Report Ocean has recently published a new research report on the global trailer suspension system market. The study, titled “Global Trailer Suspension System Market Size study, by 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) and Regional Forecasts 2020-2027,” is prepared after carrying out a detailed analysis of this market, taking the performance of every market segment into consideration, using various research tools.
According to the research report, the worldwide market for trailer suspension systems is majorly driven by the rising demand for heavy duty vehicles across the world. The increasing investments to integrate latest technologies and raise the production of equipment are also adding to the growth of this market substantially. However, the high replacement rate of trailers and related components may act as a restraining factor in the coming years.
The key players in the market for trailer suspension systems have taken up various strategies to gain competitive advantage over their peers. The most prominent among those is penetrating in new geographical areas. The leading companies are setting up their production units in Asian countries, such as China and India, thanks to the availability of cheap labor and low-cost raw materials. They are also focusing on new product launches, agreements and partnerships, mergers and acquisitions, and investments and funding to increase their visibility in the market. For instance, Stoughton Trailers launched a new assembly line of refrigerated trailers in 2019. The move was aimed at gaining a stronghold in the North America market for trailer suspension systems.
North America Continues to Lead
The regional assessment of the global trailer suspension system market has also been provided in this research study. According to this study, the key regional segments of this market are Asia Pacific, North America, Europe, Latin America, and Rest of the World. The leading regional market for trailer suspension system across the world is North America. The presence of attractive financing for equipment and the increasing awareness among consumers pertaining to latest technologies are supporting this market to progress smoothly. The market is projected to continue to exhibit positive growth trajectory, thanks to the expanding application base of these systems in end-use industries.
Another regional trailer suspension system market, which is demonstrating a high growth rate, is Asia Pacific. The market is anticipated to remain exhibiting strong progress over the forecast period, thanks to the rising demand for heavy duty vehicles and increasing penetration of key manufacturers in this region, owing to the availability of low-cost labor, states the research report.
Impact of Covid 19 on Global Trailer Suspension System Market
With the entire world combating the pandemic, the future of the global trailer suspension systems market does not look much bright. No major product launches took place in the commercial vehicle industry in the last few months, which impacted quite negatively on this market. However, as the world prepares to open again, the demand for commercial vehicles is expected to gain momentum very soon, which, eventually, will reflect on the demand for trailer suspension systems as well.
- Aftermarket emerged as the most prominent sales channel in the global trailer suspension systems market.
- North America will continue to lead this market.
- The market in Asia Pacific is showcasing high growth potential.
The global trailer suspension system market is segmented into:
- Air Suspension Systems
- Mechanical Suspension Systems
- Up to 8,000 Lbs
- 8,000 – 15,000 Lbs
- Above 15,000 Lbs
By Sales Channel
- Full Trailers
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Meritor Inc.
- Hendrickson USA, L.L.C.
- BPW Group
- SAF-HOLLAND S. A.
- JOST Werke AG
- Dexter Axle Co.
- Reyco Granning
- CUSH SUSPENSIONS
- Ridewell Corp.
- Simard Suspensions
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