Trailer Suspension System Market

Global Market Study on Trailer Suspension Systems: New Rules & Regulations Regarding Truck Overloading Positively Impacting Demand

Trailer Suspension Systems Market Segmented By Air Suspension Systems, Mechanical Suspension Systems Product with Up to 8,000 Lbs, Above 15,000 Lbs capacity in Semitrailers, Full Trailers

  • July-2020
  • PMRREP31670
  • 289 Pages
  • Automotive
  • PPT, PDF, WORD, EXCEL

Introduction

Trailer manufacturers are increasing their production capacities or establishing new plants to capitalize on the growing demand for trailers, and gain benefits from lower capital requirements and labor costs in selected regions.

The market for trailer parts and components, such as composite-based parts, in countries such as China, Brazil, and Mexico, is projected to benefit significantly from increased demand for aftermarket and OEM products, thereby expanding the trailer suspension system market size.

  • For instance, in 2017, Pitts Enterprises expanded its Elba, Ala. manufacturing facility. This project will add 85,000 square feet to the company’s existing plant.
  • In 2017, Stoughton Trailers opened a new refrigerated trailer assembly line in Evansville, Wisconsin, which is capable of producing more than 2,500 units/year.

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Companies

  • Meritor Inc. 
  • Hendrickson USA, L.L.C.
  • BPW Group
  • SAF-HOLLAND S. A.
  • JOST Werke AG
  • Dexter Axle Company
  • Reyco Granning 
  • CUSH SUSPENSIONS
  • Ridewell Corporation
  • Simard Suspensions
  • Watson & Chalin Mfg Inc

Trailer Suspension System Market Trends

Increasing Demand for Heavy-duty Trailers: In the on-road transportation sector, a major contributor to freight transport is heavy-duty trailers. Latin America, followed by Russia and China, are expected to register significant growth, and hence, are anticipated to be the most attractive regions during the forecast period.

Global trailer production is expected to register a CAGR of 3% to 4% (20202030), owing to steps taken by governments such as promotions and policies of fuel-saving technologies to reduce fuel-consumption and GHG emissions within their heavy-duty vehicle fleets.

Semitrailers account for over 90% of total trailer production across the globe. However, drawbar trailers are estimated to witness substantial demand over the next decade.

Simple & Attractive Equipment Financing Options to Boost Market Growth: Construction, manufacturing, and industrial companies focusing on goods transportation prefer their own equipment as compared to renting equipment from rental companies.

This is due to the easy availability of financing options that gives consumers the required purchasing power with flexible payment terms. Furthermore, financing can provide immediate access to the required trailers with a much lower-up front cost with competitive interest rates and low payments.

Suspension systems cost around US$ 400 - 1,100, depending upon the suspension type, and can account for nearly 7-12% of the total trailer cost. Attractive financing options for trailer are expected to increase the interest of customers to buy their own trailer rather than renting one out. This is expected to drive the growth of the trailer suspension system market to some extent.

trailer suspension system market

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Trailer Suspension System Market Restraints

Reduced Replacement Rate of Trailer Suspension Systems: The replacement rate of trailers and related components such as suspension systems, hydraulic cylinders, and others is declining. Total operational life of trailers and related components is estimated to be 8 - 18 years, which is a positive indicator for end users and customers.

However, considering market prospects, suspension system manufacturers and suppliers are highly dependent on volume sales to increase their profitability. Thus, this reduced replacement rate may somewhat hamper the growth of the global trailer suspension system market during the forecast period.

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Trailer Suspension System Market: Structure Analysis

With evolving customer expectations, shift in competitive power, and acceleration in technological innovation, manufacturers have been improving their aftersales service offerings to customers, and investing extensively in R&D to develop better quality products and technologically-advanced trailer suspension systems.

They are also focusing on acquisitions and joint ventures to increase their trailer suspension system market share. For instance, in 2018, SAF-HOLLAND S.A. completed the acquisition of York Group - one of the prominent suppliers of trailer axles and suspension systems in the APAC/China region. In January 2015, JOST Werke AG acquired Mercedes-Benz Trailer Axle Systems.

Several prominent suppliers are involved in the global trailer suspension system market, such as Meritor Inc., Hendrickson USA, L.L.C., BPW Group, SAF-HOLLAND S. A., JOST Werke AG, and others.

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COVID-19 Pandemic Impact on Trailer Suspension System Market

The COVID-19 outbreak has affected nearly all sectors across the world, and is also hindering the production of trailers, worldwide. Countries such as the U.S, China and Germany, among others, have high production of trailers, and a decline of trailer suspension system sales by US$ 120 Mn in 2020 is expected. The COVID-19 pandemic is expected to significantly impact trailer demand in the short-term, with trailer sales in Germany already registering a 20% drop in first quarter of 2020 itself.

Analysts’ Viewpoint

Research into trailer suspension systems has intensified over the past several years. Several manufacturers across the globe are emphasizing on technological developments of trailer suspensions, such as zero-maintenance damping (ZMD) ride suspension technology, which offers better comfort drive and improves overall product durability. The trailer suspension system market hasn’t matured completely, and is expected to hold high potential in the future.

Key Segments of Trailer Suspension System Market

Product

  • Air Suspension Systems
  • Mechanical Suspension Systems

Capacity

  • Up to 8,000 Lbs
  • 8,000 - 15,000 Lbs
  • Above 15,000 Lbs

Sales Channel

  • OEMs
  • Aftermarket

Trailer

  • Semitrailers
  • Full Trailers

Region

  • North America
  • Latin America
  • Europe
  • South Asia and Pacific
  • East Asia
  • MEA

PMR’s study on the trailer suspension system market is divided into five significant segments - product, capacity, sales channel, trailer, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.

Key Questions Answered in PMR’s Trailer Suspension System Market Report

  • Which region is anticipated to hold a prominent market share over the forecast period?
  • What will be the key driving factors propelling the demand for trailer suspension systems during the forecast period?
  • How will current trends impact the trailer suspension system market?
  • Who are the significant market participants in the trailer suspension system market?
  • What are the crucial strategies of prominent players in the trailer suspension system market to upscale their position in this landscape?

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