- The global fifth wheel coupling market is expected to witness a CAGR of 6.0%.
- Use of lightweight material in manufacturing is likely to bolster growth.
- Growing penetration of forged and counterfeit products may hinder market growth.
Future Market Insights (FMI) has published a new report on the fifth wheel coupling market titled “Fifth Wheel Coupling Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2028.” Growing focus on enhancing safety features and utilizing tough materials for fifth wheel coupling is expected to escalate the rate of adoption in the global market. The players operating in the market have been channelizing efforts towards strengthening their distribution channels while also focussing on direct sales.
Meanwhile, implementation of new and advanced technologies to enhance product quality and compliance with government policies and regulations to meet emission standards may improve sales output in the global market. The companies operating in the market are strategically focussing on mergers and acquisitions to retain their position. For instance, in September 2016, SAF-Holland S.A acquired a 57.5% share in KLL, a manufacturer of trailers, trucks and buses.
This is estimated to boost the market value share of the company in the global market. The other leading companies operating in the global fifth wheel coupling market are JOST Werke AG, Guangdong Fuwa Engineering Group Co., Ltd., Sohshin Co. Ltd., Zhenjiang Baohua Semi-Trailer Parts Co. Ltd., Fontaine Fifth Wheel, and Tulga Fifth Wheel Co., among others.
According to the report, the global fifth wheel coupling market is expected to witness a CAGR of 6.0% from 2018 to 2028. The market was worth $534 million in 2017 and is projected to reach a valuation of $1 billion by the end of 2028.
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Use of Lightweight Material in Manufacturing to Increase Adoption of Fifth Wheel Coupling
The acceptance of advanced material technology in the manufacturing of automobile components escalates the load capacity as well as the strength of the component. The augmented load capacity of fifth wheel couplings leads to a rise in the productivity, which in turn is likely to bolster the growth of the fifth wheel coupling market over the years ahead. Furthermore, stern emission standards in countries such as Italy, the U.K., the U.S., and Germany are persuading automotive manufacturers to manufacture fuel efficient vehicles.
For achieving a fuel efficient economy, auto makers are trying to reduce the weight of vehicles and their components, which is expected to support the demand for lightweight automotive fifth wheel couplings in the coming years. These advanced material fifth wheel couplings are comparatively light in weight and are known to increase the durability and performance of vehicles. These characteristics are expected to bolster the growth of the fifth wheel coupling market during the course of the forecast period.
Growing Penetration of Forged Products to Hinder Market Growth in Developing Automotive Markets
The automotive fifth wheel coupling market has been pugnacious against sham products and the supply of components over grey market trading. The counterfeit products are dearth of quality standards and are a threat for the safety of both the passengers and the vehicle.
This factor is likely to pose a grave challenge for the fifth wheel coupling market in the coming years. Moreover, this may cause a severe monetary slowdown of companies operating in the fifth wheel coupling market by upsetting their aftermarket sales. Any reduction in aftermarket sales is likely to adversely impact revenue growth of the fifth wheel coupling market.