Truck Suspension Market Shows Moderate Growth, $32.9 Billion Expected by 2032 | AMR

WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 15, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, "Truck Suspension System Market Share, Size, Competitive Landscape and Trend Analysis Report, by Class, by Sales Channel, by Type : Global Opportunity Analysis and Industry Forecast, 2023-2032."

The global truck suspension system market size was valued at $21.9 billion in 2022, and is projected to reach $32.9 billion by 2032, growing at a CAGR of 4.2% from 2023 to 2032.

Asia-pacific region is dominating the truck suspension system market share in terms of revenue, followed by North America, Europe, and LAMEA. Similarly, Asia-Pacific region is anticipated to grow at the fastest CAGR during the forecast period due to increase in fleet modernization in the region.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/A12735

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.

The truck suspension system includes components such as coil and leaf springs, shock absorbers, struts, frames, control arms, and others. The suspension system is an important element of a truck which allows increased handling and improves ride quality; the suspension system enables the tire and axles to move independently from each other instead of the axle being attached to the frame directly, this results in decreasing the impact of cracks and uneven terrain on the road. The global truck suspension system market is expected to witness significant demand in the coming years due to the growth of the logistics industry and the rise in production and sales of trucks and commercial vehicles. Similarly, fleet modernization and increasing demand for comfort and safety will play an important role in driving the market demand. Strategic collaboration between industry player for the development of truck suspension system is also positively helping in the growth of the market.

For instance, On July 5, 2023, Volta Trucks and ZF Friedrichshafen AG collaborated together to create the next wave of mobility and help the industry move toward zero emissions and zero accidents. ZF Friedrichshafen AG will be able to provide Volta Trucks with key parts like braking, suspension, and steering systems according to the agreement. This will help Volta Trucks cut down on R&D costs and speed up the time it takes to get products on the market.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/truck-suspension-system-market/purchase-options

Likewise, on 1 April 2023, Hendrickson announced a partnership with Freightliner Trucks, as a part of the deal, Hendrickson will give its latest heavy-duty rubber suspension systems to Freightliner Trucks' program to improve the chassis of its M2, SD, and Plus vocational trucks series. The HAULMAAX EX suspension is equipped with equalizing beams that distribute the load evenly between both axles. This helps the vehicle to maintain traction, thus offering the flexibility required for trucks that are used both on and off the road.

Moreover, On May 9, 2022, Hendrickson announced the release of a new line of products aimed directly at the growing market for electric vehicles. As part of the launch, the company introduced SOFTEK, a front steer axle and suspension system that works with the front mechanical spring suspension and a lightweight clamp group to improve the ride quality and reduce weight. It is possible to use the new suspension system with medium-duty electric vehicles.

Major companies operating in the market are continuously modifying their product range to develop lighter designs and more efficient suspension systems; the companies are also utilizing lighter composite materials such as aluminum, carbon fibers, and hybrid composites; these materials are also modified to enhance their strength and make their corrosion resistance to enhance the overall life of the suspension system.

Factors such as fleet modernization and increasing demand for comfort and safety, growth of the logistics industry, and rise in production and sales of trucks and commercial vehicles. However, a lack of standardization is hampering the growth of the market. Furthermore, increase in demand for lightweight suspension systems and reduced maintenance costs are expected to create a market opportunity for players operating in the market.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/A12735

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :

By class, the medium-duty dominated the global truck suspension system market in terms of growth rate.

By sales channel, the OEM segment dominated the global truck suspension system market in terms of growth rate.

By type, the air-spring suspension segment dominated the global truck suspension system market in terms of growth rate.

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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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