New York, June 08, 2023 (GLOBE NEWSWIRE) -- In 2018, the fifth wheel coupling market was valued at US$ 588.3 million worldwide. From 2018 to 2022, the market grew at a 5.2% CAGR, reaching a value of US$ 637.1 million in 2023. The global market is anticipated to grow at a CAGR of 5.8% from 2023 to 2033, reaching US$ 1.12 billion by the end of 2033.
The growth of the market is driven by the increasing demand for semi-trailers in the transportation industry. Semi-trailers are used to transport a variety of goods, including food, beverages, and building materials. The increasing demand for these goods is driving the demand for semi-trailers, and the increasing use of fifth wheel couplings is driving the demand for fifth wheel couplings.
A fifth wheel coupling is a type of hitch that is used to connect a semi-trailer to a tractor. The fifth wheel coupling is located on the back of the tractor, and it has a kingpin that fits into a socket on the front of the semi-trailer. This connection allows the semi-trailer to be towed behind the tractor.
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Market Analysis:
The market analysis delves into the various product types available in the fifth wheel coupling market, highlighting their features and applications. Semi-automatic fifth wheel couplings provide a balance between user control and automation, while fully automatic couplings offer seamless operation. Articulated fifth wheel couplings enhance maneuverability, while stationary couplings provide stability for specific applications. Sliding fifth wheel couplings allow for adjustable weight distribution, while other specialized variations cater to unique requirements.
Key points from research reports of Global Fifth Wheel Coupling Market
- The growth of the market is driven by the increasing demand for semi-trailers in the transportation industry.
- The increasing use of fifth wheel couplings in construction and agriculture is also expected to drive the market.
- The development of new technologies for fifth wheel couplings is also expected to drive the market.
- The increasing demand for semi-trailers is due to a number of factors, including the growth of the e-commerce industry, the expansion of the global logistics network, and the increasing use of semi-trailers in the construction and agriculture industries.
- The increasing use of fifth wheel couplings in construction and agriculture is due to the need for a safe and secure way to transport heavy equipment.
- The development of new technologies for fifth wheel couplings is expected to improve the performance and safety of fifth wheel couplings. Some of the new technologies that are being developed include self-locking fifth wheel couplings, which are designed to prevent the semi-trailer from disconnecting from the tractor, and fifth wheel couplings with built-in sensors, which can monitor the performance of the coupling and alert the driver to any potential problems.
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Market Players
The major players in the global fifth wheel coupling market are: SAF-Holland S.A., JOST Werke AG, Guangdong Fuwa Engineering Group Co., Ltd, Sohshin Co. Ltd, Fontaine Fifth Wheel, Tulga Fifth Wheel Co., RSB Group, Hunger Hydraulics Group, ACCL (PL Haulwel Trialers), TITGEMEYER Group, FOSHAN YONGLITAI AXLE CO., LTD, Xiamen Wondee Autoparts Co., Ltd, Land Transport Equipment and more
Recent Developments
- JOST Werke AG (2021):
- JOST introduced a new lightweight fifth wheel coupling called JSK 42 F with an optimized design for weight reduction and increased payload capacity.
- The company collaborated with a leading trailer manufacturer to develop a customized fifth wheel coupling system for their specific trailer models.
- SAF-HOLLAND S.A. (2022):
- SAF-HOLLAND launched an advanced sensor-based fifth wheel coupling system that provides real-time monitoring of coupling status and alerts the driver of any potential issues.
- The company expanded its manufacturing facilities in Asia to meet the growing demand for fifth wheel couplings in the region.
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Market Segmentations
- By Product: Compensating, Semi-oscillating, Fully-oscillating
- By Operation: Hydraulic, Pneumatic, Mechanical
- By Capacity: Below 20 Tons, Between 20 Tons and 30 Tons , Between 30 Tons and 45 Tons, Above 45 Tons
- By Material: Cast Steel, Cast Iron, Fabricated Steel, Aluminum, Others
- By Sales Channel: OEMs, Aftermarket
- By Region: North America, Latin America, Europe, Middle East & Africa, East Asia, South Asia & Pacific
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