Trailer Suspension System Market to Reach US$ 5.4 Bn by 2030; Manufacturing & Sales Badly Hit Due to Ongoing COVID-19 Crisis
Published On : Jan 08, 2021
Safety is an important criterion for manufacturers in the global trailer suspension system market. A suspension system influences the driver’s comfort and safety, especially when driving on rough terrain. Increasing concerns toward safety by end consumers is anticipated to bolster the demand for trailer suspension systems.
According to PMRs study, the COVID-19 outbreak remains a hindrance for trailer production activities, worldwide, as countries that are major trailer production centers, such as the U.S, China, and Germany, among others, have been badly affected. The COVID-19 pandemic is also expected to significantly impact trailer demand in the short-term. In the long-term however, the global trailer suspension system market is projected to expand at a decent CAGR of 5% over the forecast period of 2020 to 2030.
Key Takeaways from Trailer Suspension System Market Study
- Various manufacturers are focusing on innovations in product technologies, such as zero-maintenance damping (ZMD) ride suspension technology, which offers better comfort while driving and improves overall product durability.
- Strict rules and regulations by various government authorities on limiting the overall length and load capacity of trailers have resulted in significantly reducing car carriage capacity from 22 cars per trailer carrier to 6/10 cars per vehicle, depending on the trailer type. These factors are anticipated to drive the demand for new trailer sales over the forecast period.
- Asia Pacific is alone expected to hold more than 1/3 share of the global trailer suspension system market.
- End users prefer air suspension systems over other product types, owing to technology advances, lesser price, and lightweight aspect. This has increased the trade-in value or resale of trailers, besides reducing maintenance costs.
- One of the primary challenges in the trailer suspension system market is their reduced replacement rate.
“The market has been observing a shift from high-strength products toward the use of lightweight material, low-maintenance costs, and advanced technology. On the other hand, the COVID-19 outbreak has disturbed the value chain of the trailer suspension system market. The market is estimated to slowly recover completely within one to two years,” says a PMR analyst.
Market Landscape Moving toward Consolidation
The global trailer suspension system market is notably fragmented, with the presence of numerous market participants that have expertise in advanced manufacturing techniques. Stakeholders in emerging markets are poised to expand their business operations and increase value-addition in their product offerings through portfolio rationalization. Numerous manufactures in the trailer suspension system market have developed their product lines with focus on key trailer types. Manufacturers are also focusing on improving their R&D capabilities to introduce new lightweight trailer suspension systems that help reduce overall trailer weight and maintenance costs, and increase fuel efficiency along the way.
What Does the Future Hold?
Axle & suspension combination mechanisms have been adopted by various trailer manufactures. Therefore, prominent market players are focusing on introducing complete axle and suspension systems with custom designed options. Many manufactures have also developed lightweight trailer suspension systems featuring large diameter axles (LDAs). Attractive financing options for trailers are expected to increase the interest of customers into buying their own trailers, rather than renting them. This factor is expected to boost market growth over the forecast years.
Want to Know More?
PMR has published a market research report on the trailer suspension system market that contains global industry analysis of 2015–2019 and opportunity assessment for 2020–2030. The report provides insightful analysis of the trailer suspension system market through five different segments - product, capacity, sales channel, trailer, and region. The trailer suspension system market report also provides supply and demand trends, a comprehensive list of suppliers and distributors in the market, and a detailed overview of the parent market.
For additional insights on how the trailer suspension system market will shape up over the next decade, write to email@example.com
About PMR – Automotive & Transportation
Persistence Market Research’s team of automotive and transportation market experts has been tracking the industry for nearly a decade now. The team has authored 1,000+ reports, covering a broad spectrum – from passenger cars and freight to components and railways. Our market research includes market sizing, forecasting, product, and market segmentation, and a detailed discussion on prevailing and anticipated market conditions. Reach out to us for more information on how we can help.
Trailer Suspension System Market
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Global Market Study on Trailer Suspension Systems: New Rules & Regulations Regarding Truck Overloading Positively Impacting DemandRequest TOC