Heavy-duty Truck Suspension System Market to record a growth of USD 1.79 billion between 2023 and 2028, Discover the Latest Trends, Market Share, and Evolving Opportunities - Technavio
Arnott LLC, Bridgestone Corp., Buga Technic, and Continental AG are among the key companies
NEW YORK, Jan. 28, 2024 /PRNewswire/ -- The heavy-duty truck suspension system market is estimated to grow by USD 1.79 billion from 2023 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 2.71% during the forecast period. However, the growth momentum will progress. The technological advancements in suspension systems in the automotive sector is a major trend. Many manufacturers are focusing on enhancing vehicle efficiency through innovative suspension system components. Among these innovations is the liftable forward axle, which is integrated into the air suspension system. It automatically raises the front axle when the truck is not carrying cargo, based on axle weight. Another advancement is the liftable forward tandem axle, designed to improve fuel efficiency, reduce rolling resistance, and minimize tire wear. This axle configuration is particularly suitable for truck fleets transporting substantial cargo volumes.
Technavio has segmented based on Vehicle Type (Class 8 and Class 7), Distribution Channel (OEM and Aftermarket), and Geography (APAC, North America, Europe, South America, and Middle East and Africa).
- The Class 8 segment is estimated to witness significant growth during the forecast period. Suspension system advancements in the class 8 truck segment prioritize fuel efficiency and performance improvement. The predominant 6x4 axle setup powers two rear axles, defining the segment. Manufacturers are innovating to reduce fuel consumption while maintaining performance, often replacing leaf spring systems with air suspension for weight reduction and improved responsiveness.
By geography, the global market is segmented into APAC, North America, Europe, South America, and Middle East, and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth.
- APAC is estimated to contribute 53% to the growth during the forecast period. The growth in the region is driven by a burgeoning automotive industry and the increasing demand for advanced vehicles with safety features, infotainment, and HVAC systems. India, Japan, and China are adopting ADAS and safety systems, with China and India experiencing rapid population growth that will impact economic development, especially in the automotive sector.
- The rising need for smooth freight transportation is a key factor driving growth.
- Stringent regulations regarding emission control are one of the key challenges hindering growth.
Enhancing Performance: A Comprehensive Overview of Suspension Systems and Components
The heavy-duty truck suspension system encompasses various components like air suspension, leaf springs, and shock absorbers, ensuring optimal ride control and load handling. These systems employ technologies such as pneumatic systems, electronic control systems, and hydraulic systems to manage suspension dynamics, vibration control, and chassis dynamics. They also feature components like kingpins, ball joints, and control arms for stability and wheel alignment. Semi-active and active suspension systems offer adjustable damping, enhancing ride quality and control. These systems cater to heavy-duty trucks, commercial vehicles, and fleet management, with aftermarket services and OEMs playing a crucial role in the market.
What are the key data covered in this report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth between 2024 and 2028
- Precise estimation of the size and its contribution to the the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the industry across APAC, North America, Europe, South America, and Middle East and Africa
- A thorough analysis of the competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Heavy-duty Truck Suspension System Market vendors
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Sizes
Five Forces Analysis
Segmentation by Distribution Channel
Segmentation by Type
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential and assess their competitive positions within changing scenarios.
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SOURCE Technavio
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