governments across the globe are investing in improving the road connectivity and developing road transportation, which ultimately drives the fifth wheel coupling market.

The increasing number of tractors, trucks, and carrying vehicles are increasing with the increase in petrochemical industries, carrier industries and others, which requires the fifth wheel for transporting of various goods and heavy machines leading to drive the growth of the market. Furthermore, development in construction industry and growing industrialization, and enhancements in the mining and petrochemical industries is also fueling the growth of fifth wheel coupling market. However, 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 Continue Dominating the Market"

In 2020, 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 market share of the total revenue generated globally in 2020. The demand of semi-oscillating is increasing due to its application in on-road trailer trucks. Moreover, the stability of these products is much better than the other ones, making it 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 Asia-Pacific region due to growing expansion of international companies, and increasing number of local players such as Zhenjiang Baohua Semi-Trailer Parts Co. Ltd, Xiamen Wondee Autoparts Co., Ltd. and others. The region holds more than 1/3rd of the market share. Additionally, the rapid development in road transportation market in the region is also propelling the growth of the market. In Asia-Pacific, China accounts 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 Wondee Autoparts, Land Transport Equipment Co., Ltd.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Fifth Wheel Coupling market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Fifth Wheel Coupling market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Fifth Wheel Coupling market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Fifth Wheel Coupling market?
• Which is the largest regional market for Fifth Wheel Coupling market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Fifth Wheel Coupling market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Fifth Wheel Coupling market worldwide?