The latest report on Fifth Wheel Coupling Market by Infinium Global Research gives complete coverage of the Fifth Wheel Coupling Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Fifth Wheel Coupling such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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The Rising Population has Led to the Expansion of Agriculture and Manufacturing Industries, Which in Return Drove the Demand for Transportation
Fifth wheel coupling is enhancing the load carrying capacity of heavy transportation vehicles such as trucks and tractors. Kenworth, a leading truck manufacturer in the U.S. is now providing fifth wheel coupling from JOST Werke AG in their T680 trucks as a standard component. Another American truck manufacturer Peterbilt is also providing its Model 579 Class 8 truck with JOST JSK37 12” inboard air slide the fifth wheel as standard.
The fifth wheel coupling market is evolving as the technology is advancing further. For instance, Fontaine International Corp, a leading fifth wheel coupling provider has showcased its new range of fifth wheel couplings at the IAA show, in June 2019. The latest offering from Fontaine Fifth wheel includes TechLock® system, a single safety clip sensor, and extended handle.
The rising population has led to the expansion of agriculture and manufacturing industries, which in return drove the demand for transportation. This is propelling the growth of the fifth wheel coupling market. Moreover, the growing industrialization and construction activities are augmenting the demand for fifth wheel coupling devices.
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Growing Industrialization and Construction Activities are Augmenting the Demand for Fifth Wheel Coupling Devices
Furthermore, as the petrochemical and mining industries are growing, particularly in Europe and the Middle East & Africa, the demand for transportation is also increasing. This will boost the demand for fifth wheel coupling devices for cost-effective transportation of materials, providing better safety and increased productivity.
However, poor road infrastructure and improper maintenance of roads along with a lack of intent to improve transport facilities are the major factor hampering the demand for road transportation and consequently hindering the fifth wheel coupling market. Additionally, increasing awareness among the consumers about environmental protection is driving the growth of the waste management industry, which in turn boosts the growth of the logistic industry and consequently expands the growth of the fifth wheel coupling market.
Based on the region, Asia Pacific dominated the market, accounting for the largest share of the global market, followed by North America. The presence of key market players in China is influencing the production and distribution of fifth wheel coupling positively. Moreover, the growing demand for heavy duty trailers is also expected to lift the growth of the market in the region. The matured automotive market and high penetration of advanced technology in the North America region attributed to its second largest share in the global market. Furthermore, high sales of heavy commercial vehicles in the region lead to the adoption of advanced technologies.
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- Comprehensive analysis of global as well as regional markets of the Fifth Wheel Coupling.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
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