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2021
Truck Suspension System Market

Truck Suspension System Market by Weight Rating (Class 7 and Class 8), Sales Channel (OEM and Aftermarket) and Type (Leaf Spring, Torsion Bar, Equalizer Beam, and Air Spring Suspension): Global Opportunity Analysis and Industry Forecast, 2021–2030

A12735
Pages: NA
Oct 2021 | 181 Views
   
Author(s) : Sonia Mutreja
Tables: NA
Charts: NA
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Truck Suspension System Market Outlook 2030 -

A suspension system provides a number of tasks such as stabilization, road holding, cushioning, road handling, and comfortable ride quality. Truck suspension consist of tires, springs, spring leaves, shock absorbers, and linkages. It is mainly created with springs that absorb part of shock when truck hits a bump, allowing tires and axles to move independently and softening the impact to the rest of the truck.

Market Scope and Structure Analysis

Report Metric

Details

Market Size Available for Years

  2020–2030

  Base Year Considered

  2020 

  Forecast Period

  2021–2030

  Forecast Unit

  Value (USD)

  Segments Covered

  Weight rating, Sales channel, Type, and Region

  Regions Covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), LAMEA (Latin America, Middle East and Africa).

  Companies Covered

Continental AG, Hendrickson Holdings LLC, JOST Werke AG, Meritor Inc., SAF-HOLLAND SE, Simard Suspensions Inc., thyssenkrupp AG, VDL Groep BV, WABCO Holdings Inc., ZF Friedrichshafen AG.

                                                                                                                    

COVID-19 Impact analysis

The truck suspension system market is expected to witness negative and inferior impact in the future, owing to the widespread growth of the pandemic. Due to halted production, least transportation movement in the pandemic period, the global truck suspension market and overall truck market was heavily impacted. Covid-19 has not only impacted supply chain but also impacted the market dynamics and competition of the market. The revenues declined from 2020–2021 and expected to resume gradually from 2021–2022.Open-ups help the truck suspension system market regain growth and brighter future prospects.

Top Impacting Factors

  • Rise in production of vehicles due to constant increase in road connectivity in developing countries is driving the global truck suspension market.
  • However, high maintenance cost of truck suspension system acts as a challenge for growth of  thr global truck suspension market.
  • Rapidly increasing freight transport activities provide robust opportunities for the global truck market and truck suspension market.

Market Trends

Asia-Pacific – New hub for automotive

The automotive industry witnessed exponential growth in the last few decades in countries such as China, India, the U.S., Japan, Germany and UK. However, now manufacturers are shifting their units in Asia-Pacific region specifically in developing countries, such as China, Thailand, and India, due to increase in demand for automobiles & automotive components in these countries. Sudden rise of demand in these countries is due to increasing economy and decrease in trade barriers between countries. Availability of cheap labor further decreases the production cost, and enables the manufacturers cater to the increasing market demands, which is prospected to boost the sale of vehicle in future. Additionally, decrease in prices of electric vehicle parts such as battery, transmission, and alternators are anticipated to boost the sales of electric vehicles in these countries. All the factors are projected to contribute in the growth of the global truck suspension market and automotive market as whole.

High cost restrains the market growth

High cost associated with installing new and advanced suspension systems leads to increase in cost of truck maintenance, which is anticipated to impact the growth of the truck suspension market. To sustain in highly competitive market manufacturers are developing new and better technologically advanced suspension systems which are eventually increasing the cost of suspension system and limits the market growth. Moreover, the serviceability of such vehicles is difficult, and require skilled personnel due to several high-tech components and sensors. Thus, high initial cost and complex structure are expected to have a negative impact on the growth of the truck suspension market globally.

Key Segments Covered

Segment

Subsegments

  By Weight Rating

  • Class 7
  • Class 8

  By Sales Channel

  • OEM
  • Aftermarket

  By Type

  • Leaf spring
  • Torsion bar
  • Equalizer beam
  • Air spring suspension

  Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

 

Key Benefits of the Report

  • This study presents the analytical depiction of the truck suspension system industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with challenges of the truck suspension system market.
  • The current market is quantitatively analyzed from 2020 to 2030 to highlight the truck suspension system market growth scenario.
  • The report provides a detailed truck suspension system market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the truck suspension system market research report:

  • Which are the leading market players active in the truck suspension system market?
  • What would be the detailed impact of COVID-19 on the market?
  • What current trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the truck suspension system market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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