Heavy-duty Truck Suspension System Market by Gross Vehicle Weight Rating and Geography - Forecast and Analysis 2021-2025

  • Published: Aug 2021
  • Pages: 120
  • SKU: IRTNTR45073
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The heavy-duty truck suspension system market has the potential to grow by USD 4.47 billion during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 1.66%.

This heavy-duty truck suspension system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by gross vehicle weight rating (class 8 and class 7) and geography (APAC, North America, Europe, South America, and MEA). The heavy-duty truck suspension system market report also offers information on several market vendors, including Arnott LLC, Continental AG, Hendrickson Holdings LLC, JOST Werke AG, Meritor Inc., SAF-HOLLAND SE, Simard Suspensions Inc., thyssenkrupp AG, VDL Groep BV, and ZF Friedrichshafen AG among others.

What will the Heavy-duty Truck Suspension System Market Size be in 2021?

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Heavy-duty Truck Suspension System Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing sales of heavy-duty trucks is notably driving the heavy-duty truck suspension system market growth, although factors such as complexity of air suspension systems used in heavy-duty trucks may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the heavy-duty truck suspension system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

  • Increasing sales of heavy-duty commercial trucks are expected to drive the demand for heavy-duty truck suspension systems during the forecast period.
  • Commercial trucks are designed to carry heavy loads over long distances. Therefore, these vehicles require a heavy-duty suspension system that can maintain stability over rough roads.
  • Rising sales of heavy-duty trucks play a major role in determining the scope of market growth owing to the complete penetration of heavy-duty truck suspension systems in the heavy-duty commercial trucks segment.
  • Heavy-duty truck production growth is buoyed by the progressing economic development in major countries such as the US, China, and India. 
  • The rising need for smooth freight transportation is one of the major factors that will drive the growth of the heavy-duty truck suspension system market during the forecast period.
  • The suspension system can change its ride height based on the terrain, which increases vehicle stability and driver comfort.
  • Comfortable driving conditions for truck drivers may lower the attrition rates among truck drives and increase the revenue of truck fleet companies.
  • With the growing need for smoother transportation of goods, the adoption of new suspension technologies will grow in the coming years. 

This heavy-duty truck suspension system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Heavy-duty Truck Suspension System Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

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

 

This statistical study of the heavy-duty truck suspension system market encompasses successful business strategies deployed by the key vendors. The heavy-duty truck suspension system market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The heavy-duty truck suspension system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Heavy-duty Truck Suspension System Market?

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58% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for heavy-duty truck suspension systems in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Gross Vehicle Weight Rating Segments in the Heavy-duty Truck Suspension System Market?

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The heavy-duty truck suspension system market share growth by the class 8 segment will be significant during the forecast period. Class 8 truck manufacturers are focusing on integrating suspension systems with the axle drivetrain of vehicles to increase the overall efficiency and performance. The integration of suspension with axle reduces production costs. Therefore, major class 8 truck manufacturers are opting to offer axles integrated with air suspension systems. This integration increases ride comfort and improves cargo protection.

This report provides an accurate prediction of the contribution of all the segments to the growth of the heavy-duty truck suspension system market size and actionable market insights on post COVID-19 impact on each segment.

 

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What are the Key Factors Covered in this Heavy-duty Truck Suspension System Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive heavy-duty truck suspension system market growth during the next five years
  • Precise estimation of the heavy-duty truck suspension system market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the heavy-duty truck suspension system industry across APAC, North America, Europe, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of heavy-duty truck suspension system market vendors

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Heavy-duty Truck Suspension System Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of 1.66%

Market growth 2021-2025

$ 4.47 billion

Market structure

Fragmented

YoY growth (%)

1.71

Regional analysis

APAC, North America, Europe, South America, and MEA

Performing market contribution

APAC at 58%

Key consumer countries

China, US, Mexico, Germany, and Japan

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

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

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The heavy-duty truck suspension system market growth will increase by $120.02 thousand units during 2019-2024.
The heavy-duty truck suspension system market is expected to grow at a CAGR of 1.36% during 2019-2024.
Technavio has segmented the heavy-duty truck suspension system market by other1 volume (Class 8 and Class 7) and geographic (APAC, North America, Europe, South America, and MEA).
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 are a few of the key vendors in the heavy-duty truck suspension system market.
APAC will register the highest growth rate of 61.14% among the other regions. Therefore, the heavy-duty truck suspension system market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the heavy-duty truck suspension system market growth are:
  • Growing sales of heavy-duty trucks
  • Development of standards for non-metallic air suspension system tubing with one or more layers
The heavy-duty truck suspension system market vendors should focus on grabbing business opportunities from the class 8 segment as it accounted for the largest market share in the base year.
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