by Gooseneck hitches are coupling devices that connect truck beds to trailers, which allow for pivoting and swinging of the trailer. They are mostly used to haul boats, livestock trailers, horse trailers, and flatbed utility trailers behind pickup trucks. The increasing popularity of outdoor recreational activities such as camping, fishing, boating, and others has driven the demand for recreational vehicles including travel trailers and fifth-wheel trailers. Gooseneck hitches provide efficient distribution of trailer weight and better stability and control during towing.
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 Dynamics:
One of the key drivers for the gooseneck hitches market is the rising demand for recreational vehicles from millennials and baby boomers for outdoor recreational activities. According to the Recreational Vehicle Industry Association, recreational vehicle shipments in the U.S. reached their highest level in 2017 at 504,600 units. This increase in demand for recreational vehicles is fueling the need for efficient towing solutions such as gooseneck hitches for travel trailers and fifth wheel trailers. Gooseneck hitches provide trailers with a lower center of gravity for better stability during towing and easier maneuvering of heavy loads. Thus, their usage helps improve towing efficiency and safety.
Segment Analysis
The gooseneck hitches market can be segmented into fifth wheel hitches, gooseneck hitches, and front mounts. Among these, the gooseneck hitches segment dominated the market in 2023, accounting for over 45% of the global market share. Gooseneck hitches are preferred for heavy-duty applications as they distribute the weight of the trailer evenly across the frame. They provide a low center of gravity and better stability and control during towing.
PEST Analysis
Political: Favorable government regulations regarding vehicle weight limits and dimensions for commercial vehicles are boosting the adoption of heavy-duty hitches like gooseneck hitches. However, strict emission norms may impact the sales of vehicles in the long run.
Economic: Rising infrastructure development and construction activities are fueling the demand for commercial vehicles and equipment-hauling trailers. This is positively impacting the gooseneck hitches market.
Social: Changing lifestyles and increasing outdoor recreational activities are driving the sales of pickup trucks and RVs, thereby augmenting the demand for trailer hitches.
Technological: Manufacturers are focusing on developing advanced gooseneck hitches with features like anti-rattle mechanisms, wireless adjustments, and Bluetooth connectivity for improved performance and convenience.
Key Takeaways
The global Gooseneck Hitches market Growth is expected to witness high growth driven by robust infrastructure development worldwide. 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.
The Asia Pacific region is expected to emerge as the fastest growing regional market over the forecast period. China, India, and Australia are witnessing rising construction of highways, buildings, and other infrastructure projects, bolstering the demand for commercial vehicles and heavy equipment towing gooseneck trailers.
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.. They are focusing on diversifying their product portfolios and strengthening their distribution networks to consolidate their market positions. For instance, in 2022, Reese Established Products launched a new line of high-performance gooseneck trailer hitches to expand its offerings for commercial vehicles and heavy-duty trailers.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
