Truck Suspension System Market Expected to Reach $32.9 Billion by 2032—Allied Market Research

According to a recent report published by Allied Market Research, titled, “Truck Suspension System Market by Class, by Sales Channel, and by Type: Global Opportunity Analysis and Industry Forecast, 2024–2035,” the global truck suspension system market is projected to be valued at $21,856.4 million in 2022, and is expected to reach $32,878.38 million by 2031, registering 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.

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.

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.

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.

The leading players operating in the Truck Suspension System market are Link Manufacturing, Ltd, VDL Groep BV., Continental AG, ZF Friedrichshafen AG, simard suspensions, Sogefi SpA, Meritor, Inc, SAF-HOLLAND SE, Hendrickson and NHK SPRING Co.,Ltd