A suspension system has numerous applications in a heavy commercial vehicle. It is mainly used for stabilizing trucks while travelling on smooth highways as well as over rough terrain. Furthermore, it cushions the chassis from shocks and enables the driver to steer the truck. HCV suspension systems are of various types, including leaf spring, equalizer beam, torsion bar and air spring.
Moreover, manufactures of HCV suspension systems are focusing on designing lightweight suspension systems that have improved performance characteristics and low maintainability. Usually, a heavy commercial vehicle is equipped with dependent suspension systems in the front of most heavy commercial vehicles. For this purpose, usually a large straight I-beam is used.
Although such designs are used to improve strength and durability, they do not guarantee optimum ride quality. However, several heavy-duty vehicles, which include two-wheel & four-wheel drives, are now equipped with fully independent front suspensions. Moreover, several heavy-duty four wheel drive vehicles usually use a live front axle.
As the HCV market grows, the demand for HCV suspension systems is also expected to grow considerably over the coming years.
HCVs are being increasingly used for public transportation systems. Owing to this, the demand for high-quality suspension systems for use in these vehicles, especially for local commuting in congested areas, is expected to increase.
In order to meet this demand, HCV suspension system manufacturers are focusing on introducing technologically advanced suspension systems. Furthermore, the trend in the market is to reduce the weight of these systems and focus on improving their performance characteristics.
In line with this strategy, numerous manufactures are focusing on replacing aluminium and steel parts with plastic components. Moreover, increasing intercontinental trade and urbanization is expected to boost freight transport in the coming years.
Owing to this, the demand of HCVs s expected to increase substantially. This is expected to contribute to the growth of the HCV suspension systems market over the forecast period.
Moreover, the prevalence of favourable regulations has boosted opportunities for the expansion of infrastructure capacities across all the regions, which is expected to boost the number of heavier trucks/mega trucks on roadways. Moreover, increase in investments to improve infrastructure is encouraging manufacturers to develop mega trucks, and this is expected to propel the HCV suspension system market over the coming years.
However, the development and installation cost of these advanced suspension systems is high, and this is likely to hamper the growth of the HCV suspension systems market.
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With increasing urbanization across the globe, the need for improving the public transport system has increased significantly. Owing to this, the demand for improved suspension systems for use in public transport has increased significantly in North America and Europe.
This is expected to considerably increase the demand of HCV suspension system in the near future. Moreover, in the developing economies of Asia Pacific and MEA, the need of HCV for trade purposes has increased significantly. This is also one of the prime factors that is expected to increase the demand of HCV suspension systems in the coming years.
Furthermore, manufacturers are focusing on adopting regenerative suspensions in buses and trucks to improve the efficiency of the entire system. This is also expected to drive the demand for HCV suspension systems in the near future.
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On the basis of type of suspension system, the HCV suspension systems market can be segmented into:
On the basis of type of sales channel, the HCV suspension systems market can be segmented into:
On the basis of type of vehicle type, the HCV suspension systems market can be segmented into: