Trailer Suspension System Market:
Safety is an important criterion for manufacturers in the global trailer suspension system market. A suspension system influences driver comfort and safety, especially when driving on rough terrain. Growing concerns for end consumer safety are expected to drive demand for trailer suspension systems.
According to the PMR study, the COVID-19 outbreak remains a hurdle for the trailer production business, worldwide, as countries that are major centers of trailer production, such as the United States, China and Germany, among others, have been badly affected. The COVID-19 pandemic is also expected to have a significant impact on trailer demand in the near term. However, in the long term, the global trailer suspension systems market is expected to grow at a decent CAGR of 5% over the forecast period of 2020 to 2030.
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Key Takeaways from the Trailer Suspension System Market Research
• Various manufacturers are focusing on innovations in product technologies, such as suspension damping maintenance-free (ZMD) technology, which provides better ride comfort and improves overall product durability.
• Strict rules and regulations from various government authorities on limiting the overall length and load capacity of trailers have led to a significant reduction in car carrying capacity from 22 cars per trailer rack to 6/10 cars per vehicle, depending on the type of trailer. These factors are expected to drive the demand for new trailer sales over the forecast period.
• Asia-Pacific alone is expected to hold more than a third of the global market for trailer suspension systems.
• End users prefer air suspension systems to other types of products, due to technological advances, lower price and light weight. This increased the trade-in or resale value of the trailers, in addition to reducing maintenance costs.
• One of the main challenges in the market for trailer suspension systems is their reduced replacement rate.
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Market landscape towards consolidation
The global trailer suspension systems market is particularly fragmented, with the presence of numerous market players who possess expertise in advanced manufacturing techniques. Stakeholders in emerging markets are poised to expand their business operations and add value to their product offerings through portfolio rationalization. Many manufacturers in the trailer suspension systems market have developed their product lines focusing on the main types of trailers. 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. .
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This press release was published on openPR.