PUBLISHER: Allied Market Research | PRODUCT CODE: 1414819
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414819
According to a new report published by Allied Market Research, titled, "Truck Suspension System Market," The truck suspension system market was valued at $21.9 billion in 2022, and is estimated to reach $32.9 billion by 2032, growing at a CAGR of 4.2% from 2023 to 2032.
The report incorporates the study of the global truck suspension system market that focuses on the types of suspension used in trucks and region-wise demand for truck suspension systems.
Truck suspension systems are a system that helps trucks to support their weight and offer a comfortable ride, the suspension system helps in overall weight distribution among the wheels of the vehicle, thus improving the handling of the vehicles. Similarly, the truck suspension also provides stability to trucks carrying heavy loads during long-haul journeys. Currently, new technological advancement and strategic collaboration between industry players is anticipated to provide growth opportunity to the market. For instance on July 05 2023, ZF Friedrichshafen AG collaborated with Volta Trucks in developing the mobility of the next generation and to assist the industry in its transition toward zero emissions and zero accidents. The alliance will enable ZF Friedrichshafen AG to provide key components, including braking, suspension, and steering systems to Volta Trucks, this will allow Volta Trucks reduce R&D costs and shorten the time-to-market.
The factors driving the growth of the market are fleet modernization and an increase in demand for comfort & safety, growth of the logistics industry, and rise in production & sales of trucks and commercial vehicles. However, a lack of standardization hampers the growth of the market. Furthermore, increasing demand for lightweight suspension systems and reducing maintenance costs is forecast to create a market opportunity for players operating in the market.
For the purpose of analysis, the global Truck Suspension System market is segmented on the basis of class, sales channel, type and region. By class the market has been divided into medium-duty and heavy-duty. By sales channel, it is fragmented into OEM and aftermarket. By type, it is categorized into spring, equalizer beam, air spring suspension and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The leading players operating in the Truck Suspension System market are Link Manufacturing, Ltd, VDL Groep BV., Continental AG, ZF Friedrichshafen AG, simard suspensions, Sogefi SpA, Meritor, Inc, SAF-HOLLAND SE, Hendrickson and NHK SPRING Co.,Ltd
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