Report Code: A12735 | Nov 2023 | Pages: NA | ||
Tables: NA | Charts: NA |
|
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Truck Suspension System Market
Request Now !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.
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 and expected to resume gradually Open-ups help the truck suspension system market regain growth and brighter future prospects.
Top Impacting Factors
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 Benefits of the Report
Questions answered in the truck suspension system market research report:
Truck Suspension System Market Report Highlights
Aspects | Details |
---|---|
By Weight Rating |
|
By Sales Channel |
|
By Type |
|
By Region |
|
Key Market Players | ZF Friedrichshafen AG, Hendrickson Holdings LLC, Meritor Inc., WABCO Holdings Inc., JOST Werke AG, thyssenkrupp AG, SAF-HOLLAND SE, Continental AG, Simard Suspensions Inc., VDL Groep BV |
Start reading.
This Report and over 67,404+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers