June 16, 2024
Gooseneck Hitches Market

Gooseneck Hitches Market Growth Propelled by Increasing Demand for Recreational Vehicles

The gooseneck hitch is a type of towing hitch that mounts on the bed of a pickup truck which enables towing a trailer. It allows for a lower trailer with the trailer axle placed further back than a traditional bumper pull hitch, providing a smoother towing experience. Gooseneck hitches are adjustable and allow the trailer to sit flatter behind the truck bed improving stability while towing. Their versatility makes them ideal for towing horse trailers, cargo trailers, livestock trailers and more. The gooseneck hitch installation requires cutting into the truck bed but provides the towing benefits of a fifth-wheel hitch without the need for a raised bed.

The Global Gooseneck Hitches Market is estimated to be valued at US$ 548.93 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Gooseneck Hitches are Thermo Fisher Scientific, Merck KGaA, GENERAL ELECTRIC, Horiba, Teledyne Analytical Instruments, Yokogawa Electric Corporation, Spectris, Emerson Electric Co., ABB, Honeywell International Inc, Siemens AG, AMETEK.Inc, DKK-TOA CORPORATION, Dr├Ągerwerk AG & Co. KGaA, Analytical Systems Keco, ECD, Nova Analytical Systems, Shimadzu Corporation, Servomex, Adev. The increasing demand for recreational vehicles and trailers is driving the growth of the gooseneck hitch market. Recreational vehicles are becoming more popular as people are choosing alternative vacation lifestyles over standard hotel accommodations. Furthermore, the increasing popularity of horse riding and livestock hauling applications is boosting demand for gooseneck hitches.

The Gooseneck Hitches Market Trends is witnessing positive growth across regions. North America dominates the gooseneck hitch industry led by the United States due to rising demand for towing applications from end-use industries. However, Asia Pacific is expected to exhibit the highest growth rate over the forecast period with growing automotive and construction industries in developing economies of China, India, and Southeast Asia augmenting regional market growth. Furthermore, expanding international tourism and trade volumes are increasing gooseneck hitch consumption across international markets globally.

Market Key Trends

The development of lighter and durable gooseneck hitch materials using advanced engineering is a key trend observed in the market. Manufacturers are focusing on Developing gooseneck hitches with enhanced designs that minimize weight while meeting high load capacity requirements. For instance, Lippert Components, Inc. offers a line of weight-rated alloy gooseneck hitches that provide strength yet are lighter than standard steel models. The adoption of advanced lightweight materials allows for towing heavier loads and improved fuel efficiency. Moreover, it leads to reduced payload stress on pickup trucks and towing vehicles.

Porter’s Analysis

Threat of new entrants: Low barrier to entry in manufacturing but established brands have stronghold over aftermarket and replacement parts.

Bargaining power of buyers: Large fleet owners have higher bargaining power but individuals have lower bargaining power.

Bargaining power of suppliers: Strong competition among raw material suppliers keeps prices in check.

Threat of new substitutes: Threat is low as gooseneck hitches have established themselves as most efficient option for towing applications.

Competitive rivalry: Intense competition amongst key players to offer diversified product portfolios and capture more market share. Industry shifting towards e-commerce sales.

Geographical Regions

In terms of value, North America accounts for the largest share in the global gooseneck hitches market, followed by Europe and Asia Pacific. This is attributed to the high demand for towing applications from agricultural and construction equipment sectors in the US and Canada.

The Asia Pacific region is projected to be the fastest growing market during the forecast period. Improving economic conditions, rising disposable incomes, and increasing sales of pickup trucks, trucks and trailers in China and India will drive the demand for aftermarket gooseneck hitches in the commercial vehicle sector. countries like China, Japan and India will offer significant growth opportunities.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it