Rockville, MD, Nov. 07, 2024 (GLOBE NEWSWIRE) -- The global trailer suspension system market is estimated at US$ 4,089.7 million in 2024, projected to grow steadily with a 5.1% CAGR through 2034. The market is projected to account for valuation of US$ 6,725.3 million by 2034. The rising need for efficient freight and logistics services, driven by e-commerce growth and global trade, propels the demand for trailers with advanced suspension systems. Ongoing infrastructure projects, such as road expansions and construction, increase the need for trailers equipped with durable suspension systems capable of withstanding diverse road conditions.
Continuous innovation in suspension technology, particularly with air suspension systems, enhances ride quality, improves load stability, and reduces wear and tear, attracting customers seeking higher performance and comfort. Stringent safety regulations mandating better load stability, improved braking systems, and overall vehicle safety drive the adoption of advanced suspension systems meeting these standards.
The emphasis on fuel efficiency and reduced emissions prompts the development of lightweight yet robust suspension systems. These systems not only enhance vehicle performance but also contribute to fuel savings, making them an attractive choice for fleet operators looking to optimize their operational costs.
Increasing consumer awareness and demand for smoother rides, reduced noise, and improved handling characteristics in trailers drive manufacturers to develop higher-quality suspension systems. The market sees a rising need for trailers capable of sustaining heavy loads. This demand is driven by various industries, including logistics, construction, and agriculture, requiring trailers with robust suspension systems to handle diverse cargo types.
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Key Takeaways from Market Study
- The global trailer suspension system market is projected to expand at a CAGR of 1% through 2034.
- The North American market is expected to grow at a CAGR of 3% through 2034.
- The United States to hold a revenue share of 3% in 2024, valued at US$ 917.7 million.
- Demand in China is expected to rise at a CAGR of 1% from 2024 to 2034.
- By product type, air suspension systems account for 3% of all trailer suspension systems
- Semitrailers to comprise 4% of trailer suspension systems as of 2024.
“The Trailer Suspension System Industry Sees Promising Growth Prospects in Emerging Markets Due to Increased Construction and Logistics Demand,” remarks an analyst at Fact.MR.
Leading Players Driving Innovation in the Trailer Suspension System Market:
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
Competitive Landscape
Major players are investing heavily in research and development to introduce advanced suspension technologies. This includes the development of air suspension systems, intelligent suspension controls, and adaptive damping systems, enhancing ride quality, stability, and load-bearing capabilities.
- Reyco Granning has positioned itself as a leader in air ride suspensions, offering innovative air suspension systems known for their performance, stability, and smooth rides.
- CUSH SUSPENSIONS has carved a niche by providing specialized suspension solutions designed for specific industry needs, focusing on unique applications and customer-centric approaches.
- CUSH SUSPENSIONS has carved a niche by providing specialized suspension solutions designed for specific industry needs, focusing on unique applications and customer-centric approaches.
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Trailer Suspension System Industry News:
- In 2021, Rolls-Royce and MAN Energy Solutions partnered to supply cutting-edge MTU turbochargers under MAN's PBST brand. Through this partnership, PBST's global turbocharger sales organization was coupled with Rolls-Royce's most recent high-efficiency MTU turbocharger technology for high-speed diesel and gas engines.
- Three new BorgWarner turbochargers for passenger car applications were added to BorgWarner Inc.'s lineup in April 2021. The recently introduced turbochargers are for Peugeot, BMW, and Opel.
More Valuable Insights:
Fact.MR, in its new offering, presents an unbiased analysis of the global trailer suspension system market, presenting historical analysis from 2019 to 2023 and forecast statistics for the period of 2024-2034.
The study reveals essential insights on the basis of product type (air suspension system, mechanical suspension system) and trailer type (semitrailer, full trailers) across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa).
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