LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global heavy-duty truck suspension system market and it is anticipated to grow by 120.02 thousand units during 2020-2024. However, the market growth momentum is expected to decelerate at a CAGR of over 1% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, including the impact of the COVID-19 pandemic, latest trends and drivers, and the overall market environment. About 61% of the overall market growth is expected to originate from APAC and the market will witness maximum growth in the class 8 trucks segment.
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Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the heavy-duty truck suspension system market. The market growth in 2020 is likely to increase compared to the market growth in 2019.
Frequently Asked Questions:
Based on segmentation by gross vehicle weight rating, which is the leading segment in the market?
The class 8 trucks segment will lead the market during the forecast period.
What are the major trends in the market?
Development of standards for non-metallic air suspension system tubing with one or more layers.
At what rate is the market projected to grow?
The growth of the market is projected to decelerate at a CAGR of over 1% during 2020-2024.
Who are the top players in the market?
Continental AG, Hendrickson Holdings LLC, JOST Werke AG, Meritor Inc., SAF-HOLLAND SE, Simard Suspensions Inc., thyssenkrupp AG, VDL Groep BV, WABCO Holdings Inc., and ZF Friedrichshafen AG are the top players in the market.
What are the key market drivers and challenges?
The market is driven by the growing sales of heavy-duty trucks. However, the complexities of air suspension systems used in heavy-duty trucks will challenge growth.
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The market is concentrated, and the degree of concentration will decelerate during the forecast period. Continental AG, Hendrickson Holdings LLC, JOST Werke AG, Meritor Inc., SAF-HOLLAND SE, Simard Suspensions Inc., thyssenkrupp AG, VDL Groep BV, WABCO Holdings Inc., and ZF Friedrichshafen AG are some of the major market participants. Although the growing sales of heavy-duty trucks will offer immense growth opportunities, the complexities of air suspension systems used in heavy-duty trucks are likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this heavy-duty truck suspension system market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. The report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Heavy-duty Truck Suspension System Market 2020-2024: Segmentation
Heavy-duty Truck Suspension System Market is segmented as below:
Gross Vehicle Weight Rating
- Class 8
- Class 7
- North America
- South America
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Heavy-duty Truck Suspension System Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The heavy-duty truck suspension system market report covers the following areas:
- Heavy-duty Truck Suspension System Market Size
- Heavy-duty Truck Suspension System Market Trends
- Heavy-duty Truck Suspension System Market Industry Analysis
This study identifies the development of standards for non-metallic air suspension system tubing with one or more layers as one of the key trends driving the Heavy-duty Truck Suspension System Market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Heavy-duty Truck Suspension System Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist heavy-duty truck suspension system market growth during the next five years
- Estimation of the heavy-duty truck suspension system market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the heavy-duty truck suspension system market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of heavy-duty truck suspension system market vendors
Table of Contents:
- Market ecosystem
- Market characteristics
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Gross vehicle weight rating by Volume
- Market segments
- Comparison by Gross vehicle weight rating by volume
- Class 8 - Market size and forecast 2019-2024 (thousand units)
- Class 7 - Market size and forecast 2019-2024 (thousand units)
- Market opportunity by Gross vehicle weight rating by volume
- Customer landscape
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Continental AG
- Hendrickson Holdings LLC
- JOST Werke AG
- Meritor Inc.
- SAF-HOLLAND SE
- Simard Suspensions Inc.
- thyssenkrupp AG
- VDL Groep BV
- WABCO Holdings Inc.
- ZF Friedrichshafen AG
- Scope of the report
- Currency conversion rates for US$
- Research methodology
List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.