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The heavy-duty truck suspension system market size is forecast to increase by USD 1.79 billion, at a CAGR of 2.71% between 2023 and 2028. The accelerated growth of the market is due to various factors, including the growing sales of heavy-duty trucks, the rising need for smooth freight transportation, and the rising demand for lightweight and durable suspension systems.
The report offers extensive research analysis on the Heavy-duty Truck Suspension System Market, with a categorization based on Vehicle Type, including class 8 and class 7. It further segments the market by Distribution Channel, encompassing OEM and aftermarket. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, the Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the heavy-duty truck suspension system market growth is the rising need for smooth freight transportation. Heavy-duty trucks have a specific purpose of transporting heavy cargo over long distances. In addition, vehicle manufacturers build heavy trucks with capable diesel powertrains and durable drivetrains that can generate sufficient power to haul heavy cargo without causing the vehicle to lose stability.
Moreover, the suspension system plays a major role in complementing vehicle stability, particularly when the vehicle is carrying heavier loads. In addition, vehicle manufacturers are equipping heavy-duty trucks with air-suspension systems as a norm to reduce vibration and engine noise while transporting heavy loads. Furthermore, air suspension offers a smoother ride by automatically adjusting the height of the vehicle according to vehicle speed and reduces resistance to wind while driving on highways. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the heavy-duty truck suspension system market growth is the technological advancements in suspension systems in the automotive sector. Several heavy-duty truck manufacturers are increasingly developing innovative components in suspension systems to enhance the efficiency of the vehicle. In addition, the liftable forward axle works with the air suspension system of a heavy-duty truck and automatically lifts the front axle when it detects the vehicle is not carrying cargo based on the weight of the axle.
Moreover, the liftable forward tandem axle is an innovative addition to the air suspension system; it increases fuel efficiency and reduces rolling resistance and tire wear. In addition, the liftable forward tandem axle is most suited for truck fleets with quantities of cargo to be transported. Hence, such factors are positively impacting the market which in turn drives the market growth during the forecast period.
Stringent regulations regarding emission control are one of the key challenges hindering the heavy-duty truck suspension system market growth. GHG emission regulations under the Clean Air Act formulated by the US Environmental Protection Agency enforced weight standards for the suspension systems used in heavy-duty trucks in the US. In addition, the suspension systems used in heavy-duty trucks are constantly reviewed to evaluate weight in proportion to durability.
Thus, the majority of heavy-truck manufacturers are shifting from composite and heavy-leaf spring suspension systems to lighter and faster-responding air suspension systems. In addition, GHG emission regulations mainly aim to reduce the emissions from various types of vehicles by promoting technologies and vehicle designs that would reduce the weight of the suspension systems and thereby increase fuel efficiency. Hence, such factors are hindering the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Heavy-duty Truck Suspension System Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Arnott LLC: The company offers heavy-duty truck suspension such as Arnott aftermarket custom fit heavy-duty truck suspension system for luxury car, truck or SUV.
The research report also includes market growth and forecasting and detailed market growth analysis of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative market research and growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Class 8 segment is estimated to witness significant growth during the forecast period. The technological development of suspension systems for the class 8 segment is significantly based on enhancing fuel efficiency and performance. In addition, suspension systems for class 8 trucks are largely determined by the axle setup in heavy-duty trucks. Furthermore, the class 8 truck segment is largely penetrated with 6x4 axle setups, wherein two rear axles of the heavy-duty truck are powered by the engine.
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The Class 8 segment was the largest segment and was valued at USD 8.37 billion in 2018. Moreover, Class 8 truck manufacturers are increasingly developing new technologies to decrease fuel consumption without compromising vehicle performance. In addition, mechanical leaf spring suspension systems have been replaced with air suspension systems to decrease the contribution to overall vehicle weight and increase the response sensitivity of the suspension. Furthermore, the need for enhanced driver comfort and cargo protection is driving vehicle makers to opt for air suspension systems in class 8 trucks. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 53% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC is fuelled by the growing automotive industry and the rising demand for technologically advanced vehicles, which include safety features, infotainment systems, and heating, ventilation, and air conditioning (HVAC) systems. In addition, countries such as India, Japan, and China are witnessing a widescale adoption of advanced driver assistance systems (ADAS), infotainment systems, and other safety systems. Moreover, in terms of population, China and India are the fastest-growing countries. Furthermore, economic development will be significantly impacted by housing such a large population with such high projected growth, particularly in the automotive sector. Hence, such factors are driving the market growth in APAC during the forecast period.
The heavy-duty truck suspension system market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest market trends and analysis and growth opportunities from 2018 to 2028.
Heavy-duty Truck Suspension System Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.71% |
Market Growth 2024-2028 |
USD 1.79 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.53 |
Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
Performing market contribution |
APAC at 53% |
Key countries |
US, Mexico, China, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arnott LLC, Bridgestone Corp., Buga Technic, Continental AG, Cummins Inc., EMCO INDUSTRIES, Hendrickson Holdings LLC, JOST Werke AG, Link Manufacturing Ltd., Mando Aftermarket North America, Marelli Holdings Co. Ltd., Michigan Truck Spring of Saginaw Inc., RoadActive Suspension, SAF HOLLAND SE, Simard Suspensions, Sogefi Spa, Suncore Industries, 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 recovery analysis and future consumer dynamics, and Market condition analysis for the 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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Vehicle Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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