Pune India, Jan. 07, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the HCV suspension system market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the HCV suspension system market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as type, application, and region. The key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the paragraphs below.
The significant players operating in the global HCV suspension system market are GUANGZHOU GUOMAT AIR SPRING CO., LTD; ContiTech AG; Firestone Industrial Products Company, LLC; Vibracoustic AG.; Navistar, Inc.; City of Phoenix; Meklas; PEGA OTOMOTIV SUSPANSIYON SAN.ve TIC.A.S.; SABOHEMA Automotive Pvt. Ltd.; Turctech; Fabio Air Suspension Systems and Spare Parts Industry.; SAMCO Autotechnik GmbH; ADELTECH; Schaeffler AG; ZF Friedrichshafen AG; thyssenkrupp AG; Marelli Europe S.p.A.; Tenneco Inc.; among other. To achieve a substantial market share in the worldwide HCV suspension system market and strengthen their position, manufacturers are expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
In a large commercial vehicle, the suspension system has many functions. Trucks are generally stabilized while driving on calm roads and through uneven terrain. Additionally, it allows the truck driver to control and shields the chassis from shocks. HCV suspension systems come in a variety of configurations, including air springs, equalizer beams, leaf springs, and torsion bars. Another area of focus for producers of HCV suspension systems is the development of lightweight suspension systems with improved performance characteristics and reduced maintainability. Most large commercial trucks have dependent suspension systems installed in the front. Usually, a substantial straight I-beam is used for this. These patterns are used to promote durability and strength, but they do not guarantee the best riding experience. However, many heavy-duty vehicles nowadays, both two-wheel and four-wheel drives, include entirely independent front suspensions. Furthermore, a lot of heavy-duty four-wheel drive vehicles usually have a live front axle. As the HCV market grows, it is predicted that demand for HCV suspension systems would rise significantly throughout the forecast period.
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Scope of HCV Suspension System Market Report
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Million |
| Segments Covered | Type, Application and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | GUANGZHOU GUOMAT AIR SPRING CO. , LTD; ContiTech AG; Firestone Industrial Products Company, LLC; Vibracoustic AG.; Navistar, Inc.; City of Phoenix; Meklas; PEGA OTOMOTIV SUSPANSIYON SAN.ve TIC.A.S.; SABOHEMA Automotive Pvt. Ltd.; Turctech; Fabio Air Suspension Systems and Spare Parts Industry.; SAMCO Autotechnik GmbH; ADELTECH; Schaeffler AG; ZF Friedrichshafen AG; thyssenkrupp AG; Marelli Europe S.p.A.; Tenneco Inc.; among other |
Segmentation Analysis
The torsion bar segment is expected to be the fastest-growing segment in 2022.
The type segment is a torsion bar, equalizer beam, leaf spring, and air spring. The torsion bar segment is expected to witness the highest growth rate during the forecast period. Due Each control arm is attached to a torsion bar that can rotate in both directions. The height actuator, which is attached between the torsion bars, can be used to decrease a vehicle's sprung mass by rotating the torsion bars in one direction and raising the sprung mass in the other direction.
The trucks segment is expected to be the fastest-growing segment in 2022.
The application segment is buses & coaches, trucks, and others. The trucks segment is expected to witness the highest growth rate during the forecast period. The suspension system of a large commercial vehicle has several applications. It is typically used to balance cars when they are driving on slick roadways or through uneven terrain. Additionally, it helps the truck to maneuver and shields the structure from shocks.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the HCV suspension system include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. As a result, the need for stronger suspension systems for use in public transit has significantly increased in North America. Manufacturers are focusing on giving buses and trucks regenerative suspensions to improve the efficiency of the entire system. This is also projected to increase demand for HCV suspension systems in the near future.
Country Analysis
- Germany
Germany's HCV suspension system market size was valued at USD 403 million in 2022 and is expected to reach USD 472 million by 2030, at a CAGR of 2% from 2023 to 2030. In order to improve system efficiency, regenerative suspensions are being employed in buses and trucks more frequently. This region is home to several manufacturers.
- China
China’s HCV suspension system market size was valued at USD 796 million in 2022 and is expected to reach USD 1,048 million by 2030, at a CAGR of 3.5% from 2023 to 2030. As new vehicle sales in the region increase overall, notably those of passenger cars and commercial vehicles, the market is expanding significantly. By expanding their production facilities around the area, major firms are likely to create a market opportunity. For instance, ThyssenKrupp planned to expand operations in China starting in March 2021. A new Chinese damper production line is being built at a ThyssenKrupp vehicle complex in Changzhou. Damping systems with electronic adjustability will be produced at the facility. These semi-active dampers use sensors to monitor vibrations during the journey and determine the driver and vehicle conditions.
- India
India's HCV suspension system market size was valued at USD 682 million in 2022 and is expected to reach USD 863 million by 2030, at a CAGR of 3% from 2023 to 2030. Due to the desire for stronger suspension systems to be used in public transportation and the growing need to repair the infrastructure.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven by demand for effective and convenient safety accessories or components.
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