Technavio Wednesday released a new global commercial vehicle suspension system market report that states the industry is expected to post a compound annual growth rate (CAGR) of close to 5 percent in the coming years.
Technavio says a key factor driving the growth of the market is the rising sales of commercial vehicles, with the rising amount of freight and the increasing amount of manufacturing operations in developing countries driving sales. These sales and production will have a direct impact on the commercial vehicle suspension system market.
However, the rising sales of commercial vehicles also will drive the confidence of vehicle users to introduce newer models of trucks with advanced technological features dimming the forecast period, with growth momentum of the market is expected to decelerate on a yearly basis during the forecast period 2018 of 2022, Technavio states in its report.
Additionally, Technavio says its market research report on the global commercial vehicle suspension system market provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
For more information, and to purchase the report, please CLICK HERE.