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The Global Gooseneck Hitches Market Growth Accelerated By Increased Adoption Of Towing Systems

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Ashish Thapa
 The Global Gooseneck Hitches Market Growth Accelerated By Increased Adoption Of Towing Systems

Gooseneck hitches are commonly used towing systems for farm equipment, livestock trailers, and cargo trailers. They allow for a distribution of weight that results in better stability and safety during transport compared to other hitch types. Gooseneck hitches connect to the bed of a truck, providing additional ground clearance so that the trailer or equipment being towed does not interfere with the truck. Their rigid design enables secure towing of heavy loads over long distances.


The global Gooseneck Hitches Market is estimated to be valued at US$ 476.5 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market key trends


The increased adoption of towing systems for the transport of agricultural equipment as well as livestock and cargo is a key trend driving the gooseneck hitches market. Gooseneck hitches provide secure, balanced towing of heavy loads and their rigid design prevents swaying or fishtailing of trailers during transportation. As agricultural production and livestock farming activities continue to intensify globally to meet rising food demand, there is significant investment in modern towing systems such as gooseneck hitches to efficiently transport larger farm machinery and batches of livestock or produce over long distances. The popularity of gooseneck hitches is further augmented by their versatility for transport of recreational vehicles, cars, and other cargo trailers.


Segment Analysis


The gooseneck hitches market is dominated by the 5th wheel hitches segment as it is more convenient than other types. 5th wheel hitches provide additional stability to heavy trailers during transit. They distribute weight better between truck beds and trailers attached. This reduces stress on vehicles and improves handling on the road.


Key Takeaways


The global Gooseneck Hitches market Growth is expected to witness high growth over the forecast period. Easy attachment of trailers to pickup trucks using these hitches is driving increasing demand. The rapid expansion of transportation and logistics industries worldwide necessitating towing of heavy loads further stimulates market growth. The global Gooseneck Hitches Market is estimated to be valued at US$ 476.5 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030.


Regional analysis

North America currently holds the largest share in the gooseneck hitches market owing to high demand from agriculture and construction sectors in the US and Canada. Growth in infrastructure construction projects and fleet expansion of transport companies spur product adoption. Asia Pacific is projected to register fastest growth due to rising economic activities and investment in modernizing road freight networks in major countries like China and India.


Key players

Key players operating in the gooseneck hitches market are Armstrong Medical, Fisher & Paykel Healthcare Limited., Koninklijke Philips N.V., Drägerwerk AG & Co. KGaA, Advin Health Care, Life-O-Line Technologist, Hamilton Medical, Altera, GE Healthcare, Bio-Med Devices, CAE Inc., Medtronic, Great Group Medical Co., Ltd., Vincent Medical Holdings Limited, and Vyaire Medical, Inc. Armstrong Medical leads the market with wide range of heavy duty hitches suitable for transporting various cargo types.


Get More Insights On This Topic: https://www.newsanalyticspro.com/the-increasing-demand-for-trailers-driven-by-evolution-of-recreational-vehicles-industry/



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