New York, United States , May 30, 2024 (GLOBE NEWSWIRE) -- The Global Fifth Wheel Coupling Market Size is to Grow from USD 634.8 Million in 2023 to USD 1108.4 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 5.73% during the projected period.
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A fifth-wheel coupling, also known as a fifth-wheel hitch or fifth-wheel hitch assembly, is a device that attaches a semi-trailer to a tow truck or tractor. It is commonly used in the transportation industry for heavy-duty tasks like long-distance hauling and commercial freight transport. The fifth wheel connector allows articulation and pivoting between the towing vehicle and the trailer, allowing the trailer to follow the truck. This movement improves turning and maneuverability, especially in tight spaces or corners. Furthermore, the fifth wheel coupling market is being driven by the rising use of sophisticated material technology in automobile components, as well as an increase in demand for innovative coupling systems to reduce damage and ensure the safety of objects transported in trailers. Furthermore, the expansion of the industrial sector in developing countries, as well as improvements in road infrastructure, are likely to provide major potential opportunities for the fifth wheel coupling market in the coming years. However, the chief issues inhibiting the worldwide fifth wheel coupling market are bad road infrastructure and inaccurate road maintenance, as well as a lack of motivation to create transport facilities, which are limiting demand for road transportation and, thus, the fifth wheel coupling sector.
Browse key industry insights spread across 230 pages with 110 Market data tables and figures & charts from the report on the “Global Fifth Wheel Coupling Market Size, Share, and COVID-19 Impact Analysis, By Mounting Type (Fixed, Sliding), By Coupling Type (Compensating Coupling, Semi-oscillating Coupling, Fully Oscillating Coupling), By Material (Steel, Aluminum, and Others), By Operation (Mechanical, Hydraulic, Pneumatic), By Load Carrying Capacity (Less than 20 Tons, 20-30 Tons, 30-45 Tons, 45-75 Tons, More than 75 Tons), By Application (Light Duty, Medium Duty, Heavy Duty), By Sales Channel (OEMs, Aftermarket), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The sliding segment is expected to grow at the fastest CAGR in the global fifth wheel coupling market during the forecast period.
Based on the mounting type, the global fifth wheel coupling market is divided into fixed, and sliding. Among these, the sliding segment is expected to grow at the fastest CAGR in the global fifth wheel coupling market during the forecast period. Sliding fifth wheel couplings allow for greater freedom in altering the weight distribution between the tractor and trailer. They are most appropriate for applications requiring frequent load modifications or moving in tight places. Sliding fifth-wheel couplings improve maneuverability, lowering the danger of accidents and vehicle damage.
The compensating coupling segment is expected to hold the largest share of the global fifth wheel coupling market during the forecast period.
Based on the coupling type, the global fifth wheel coupling market is divided into compensating coupling, semi-oscillating coupling, and fully oscillating coupling. Among these, the compensating coupling segment is expected to hold the largest share of the global fifth wheel coupling market during the forecast period. Compensating fifth wheel couplings provide a key method for joining tractor-trailer combinations by establishing a fixed connection point. These couplings have a system that compensates for the tractor and trailer's height variances, ensuring a safe and solid connection while adjusting variations in load distribution and road conditions. Furthermore, compensating fifth wheel couplings are frequently utilized in a variety of commercial applications, providing reliability, simplicity, and ease of maintenance for fleet operators and drivers. Due to these factors, the compensating coupling segment is dominating the global fifth wheel coupling market.
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Asia Pacific is anticipated to hold the largest share of the global fifth wheel coupling market over the predicted timeframe.
Asia Pacific is anticipated to hold the largest share of the global fifth wheel coupling market over the predicted timeframe. This is due to the rising industrialization, urbanization, and infrastructure development. This boom has increased demand for commercial vehicles such as trucks and trailers, which are used for freight transportation, construction, and logistics. The region's developing commercial vehicle sector increases the demand for fifth-wheel couplings, which are critical components in these vehicles. E-commerce growth, as well as expanded logistics and supply chain operations, are driving up need for efficient freight transportation. Extensive expenditures in infrastructure projects in the Asia Pacific area, such as road networks and railroads, necessitate a reliable transportation system, increasing demand for commercial vehicles and, as a result, fifth-wheel couplings.
North America is expected to grow at the fastest pace in the global fifth wheel coupling market during the forecast period. North America is a key engine for automotive innovation and technology adoption, with a strong commercial vehicle sector driving demand for fifth wheel couplings. The region has excellent manufacturing capabilities and strict safety standards, which influence the market scenario for fifth wheel coupling technology. Furthermore, North America is distinguished by a strong presence of key industrial players and a well-established infrastructure that supports the transportation and logistics industries.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global fifth wheel coupling market are SAF- HOLLAND SE, SOHSHIN Co., Ltd., Fontaine Fifth Wheel, RSB Group, Tulga Fifth Wheel Co., Guangdong Fuwa Engineering Group Co., Ltd., Hunger International GmbH, CM Trailer Equipment Ltd, Foshan YongLiTai Axle Co., Ltd, Shandong Fuhua Axle Co., Ltd., Magnum Trailer & Equipment, Land Transport Equipment Co., Ltd, and Others
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Recent Developments
- In November 2023, Fontaine Fifth Wheel, the world's largest specialized fifth wheel manufacturer and innovator, has introduced the first smart fifth wheel, 'SmartConnect'. SmartConnect checks that it is locked and alerts fleets to any repair requirements.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Fifth Wheel Coupling Market based on the below-mentioned segments:
Global Fifth Wheel Coupling Market, By Mounting Type
- Fixed
- Sliding
Global Fifth Wheel Coupling Market, By Coupling Type
- Compensating Coupling
- Semi-oscillating Coupling
- Fully Oscillating Coupling
Global Fifth Wheel Coupling Market, By Material
- Steel
- Aluminum
- Others
Global Fifth Wheel Coupling Market, By Operation
- Mechanical
- Hydraulic
- Pneumatics
Global Fifth Wheel Coupling Market, By Material
- Steel
- Aluminum
- Others
Global Fifth Wheel Coupling Market, By Load Carrying Capacity
- Less than 20 Tons
- 20-30 Tons
- 30-45 Tons
- 45-75 Tons
- More than 75 Tons
Global Fifth Wheel Coupling Market, By Application
- Light Duty
- Medium Duty
- Heavy Duty
Global Fifth Wheel Coupling Market, By Sales Channel
- OEMs
- Aftermarket
Global Fifth Wheel Coupling Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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