Fifth Wheel Coupling Market Is Driven By Global Expansion Of Agriculture And Manufacturing Industries

Fifth Wheel Coupling Market Is Driven By Global Expansion Of Agriculture And Manufacturing Industries

According to a new market research report published by Credence Research “Global Fifth Wheel Coupling Market (Product  Type  (Compensating, Semi-oscillating, and Fully-oscillating) Operation (Hydraulic, Pneumatic, and Mechanical); Capacity (Below 20 Tons, 21 Tons To 44 Tons, and 45 Tons & Above); Material (Steel, Aluminum, and Others)) – Growth, Future Prospects and Competitive Analysis,2019 – 2027”, the overall fifth wheel coupling market worldwide was valued at US$ 580.0 Mn in 2018 and is set to grow with a CAGR of 6.4 % during the forecast period.

Browse Full Report Originally Published by Credence Research @ https://www.credenceresearch.com/report/fifth-wheel-coupling-market

Market Insights

The global fifth-wheel coupling market is strongly driven by increasing demand for consumer goods due to an increase in the global population. In addition, the population increase has led to the expansion of agricultural and manufacturing units for high demand for food, vegetables, consumer products and other products, which has led to an increase in the requirements for transport vehicles for the transport of such items and therefore led to an increase in the market for fifth-wheel coupling. Increasing roadways around the globe have increased the demand for fifth-wheel coupling as it allows the active unit to connect the towed unit that can hold the goods.

In addition, the increasingly growing waste management systems are also driving the market. Such devices also allow the vehicle to have a high load carrying capacity, which also increases the growth of the market. Companies are investing heavily in the developing region in order to increase their share and grow the untapped market. Furthermore, high initial costs for the manufacture of equipment are expected to impede the growth of the industry.

Browse Full Report Originally Published by Credence Research @ https://www.credenceresearch.com/report/fifth-wheel-coupling-market

Based on material, the fifth wheel coupling market has been segmented as steel, aluminum, and others. The steel segment dominates the market due to its tensile strength and low cost relative to other products and has a market share of more than 1/3. Steel material is used more often than not, as it links the friction and the towed unit with high strength.

North America is the second largest market share due to the presence of numerous manufacturing industries in the region and is expected to grow with a CAGR of 5.2% during the forecast period. Similarly, the growing population leading to demand for goods and the development of new models and products for fifth-wheel coupling are driving the growth of the industry. In comparison, the US has the largest market share led by Canada in the region.

You can get the sample copy of this research by Credence Research here @ https://www.credenceresearch.com/sample-request/59922

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.

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