Trailer Suspension System Market to Witness an Outstanding Growth During 2020 - 2030
According to PMRs study, the COVID-19 outbreak remains a hindrance for trailer production activities, worldwide, as countries that are major trailer production centers, such as the U.S, China, and Germany, among others, have been badly affected. The COVID-19 pandemic is also expected to significantly impact trailer demand in the short-term. In the long-term however, the global trailer suspension system market is projected to expand at a decent CAGR of 5% over the forecast period of 2020 to 2030.
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Key Takeaways from Trailer Suspension System Market Study
Various manufacturers are focusing on innovations in product technologies, such as zero-maintenance damping (ZMD) ride suspension technology, which offers better comfort while driving and improves overall product durability.
Strict rules and regulations by various government authorities on limiting the overall length and load capacity of trailers have resulted in significantly reducing car carriage capacity from 22 cars per trailer carrier to 6/10 cars per vehicle, depending on the trailer type. These factors are anticipated to drive the demand for new trailer sales over the forecast period.
Asia Pacific is alone expected to hold more than 1/3 share of the global trailer suspension system market.
End users prefer air suspension systems over other product types, owing to technology advances, lesser price, and lightweight aspect. This has increased the trade-in value or resale of trailers, besides reducing maintenance costs.
One of the primary challenges in the trailer suspension system market is their reduced replacement rate.
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“The market has been observing a shift from high-strength products toward the use of lightweight material, low-maintenance costs, and advanced technology. On the other hand, the COVID-19 outbreak has disturbed the value chain of the trailer suspension system market. The market is estimated to slowly recover completely within one to two years,” says a PMR analyst.
Market Landscape Moving toward Consolidation
The global trailer suspension system market is notably fragmented, with the presence of numerous market participants that have expertise in advanced manufacturing techniques. Stakeholders in emerging markets are poised to expand their business operations and increase value-addition in their product offerings through portfolio rationalization. Numerous manufactures in the trailer suspension system market have developed their product lines with focus on key trailer types. Manufacturers are also focusing on improving their R&D capabilities to introduce new lightweight trailer suspension systems that help reduce overall trailer weight and maintenance costs, and increase fuel efficiency along the way.
What Does the Future Hold?
Axle & suspension combination mechanisms have been adopted by various trailer manufactures. Therefore, prominent market players are focusing on introducing complete axle and suspension systems with custom designed options. Many manufactures have also developed lightweight trailer suspension systems featuring large diameter axles (LDAs). Attractive financing options for trailers are expected to increase the interest of customers into buying their own trailers, rather than renting them. This factor is expected to boost market growth over the forecast years.
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