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Fifth Wheel Coupling Market to Exceed US$ 500 Mn by 2027

06-04-2021 12:49 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: TMR

The global fifth wheel coupling market is expected to surpass US$ 500 Mn by 2027, expanding at a CAGR of more than 4% during the forecast period. The market for fifth wheel coupling is anticipated to expand at a significant growth rate during the forecast period, owing to the expansion of industries and improving road infrastructure.

The fifth wheel coupling market is primarily driven by rising global population, which in turn has considerably boosted the demand for consumer goods, thus significant expansion of agriculture and manufacturing industries fueled the demand for transportation sources. This, in turn, is boosting the demand for heavy trucks that are integrated with fifth wheel couplings. Moreover, improvement in road connectivity is propelling the market for fifth wheel coupling. Cost-effectiveness of transportation by trailer trucks is a key factor driving the fifth wheel coupling market, owing to the high cargo-carrying capacity of trailer trucks, which results reduced number of trips. Emphasis by governments to improve road connectivity is likely to drive the fifth wheel coupling market during the forecast period.

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High investment for developing road connectivity in the U.S. after the Second World War led to the development of a significantly large road transportation and fifth wheel coupling market. Low speed of the heavy trailer trucks and presence of smaller roads and sharp turns on roads are major factors restraining the fifth wheel coupling market. Massive backlog in proper maintenance of roads is also a major factor that is likely to hinder the demand for road freight transportation during the forecast period. Furthermore, toll roads or booths lead to considerable time loss, which results in slow transportation of freight. Poor road infrastructure coupled with a lack of intent to improve transport facilities is expected to restrain the demand for road freight transportation and consequently, hamper the fifth wheel coupling market during the forecast period.

The global fifth wheel coupling market has been segmented based on mounting type, coupling, material, operation, load carrying capacity, number of pins, application, sales channel, and region. In terms of mounting type, the fixed segment dominated the global fifth wheel coupling market owing to its extensive utilization in heavy trucks that witness significant demand for fifth wheel coupling. Numerous advantages of sliding fifth wheels have made it highly popular; however, they are mostly utilized to trail recreational vehicles (RVs) and trailers attached behind light trucks.

In terms of coupling, semi-oscillating segment is a highly attractive segment owing to its application in most of the on-road trailer trucks, as it provides better stability as compared to the other segments. Fully oscillating fifth wheels are mostly employed in off-road vehicles for greater movement of linkage to adjust according to the driven surfaces. Compensating coupling linkage is highly unstable and it makes handling of the vehicle comparatively challenging.

In terms of material, the steel segment is likely to dominate the global market during the forecast period, as steels possess high tensile strength and is cost-effective as compared to rest of the segments. Furthermore, aluminum fifth wheels couplings are only manufactured by SFA Holland in very limited numbers. Aluminum fifth wheel couplings are significantly lighter than steel couplings, which make the trailer tractor more efficient as compared to the tractors installed with steel fifth wheels. However, aluminum fifth wheel couplings are comparatively more expensive and hence, witness lower demand as compared to steel couplings.

Based on operation, mechanical was a highly attractive segment of the fifth wheel coupling market, the mechanical coupling employs conventional technology and is suitable for most vehicles, while hydraulic and pneumatic operated couplings are mostly used in very heavy trailer trucks in order to adjust the position of the fifth wheel of tractors. In terms of load carrying capacity, less than 20 tons, 20-30 tons, and 30-45 tons segments held notable shares of the market owing to higher demand for couplings in these segments. High demand of fifth wheel for light trucks is

In terms of number of pins, the single pin segment held a major share of the market, owing to its capability to withstand significantly high payload. According to a leading manufacturer SAF Holland, in most cases, single pin has the ability to withstand a load of 80 tons. Furthermore, trucks with higher load capacity are integrated with double pins such as RoRo trucks used on seaports.

In terms of sales channel, OEM was a leading segment of the fifth wheel coupling market, as most fifth wheels possess significantly high lifespan and usually last the entire life of the tractor. The aftermarket segment is primarily expanding due to rising demand of fifth wheels for light trucks.

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In terms of region, Asia Pacific held a prominent share of the global market, followed by North America, in 2018 China accounted for a major share of the market in Asia Pacific, due to large volume of production of industries, which demand a large trucking industry for the transportation of cargo, as the country is a prominent exporter, globally. The fifth wheel coupling market is expected to expand at higher pace during the forecast period in countries with better road connectivity and business opportunities. The U.S. has a prominent trucking industry coupled with good road infrastructure and connectivity among all states, which led North America to hold a significant share of the global fifth wheel coupling market

Key players operating in the global fifth wheel coupling market are JOST Werke AG, SAF-HOLLAND S.A., SOHSHIN Co.,Ltd., Fontaine Fifth Wheel, RSB Group, Tulga Fifth Wheel Co., Guangdong Fuwa, Hunger International GmbH, TITGEMEYER GmbH & Co. KG, Foshan Yonglitai Axles Co., Ltd, Shandong Fuhua Axle Co.,Ltd., Magnum Trailer & Equipment Inc., York Transport Equipment (Asia) Pte Ltd., Land Transport Equipment Co.,Ltd, CM Trailer Parts Limited, and Horizon Global Corporation.

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