Fifth-Wheel Coupling Market Forecasted to Reach USD 870.1 million by 2031, with a 4.3% CAGR: Transparency Market Research, Inc.
Automotive driving has become a comfort choice, implying that customers prefer more comforting vehicles. Hence, it forces organizations to use all parts emphasized to meet these requirements. Therefore, this is the primary market driver for the fifth-wheel coupling market.
Wilmington, Delaware, United States, March 07, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global fifth-wheel coupling market is estimated to reach about US$ 870.1 million by 2031, valued at US$ 594.1 in the previous year. This market advancement shall be through a sluggish CAGR of 4.3%. This market growth rate is subject to the role played by various key players, allied businesses, and several other market forces, including consumer demand.
Including ADAS in automobiles has drastically reduced the collision rate, and automated emergency braking is employed, thereby gaining more traction control. The automotive industry has been reshaped under safety and control norms, which encourages increased participation from the said industry.
Technological advancements and upgradation create lucrative opportunities for getting top-notch vehicular experience. Additionally, drivers’ comfort increases drastically, which grabs consumers' attention.
Due to the automobile's distributed weight, the vehicle's stability is uplifted, reducing the risk of vehicle damage. Thus, this signifies the scope of the wide application of couplings, irrespective of the car.
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Key Findings from the Market Report
Compensating coupling is an important market segment widely used in high-power vehicles. Due to the increased construction projects, heavy-duty vehicles are in demand, requiring high torque and power transfer to the load. Consequently, this fuels the market for the global fifth-wheel coupling market.
The global fifth-wheel coupling market relies heavily on steel. It is one of the most crucial market segments. However, due to the recent decline in production, the ill effect could be seen in the said market. This explains the sluggishness of the growth of the industry.
Marine propulsion systems require a transmission system specially designed with hydraulic couplings, one of the essential market segments under consideration. Due to its increased application in marine systems, the market observes benefits.
The market segment by the type of coupling application includes light-duty couplings. They often find their applications in general use, which specifies the reach of the market from large-scale manufacturers to household levels.
Regional Profile
The automotive market in the Asia-Pacific region is considerably increasing. As a result, the demand for separate parts and assembled units is rising. This explains the market lead taken by the Asia-Pacific region.
China leads the global fifth-wheel coupling market from the countries within the region. The main reason behind this is the rising demand due to increased EV production in China.
However, North America and Europe also hold a respectable market share, as they have significant technological development and enhancements in the automotive market.
Key Trends for the Fifth-Wheel Coupling Market
JOST World expanded in Dubai in November 2022, which enabled interaction and trade within the global market. Kingpins, axles, gears, and several other products were introduced in the foreign market.
Potential maintenance needs are understood and notified to the concerned personnel by the SmartConnect system introduced by Fontaine Fifth Wheel in November 2023.
Fully automated vehicles with bleeding-edge features are creating room for the frequent implementation of fifth-wheel coupling. Hence, the global fifth-wheel coupling market has more room for growth.
Automated services launched by different players in the market include the mandatory fifth-wheel coupling in their product portfolio. Due to this, the market under consideration gets automatically driven.
Competitive Landscape
The automobile sector has fierce competition, percolated in its allied industries, like the global fifth-wheel coupling market. Organizations offering diversified products through their portfolio create a decisive place for themselves. JOST World, a dedicated fifth-wheel coupling producer, offers landing gears, ball-bearing turntables, axle caps, and many more.
SAF-HOLLAND SE produces disc brakes, kingpins, heavy-duty axles, fifth-wheel couplings, etc. Apart from this, wheel systems are another key strength of the organization. With the help of these products, it becomes one of the key players in the market, thereby creating a market force from within.
RSB Group works in multiple verticals, including automotive, non-automotive, and after-market verticals. Propeller shafts are manufactured by the organization on a larger scale. Apart from this, it produces rear axles and suspension systems. The business has different frames, links, arms, and buckets for the non-automotive vertical.
Key Players
JOST World
SAF- HOLLAND SE
SOHSHIN Co. Ltd.
Fontaine Fifth Wheel
RSB Group
Tulga Fifth Wheel Co.
Guangdong Fuwa Engineering Group Co. Ltd.
Hunger International GmbH
TITGEMEYER
Foshan YongLiTai Axle Co. Ltd
Shandong Fuhua Axle Co. Ltd.
Magnum Trailer & Equipment
York Transport Equipment (India) Pvt. Ltd.
Land Transport Equipment Co. Ltd
CM Trailer Equipment Ltd
Horizon Global
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Market Segmentation
Mounting Type
Fixed
Sliding
Coupling Type
Compensating Coupling
Semi-oscillating Coupling
Fully Oscillating Coupling
Material
Steel
Aluminum
Others
Operation
Mechanical
Hydraulic
Pneumatic
Load Carrying Capacity
Less than 20 Tons
20-30 Tons
30-45 Tons
45-75 Tons
More than 75 Tons
Number of Pins
Single Pin
Double Pin
Application
Light Duty
Medium Duty
Heavy Duty
Sales Channel
OEMs
Aftermarket
Region
North America
Europe
Asia Pacific
South Asia
Middle East & Africa
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