The global undercarriage components market is set to surpass a valuation of US$ 6,829.6 million in 2022 and further expand at a CAGR of 4.1% to reach US$ 10,173.9 million by the end of 2032.
Commercial infrastructure is expected to witness significant growth due to increasing infrastructure activities and urbanization. Construction projects such as the expansion of airports, construction of commercial buildings, growing highway constructions, etc are reinforcing the demand for undercarriage components.
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The Market survey of Undercarriage Components offers a comprehensive analysis of diverse features, including production capacities analysis of Undercarriage Components, demand, product developments, revenue generation, and Size of Undercarriage Components Market across the globe.
The Demand analysis of Undercarriage Components Market offers a comprehensive analysis of diverse features, demand, product developments, revenue generation, and sales of Undercarriage Components Market across the globe.
Undercarriage Components Market – Key Takeaways
- By component type, the track chains category will remain lucrative
- Based on equipment, the crawler excavator will capture 33% of the overall market share.
- In terms of end-use, the construction segment will record fast growth among others.
- South and East Asia will lead the market, gaining 46% of the market share, trailed by Europe.
Undercarriage Components Market – Driving Factors
- The rise in construction projects will push the demand for heavy machinery although COVID-19 impact will mean that short-term recovery will take time
- Use of heavy machinery in infrastructure development activities will continue to drive growth
- In addition to private investment, fiscal stimulus by government remains a key macro-economic factor
Undercarriage Components Market – Constraints
- Higher maintenance costs associated with undercarriage components will impact market growth.
- The accessibility of several machines that are driven on wheels and don’t require undercarriage components and tracks will inhibit the market demand
- The availability of counterfeit products will raise quality concerns which will limit the sales in the global market.
Competition Landscape
Major companies operating in the global undercarriage components market are Deere & Company, Caterpillar Inc., ThyssenKrupp AG, Komatsu Ltd., AB Volvo, and Hitachi Construction Machinery. Companies are striving for introducing new products and product enhancement to extend their consumer base and attain a competitive edge over other companies.
Segmentation of Undercarriage Components Industry Research:
· By Component Type:
- Track and Carrier Rollers
- Track Chains
- Idlers & Sprocket
- Equalizer Bars
- Track Shoe/Rubber Tracks
- Track Adjuster & Recoil
- Link Assemblies
- Other Components (Bogies, Track guide, pins & busing, etc)
·By Equipment Type:
- Excavator
- Track Loader
- Dozers
- Multi Terrain Loaders
- Crawler Cranes
- Asphalt Pavers
- Others
· By End Use:
- Construction
- Mining
- Agriculture & Forestry
- Landscape & Maintenance
- Other
· By Sales Channel:
- OEM
- Aftermarket
· By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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