PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1449666
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1449666
The gooseneck hitches market size is estimated to be valued at US$ 502.8 Mn in 2024 and is expected to reach US$ 757.8 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 6% from 2024 to 2031.
Report Coverage | Report Details | ||
---|---|---|---|
Base Year: | 2023 | Market Size in 2023/2024: | US$ 502.8 Mn |
Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 - 2031 |
Forecast Period 2023/2024 to 2030/2031 CAGR: | 6.00% | 2030/2031 Value Projection: | US$ 757.8 Mn |
Ball hitches which are also known as gooseneck hitches are installed in the truck bed. These are typically used to pull agricultural and horse trailers. Fifth wheel hitches are bigger hitches that fit inside the bed of the tow vehicle and have movable plates. In order to install a gooseneck hitch into a truck, at first, the spare tire must be removed, measured, and a hole is then drilled, bolting the brackets and then hitching head into place, and finally attaching the operational handle. In some configurations, trimming a heat shield or fender liner is also necessary.
Since the gooseneck hitch overlaps with a portion of the truck and centers the weight on the vehicle's back axle rather than the bumper, these trailers are substantially more durable. The load will experience a more comfortable ride as a result of having more control and fewer trailers wobble on both highways and backroads.
The major driving factor boosting the gooseneck hitches market growth is the influence of leisure pursuits like boat towing, horse trailering, and Recreational Vehicle (RV) camping. The market expansion increases with engagement of people and their families in these activities. The gooseneck hitches have wide applications in the industrial as well as in the commercial fields which led to its vast expansion in the enterprises that move goods, machinery, and equipment around. As gooseneck hitches have greater stability and payload capability, they are more capable of supporting heavier loads than conventional bumper-mounted hitches and thus used more in commercial and industrial settings. The market for gooseneck hitches has grown significantly with its frequent use in picking up trucks which are valued for their adaptability and pulling power. Growing number of gooseneck hitches' wide usage among customers shows its significant impact on market expansion as it can be simply integrated into pickup truck beds.
However, the major issue that the gooseneck hitch business faces is the safeguarding compatibility with a broad range of pickup truck models. Also, the initial expenditures that is associated with installing gooseneck hitches, the initial installation prices among budget-conscious buyers, and the restricted compatibility with passenger automobiles limit the adoption of gooseneck hitches for particular towing demands.