Truck Suspension System Market to Reach $32.87 Billion, Globally, by 2032 at 4.2% CAGR: Allied Market Research

Surge in fleet modernization and increased demand for comfort and safety, growth in the logistics industry, and rise in production and sales of trucks and commercial vehicles drive the growth of the global truck suspension system market.

WILMINGTON, Del., Nov. 22, 2023 /PRNewswire/ -- Allied Market Research published a report titled, "Truck Suspension System Market by Class (Medium Duty and Heavy Duty), Sales Channel (OEM and Aftermarket), and Type (Spring, Equalizer Beam, Air Spring Suspension, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global truck suspension system industry generated $21.85 billion in 2022, and is anticipated to generate $32.87 billion by 2032, witnessing a CAGR of 4.2% from 2023 to 2032.

Prime determinants of growth

Surge in fleet modernization and increased demand for comfort & safety, growth in the logistics industry, and rise in production & sales of trucks and commercial vehicles drive the growth of the global truck suspension system market. However, lack of standardization restricts the market growth. Moreover, rise in demand for lightweight suspension systems and reduced maintenance costs are anticipated to create a market opportunity for the players operating in the market.

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Report Coverage & Details:

The medium duty segment to maintain its leadership status throughout the forecast period

By class, the medium-duty segment held the highest market share in 2022, accounting for more than half of the global truck suspension system market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 4.2% from 2023-2032, due to increasing demand for medium-duty trucks in last-mile delivery and logistics.

The OEM segment to maintain its leadership status throughout the forecast period

By sales channel, the OEM segment held the highest market share in 2022, accounting for more than half of the global truck suspension system market. Similarly, the OEM segment is projected to manifest the highest CAGR of 4.4% during the forecast period of 2023-2032. This is due to stricter emission norms, there is increased trends toward fleet modernization and suspension replacement in trucks, as modern truck suspension systems are lightweight, more durable, and help in reducing fuel consumption as compared to the traditional suspension system, there is increased demand for suspension system from the OEMs.

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The spring segment to maintain its lead position during the forecast period

By type, the spring segment accounted for the largest share in 2022, contributing to more than one-third of the global truck suspension system market revenue. However, the air spring suspension is anticipated to show the highest CAGR of 4.8% during the forecast period 2023-2032.The demand for air spring suspension is growing due to its ability to provide smooth and constant ride quality. Moreover, air spring suspensions are increasingly being used in electric trucks, which is predicted to drive the demand further during the forecast period.

Asia-Pacific to maintain its dominance by 2032

By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global truck suspension system market revenue. Similarly, Asia-Pacific is expected to dominate the market in terms of CAGR during the forecast period. In recent years, the region has witnessed increased industrialization and economic growth, resulting in increased import/export activities, this created a rising demand for efficient logistics, thus creating growth opportunities for the truck suspension systems market.

Leading Market Players: -

• Link Manufacturing, Ltd
• VDL Groep BV.
• Continental AG
• ZF Friedrichshafen AG
• Simard suspensions
• Sogefi SpA
• Meritor, Inc
• SAF-HOLLAND SE
• Hendrickson
• NHK SPRING Co., Ltd

Research Report Key Highlights:

• The report provides an in-depth analysis of the truck suspension system within the transportation industry.
• Analysis of the truck suspension market spans from 2022 to 2032.
• Recent developments are highlighted in the research study. Prominent companies in the industry are profiled in the research study.
• The market analysis in the research study encompasses various segments and regions.

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The report provides a detailed analysis of these key players in the global truck suspension system market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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