Truck Suspension System Market Expected to Hit $32.9 Billion by 2032 at 4.2% CAGR

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. 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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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.

The key players profiled in this report include

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

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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.

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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.

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.

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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.

Regional Analysis:

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.

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