Trailer Suspension System Market

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

Global Trailer Suspension System Market by Product Type (Air Suspension Systems, Mechanical Suspension Systems), Air Suspension System Category holds a remarkable market share of around 72.8%.

Report ID: PMRREP31670

Number of Pages: 289

Format: PPT*, PDF, EXCEL

Industry: Automotive

Published Date: February-2023

Report Price

$4900*

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Trailer Suspension System Market Snapshot

[235 Pages] The Global Trailer Suspension Systems Market is currently valued at around US$ 3,588.6 million by Persistence Market Research and is anticipated to progress at a CAGR of 5.1% to reach US$ 6,165.4 million by 2033.

The suspension system, which balances the vehicle and functions both on and off-road to absorb uneven road surfaces, is one of the most crucial parts of almost every vehicle. Trailers are utilized to deliver or transport products to various locations across a wide range of industries because they were designed specifically for this objective.

Global Trailer Suspension System Market Size (2022A)

US$ 3,588.6 Million

Global Trailer Suspension System Market Size (2023E)

US$ 3,762.7 Million

Projected Trailer Suspension System Market Value (2033F)

US$ 6,165.4 Million

Value CAGR (2023 to 2033)

5.1%

Collective Value Share: Top 3 Countries (2022)

50.91%

The suspension system's primary function is to connect the trailer's wheels to its body while also absorbing the worst physical impacts caused by the road's surface. Along with damping force, it must preserve the trailer's handling when towed by the vehicle. Trailer manufacturers are expanding their manufacturing capabilities or opening new facilities to capitalize on the rising demand for trailers and take advantage of the cheaper capital and labour costs in some places.

Organizations in the building, manufacturing, and industrial sectors that specialize in the transportation of commodities prefer to use their own equipment rather than hire it from rental companies. Depending on the suspension type, the suspension system ranges in price from US$ 400 to $1,100, and it can represent 7–12% of the whole trailer cost. Due to the simple accessibility of financing solutions, consumers now have the necessary purchasing power and flexible payment arrangements. Furthermore, finance may be able to offer rapid access to the necessary trailers at significantly lower upfront costs, attractive interest rates, and compact payments. It is anticipated that this will, in part, increase demand for trailer suspension systems.

The global Trailer Suspension System accounts for ~ 9 to 12% of its parent market of the Global Automotive Suspension Systems Market.

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Demand Analysis of Trailer Suspension Systems from 2017 to 2022 Vs Market Outlook for 2023 to 2033

From 2017 to 2022, the market for Trailer Suspension Systems increased at a 2.2% CAGR and is anticipated to grow at a CAGR of 5.1% in the forecast period of 2023 to 2033. This increase in CAGR is higher because of factors including the worldwide rising demand from construction and other end use industries as well as the increasing production of vehicles.

Global industrial development has been negatively impacted by the COVID-19 pandemic. It was challenging for the manufacturer to increase their market due to global restrictions on supply and value chains. That epidemic had an influence on both of the trailer suspension sales channels, and the market suffered severe losses.

The global market was attempting to return to its pre-pandemic level of operation so that it could develop significantly. Trailers will be in high demand for the transportation of large goods due to the expanding logistics and transportation industries. Due to the uneven roadways and sometimes due to overloads, trailer suspensions are the main component that is influenced. As a result, the trailer suspension system will grow in both OEM and aftermarket over the forecast period.

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What are the drivers for the Trailer Suspension System Market?

Trailer manufacturers are expanding existing production facilities or creating new ones to capitalize on the growing demand for trailers. The need for aftermarket and OEM products is anticipated to have a substantial positive impact on the market for trailer parts and components, including composite-based parts, in nations like China, Brazil, and Mexico.

The value of the global construction market is expected to grow in the forecast period. It is projected that demand for trailers with a big capacity to sustain the load and assist transportation would rise significantly throughout the projection period. As a result of the new construction activities brought on by rising urbanization, it is projected that there will be an increase in demand for trailers in buildings and construction projects. Urbanization and construction are therefore expected to have a significant effect on the demand growth for trailer suspension systems.

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What are the restraints for the Trailer Suspension System Market growth?

The overall operational life of trailers and related components is anticipated to be 8 to 18 years, related components include suspension systems, hydraulic cylinders, and others that are installed and essential for trailers. However, given the market's potential, suspension system providers and manufacturers rely heavily on volume sales to boost their profitability. As a result, over the forecast period, the market for trailer suspension systems may have growth challenges due to the lower replacement rate.

What are the Key Opportunities on Offer for Trailer Suspension System Manufacturers?

The government's initiatives to support and implement legislation for fuel-saving technologies to reduce fuel consumption and GHG emissions within their fleet of heavy-duty vehicles will lead to a growth in worldwide trailer manufacturing throughout the course of the projected period. In the field of on-road transportation, heavy-duty trailers are crucial for the movement of cargo. Latin America, followed by Russia and China, is estimated to have high growth potential for market demand throughout the assessment period.

Trailer manufacturers are expanding the existing production capacities or creating new ones to capitalize on the growing demand for trailers and the lower labour and capital costs in these regions. In countries like China, Brazil, and Mexico, the demand for aftermarket and OEM products is predicted to have a significant beneficial impact on the market for trailer parts and components, especially parts made of composite materials. Semitrailers account for over 80-85% of the total trailer production across the globe. However, drawbar trailers are estimated to witness substantial demand over the next decade.

