Undercarriage Components Market to Grow at Steady Pace as Sales in Crawler Excavators Surge by 30%

NEW YORK, Dec. 15, 2021 /PRNewswire/ -- The global undercarriage components market is projected to expand 1.4x in terms of value during the forecast period during 2020 to 2030, predicts Fact.MR. Increasing demand for novel construction equipment is expected to drive the global undercarriage components market in the upcoming years.

Undercarriage components are the supporting frameworks present underneath a vehicle or heavy machinery. These components are assembled to enable the machine to work on any type of terrain depending on the operation.

Increasing production of heavy machinery across the mining, agriculture, and construction industries is expected to bolster the demand for undercarriage components. Governments of various countries are also investing huge sums in the development of public infrastructure.

As per the National Projects Construction Corporation Limited (NPCC), at present, around 27 public infrastructure construction activities are taking place in India. Similarly, the Associated General Contractors of America (AGC) mentions that the construction industry in the U.S. develops about $1.4 trillion worth of structures annually. The industry is a major contributor to the country's economy.

Hence, increasing application of undercarriage components within construction industry across emerging economies such as India, China, Japan, and South Korea, is expected to boost the growth in the market.

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"Increasing usage of undercarriage components in dozers for commercial construction activities is expected to augment the growth in this market in the near future. Subsequently, rapid pace of economic diversification in emerging economies is also set to drive the market," says a Fact.MR analyst.

Key Takeaways:

• Based on equipment, the crawler excavators segment is set to hold more than 33% of the market share owing to the development of high value service industries.
• In terms of region, East and South Asia are likely to account for 46% of the market share.
• Middle East & Africa is anticipated to grow at a steady pace in the global undercarriage components market.
• By end-user, the construction segment is projected to hold the lion's share on the back of the increasing number of residential and commercial projects.
• In terms of component type, the track chains segment is expected to dominate the market, contributing for over 24% of total sales

Growth Drivers:

• Increasing advancements in the designs of undercarriage components to make these highly efficient and durable are set to drive the market.
• Rising construction of highways and commercial buildings, and expansion of airports is anticipated to propel the growth in the market.
• Increasing utilization of undercarriage components by crawler excavators for the purpose of complex construction operations is likely to boost the market.

Restraints:

• Availability of cost-effective counterfeit undercarriage components may limit the sales of products from renowned players.

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Competitive Landscape:

The undercarriage components market players are focusing on launching new construction equipment and their innovative components to extend their product portfolios.

Meanwhile, some of the other players are participating in mergers and acquisitions, partnerships, and joint ventures to strengthen their positions in the global market.

For instance,

• December 2021: Caterpillar Inc., a renowned construction machinery manufacturer based in the U.S., organized an event to exhibit its latest range of cold planers. The new products are equipped with an advanced track undercarriage system for providing better load distribution. In addition, undercarriage components, such as track chains are maintenance-free up to 4,000 hours.
• December 2021: ASV Holdings Inc., a U.S.-based manufacturer of compact track loaders, introduced its new MAX-Series RT-135 Forestry Posi-Track loader. The latest undercarriage has a flexible track which enables convenient cleaning of components and longer wear life.
• July 2021: Berco, a manufacturer of mission critical undercarriages headquartered in Italy, announced that it is striving to innovate the undercarriage component segment. It has extended the operating hours of advanced mining excavators. At the same time, it has started providing customized components to customers by conducting extensive research & development activities.

Key Players in the Undercarriage Components Market Include:

• Caterpillar Inc.
• Deere & Company
• ThyssenKrupp AG
• AB Volvo
• Komatsu Ltd.
• Hitachi Construction Machinery
• Trackline Ltd.
• Renomag
• Berco S.p.A.
• Appletree Global Ltd (ATG)
• DRB Holdings
• Titan International, Inc.

More Valuable Insights on Undercarriage Components Market:

Fact.MR provides an unbiased analysis of the undercarriage components market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the global undercarriage components market with a detailed segmentation on the basis of:

Component Type

• Track Rollers/ Carrier Rollers
• Track Chains
• Idlers & Sprockets
• Track Shoes/ Rubber Tracks
• Other Components (Bushings, Seals, etc.)

Equipment

• Crawler Excavators
• Mini Excavators
• Dozers
• Track Loaders
• Compact Track Loaders
• Crawler Cranes

End-Use

• Construction
• Mining
• Agriculture & Forestry

Sales Channel

• OEMs
• Aftermarket

Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• Middle East & Africa (MEA)

Key Questions Covered in Undercarriage Components Market Report

• The report offers insight into the undercarriage components market demand outlook for 2020-2030.
• The market study also highlights projected sales growth for undercarriage components s market between 2020 and 2030.
• Undercarriage components market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Undercarriage components market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

Explore Fact.MR's Coverage on the Automotive Domain –

Crawler Cranes Market Forecast - Crawler cranes are employed in a variety of construction projects, including commercial, industrial, infrastructure, and residential. Due to the installation of strict lockdowns, the global construction sector endured a pause during the COVID-19 pandemic, lowering prospects dramatically. Fortunately, this effect was short-lived, as economies began to recover following the epidemic, recovering crawler crane demand predictions to a large extent between 2021 and 2031.

Dozer Market Insights - Growing urban populations throughout the world have resulted in a surge in demand for better infrastructure, which is being met by the introduction of modern earthmoving equipment such as dozers that require less maintenance and are fitted with environmentally friendly features. Rapid globalization is predicted to create a favorable environment for attracting foreign direct investment, with more consumer disposable income opening the door to increased infrastructure spending around the world. Dozers will be in higher demand as a result of this.

Excavator Market Analysis - As the heavy construction equipment industry recovers from a major recession, demand for excavators will increase. The excavator market is predicted to increase gradually in the future, owing to the good growth of the construction sector, particularly in developing countries. Excavators are employed in a variety of industries, such as construction, mining, agriculture, and forestry. Excavator manufacturers are working on delivering performance features that will meet the needs of end-users in the construction industry in order to take advantage of the growing demand for excavators as construction equipment.

About Fact.MR

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SOURCE Fact.MR