Spurred by the advancements made in road infrastructure and the rise in volumes of goods transported, the demand for fifth-wheel coupling among original equipment manufacturers (OEMs) and the aftermarket has been growing consistently to reach $ 500 million 2027, stated Transparency Market Research.
The global market intelligence company that provides global business information reports and services said the consumption, to a great deal, has been fueled by efforts by governments, especially in emerging economies, to bolster road infrastructure.
The automotive industry is a primary end-use industry of fifth-wheel couplings. The fifth-wheel coupling has emerged as a trailer mechanism for trucks and tractors involved in freight in transportation.
Advances in the engineering of fifth-wheel coupling have paved the way for better designs and materials, which has enabled vehicle drivers to vary the load distribution with remarkable manoeuvrability and balance. These technological advancements boost the demand, the research agency said.
The major players in this space include Horizon Global, CM Trailer Parts, York Transport Equipment, Magnum Trailer & Equipment, Foshan Yonglitai Axles, Hunger International, RSB Group and SAF-Holland.
Key findings
Transportation infrastructure has been key to growth in several economies globally, with road infrastructure playing a primary role. Governments have been spending a sizeable share of the GDP on this.
The improvements in road networks have significantly supported the movement of freight for commercial and consumer markets. Moreover, the urban centres in industrialised nations are witnessing the rise of tractors and light trucks for this end. Businesses operating in these industries have preferred the use of fixed fifth-wheel couplings due to their cost-effectiveness.
Notably, steel manufacturers have been increasingly offering OEMs flexibility of design in the fifth-wheel coupling. In addition, the increasing use of light trucks in parts of emerging economies for freight movement has also boosted the prospect for the fifth-wheel coupling market.
International and regional trade drive the market According to Transparency Market Research, the manufacturers of fifth-wheel coupling are bustling with opportunities on the back of a thriving cross-border trade in numerous developing and developed countries. The demand among them has caught momentum due to industries benefitting from favourable trade policies. The use of commercial and industrial goods has risen in emerging economies of the Asia Pacific in the past few decades. Governments' initiatives to boost the transport sector have been catalysing new growth avenues.
Driving factors
The rapid pace of urbanisation combined with the trade liberalisation world over during the past few decades has been a critical stimulant for the uptake of fifth-wheel coupling in transportation.
Moreover, the popularity of trailers has risen in freight movement in line with the implementation of vehicular emission norms for heavy vehicles. In addition, strides made in automotive manufacturing are propelling prospects for the fifth-wheel coupling, the report said.
Asia Pacific
Among other regions, the Asia Pacific occupies a sizable share in the global landscape. The massive scale of production of trailers and consumptions of these in freight movement offers many opportunities in the regional market. Besides, efforts by governments to strengthen road infrastructure in emerging economies of Asia Pacific have favoured the expansion. As a result, India, China, Australia, and Japan contributed a large chunk of revenue streams.
Courtesy: Transparency Market Research. Photo is representational. Courtesy: Ashok Leyland & RSB Group.