Region-wise Analysis

How is North America Contributing to Growth of the Trailer Suspension System Market?

North America will continue to hold a substantial market share in the global trailer suspension system market over the forecast period of 2023–2033, although the U.S. is anticipated to experiences rapid growth in demand for these systems growing with a value CAGR of 7.3%.

North America will present the market for trailer suspension systems with the huge potential for expansion throughout the forecast period. North America is known for producing and selling a significant portion of the world's commercial vehicles. For example, the food, pharmaceutical, construction, and other industries all had a high demand for trailers to transport their products to other sites. Trailers also fell under this category of commercial vehicles.

The increased demand for goods and the relatively higher production rates by the various sectors will be what will generate the demand for a source of transportation to keep the supply chain in place. These factors together will accelerate the market spread of trailer suspension systems in North American countries.

Why is East Asia Emerging as an Opportunistic Trailer Suspension System Market?

China has a fragmented market for almost every sector and similarly for the trailer suspension Systems. It holds a significant market share of around 23.1% in the Global Trailer Suspension System Market.

The fresh food logistics sector in China is beginning to experience long-term expansion due to the growing significance of the service sectors to the GDP. As a result, the market for trailer suspension will experience an increase in demand for trailers to support the logistics sector in China.

According to reports, China will improve the management of road safety for the transportation of hazardous materials, with a particular emphasis on eliminating violations such illegal entrainment and non-compliant tankers carrying liquid hazardous materials. When a vehicle is loaded, the suspension plays an important role in balancing and handling on the road.

Category-wise Insights

Which Product Type has the Most Potential for Growth in the Trailer Suspension System Market?

The Air Suspension System Category holds a remarkable market share of around 72.8% in the Global Trailer Suspension System Market by Product Type in 2022.

The Air suspension system is made by inflating rubber and polyurethane bags with a compressor. Air-sprung trailers easily avoid bumps while causing the driver with minimum discomfort, harshness, or noise. Additionally, air suspension has less vibration, which causes less abrasion and wear on other parts of the full or semi-trailer. The semi-trailer axles are kept horizontal throughout all motions by the mechanical suspension, which utilizes a series of response arms. The load distribution of a heavy-duty truck equipped with a mechanical trailer suspension system is unaffected by the use of brakes. All of these factors attract customers to the trailer with an air suspension system, and as a result of this growing preference, it will hold a significant market share and grow significantly in the forecast period.

Which Trailer Type Witnesses the Significant Demand in the Global Market?

The semitrailer category of Trailer Type will dominate the global market for trailer suspension systems during the forecast period. Semi-trailers are trailers that don't have a front axle. A significant proportion of its weight is supported by a road tractor or a dolly, which has a detachable front axle assembly. When a semi-trailer is unhooked from the tractor, its legs can be lowered to help sustain it. The full trailer is a kind of freight trailer that has front and rear axles and is hauled by a drawbar. In Europe, the term "full trailer" is sometimes interchanged with "A-frame drawbar trailer."

To increase hauling capacity, semi-trailers can be joined together to form "doubles" or "triples," which refer to both semi-trailers and full trailers. Semi-trailers often have a greater load ratio between tare and laden weight and can transport heavier cargoes. Longer materials fit perfectly in their longer cargo beds. A semi-trailer will have superior traction if you're traveling on snowy roads because of the weight on the tractor unit's drive axles.

Compared to a full trailer, a semi-trailer has a reduced turning radius, making it easier to handle. A semi-trailer may reverse more easily when there is only one turning point. However, because of their greater center of gravity and less solid construction than full trailers, they are more likely to tip over. All these factors made the semi-trailer preferable over the full trailers.

Competitive Landscape

The global market for trailer suspension systems is highly competitive as a part of the booming automotive industry, with numerous manufacturers competing for market dominance. To boost their market share, the corporations have expanded their production capabilities. To improve their revenue share, industry participants are developing their product portfolios and engaging in mergers and acquisitions.

Trailer Suspension Systems Industry Report Scope

Attribute

Details

Forecast Period

2023–2033

Historical Data Available for

2017–2022

Market Analysis

  • US$ Million for Value
  • Units for volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Pacific
  • Middle East and Africa

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Benelux
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Australia and New Zealand
  • GCC Countries
  • Türkiye
  • Northern Africa
  • South Africa

Key Market Segments Covered

  • Product Type
  • Capacity
  • Trailer Type
  • Sales Channel
  • Region

Key Companies Profiled

  • 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

Pricing

Available upon Request

Key Segments Covered in Trailer Suspension Systems Industry Research

By Product Type

  • Air Suspension Systems
  • Mechanical Suspension Systems

By Capacity

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

By Trailer Type

  • Semitrailers
  • Full Trailers

By Sales Channel

  • OEM
  • Aftermarket

By Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Pacific
  • Middle East and Africa

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Companies Covered in This Report

  • 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.

Frequently Asked Questions

The Global Trailer Suspension System Market is estimated to be valued at over US$ 3,588.6 Mn as of 2022.

Trailer Suspension Systems are projected to increase at 5.1% CAGR and is expected to be valued at around US$ 6,165.4 Mn by 2033 end.

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, etc.

China, U.S., Germany, Japan and Canada are driving most of the demand for Trailer Suspension Systems.

The market in the U.K. is set to expand at 4.0% CAGR during the coming forecasted period.

China, U.S., and Germany are prominent producers and exporters of Trailer Suspension Systems.

Japan is slated to hold a 9.1% share of the global market in 2022.

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