LONDON--(BUSINESS WIRE)--The global heavy-duty truck suspension system market is expected to post a CAGR of close to 2% during the period 2019-2023, according to the latest market research report by Technavio. However, the market is expected to decelerate on a year-on-year basis during the forecast period.
A key factor driving the growth of the global heavy-duty truck suspension system market is the growing sales of heavy-duty trucks. The global production of heavy-duty trucks was estimated at 1,690.19 thousand units in 2018, and it is expected to reach 1,840.3 thousand units by 2023 at a CAGR of 1.72%. Commercial trucks are designed to carry heavy loads over long distances. Therefore, these vehicles require a heavy-duty suspension system that can maintain stability over rough roads. Thus, increasing sales of heavy-duty commercial trucks are expected to drive the demand for heavy-duty truck suspension system during the forecast period.
This market research report on the global heavy-duty truck suspension system 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the development of standards for non-metallic air suspension system tubing with one or more layers as one of the key emerging trends in the global heavy-duty truck suspension system market:
Global heavy-duty truck suspension system market: Development of standards for non-metallic air suspension system tubing with one or more layers
An air suspension system uses a series of non-metallic pneumatic tubing in its inflation valves to control the amount of air pressure and adjust vehicle height. Therefore, SAE International has set certain manufacturing standards that must be followed by automotive manufacturers to maintain quality. SAE is upgrading the J3185 standard that governs the quality of non-metallic air suspension system tubing with one or more layers since 2018. The organization is expected to introduce the updated standard by 2020. This is likely to impact the growth of the heavy-duty truck suspension system market.
“Apart from the growing sales of heavy-duty trucks, factors such as the rising need for smooth freight transportation and the increasing demand for lightweight and durable suspensions systems are expected to positively impact the growth of the global heavy-duty truck suspension system market during the forecast period,” says a senior analyst at Technavio for research on automotive components.
Global heavy-duty truck suspension system market: Segmentation analysis
This market research report segments the global heavy-duty truck suspension system market by gross vehicle weight rating (class 8 and class 7) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share of over 43%, followed by the Americas and EMEA respectively. The APAC region will continue to dominate the global heavy-duty truck suspension system market during the forecast period with the highest incremental growth owing to the progressive economic growth and the localization of manufacturing of the heavy-duty truck suspension systems.
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Market Landscape
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Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
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