by Gooseneck hitches are pickup truck bed-mounted couplings used to tow trailers or vehicles behind trucks and are majorly used in agricultural, construction, and recreational vehicles (RVs) industries. Gooseneck hitches aid in distributing trailer weight more evenly across the truck bed and provide better weight distribution and towing stability compared to conventional hitches. They allow trailers to sit lower to the ground for a more stable ride. The global gooseneck hitches market has seen significant growth over the years owing to the increasing demand for trailers from agriculture, construction, and recreational vehicles (RVs) industries.
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
One of the key trends witnessed in the gooseneck hitches market is the increasing preference and popularity of recreational vehicles (RVs). The RV industry has evolved tremendously over the past few decades and involves all types of vehicles used for leisure activities such as camping, road trips etc. Higher disposable income and the increasing interest of millennials in outdoor adventures is driving significant growth of the RV market. As gooseneck hitches are majorly used for towing RV trailers, the increasing demand of RVs positively impacts the gooseneck hitches market growth. Additionally, innovations in product design oriented towards offering better weight distribution, handling stability and safety features while towing is another major trend witnessed in the gooseneck hitches market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Gooseneck Hitches market is moderate. The manufacturing process and materials required have a high setup cost creating a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is high as multiple established players are providing Gooseneck Hitches at competitive prices. Buyers can negotiate on price and demand better product features.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the raw materials required are commodity items and not very specialized. However, major brands have established long-term supply agreements reducing supplier power.
Threat of new substitutes: Substitute products like fifth wheel hitches provide some threat. However, Gooseneck Hitches continue to be preferred for small vehicles and short trailers due to better stability.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous regional and global brands competing on pricing and product innovation.
Key Takeaways
The global Gooseneck Hitches market Growth is expected to witness high 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.
The market is dominated by North America owing to a large number of recreational vehicle owners and usage. Asia Pacific is expected to be the fastest-growing market with increasing automotive and logistics sectors in countries like China and India.
Key players comprised 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. Major brands focus on developing light weight and durable hitches with advanced load balancing capabilities.
