Undercarriage Components Market Is Set To Witness Exponential Growth In Demand Over The Coming Years

The global undercarriage components market is expected to surpass a value of US$ 6.5 Bn at the end of 2020, and is projected to expand at a value CAGR of close to 4% over the forecast period 2020-2030. The spread of COVID-19 is resulting in declining sales as the global construction industry is facing a downturn, which ultimately affects the sales of undercarriage components. The impact on the market is continuing to fluctuate as the sales of new equipment have come to a standstill.

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Furthermore, growing rental activities for heavy duty equipment is one of the major factors fuelling the excavator market. The rental segment has appeared to bring revolutionary growth across the globe. With increasing construction projects and urgency in completion, several companies involved in the construction sector prefer to shorten project time duration, from bidding, execution, to completion. This is anticipated to increase the demand for undercarriage components and create ample opportunities for players operating in the undercarriage components market space.

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Key Takeaways from Undercarriage Components Market Study

• The global undercarriage components market is projected to create an absolute $ opportunity of more than US$ 2.7 Bn by 2030.
• By component type, the track chains segment is set to hold a share-wide market dominance with over 24% of the total market value by the end of the forecast period.
• By equipment, crawler excavators are projected to expand at a value CAGR of 3.6% and be valued 1.5X than compact track loaders by the end of 2020.
• By end use, the construction segment is anticipated to register the fastest growth over the course of the forecast duration.
• The undercarriage components market in East Asia is expected to grow the fastest by experiencing a value CAGR of 4%, whereas, South Asia & Oceania is projected to be valued 2.1X than MEA, and is estimated to account for a significant proportion of the demand pie by the end of the forecast period

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Key Segments of Undercarriage Components Market

Fact.MR’s study on the undercarriage components market offers information divided into five key segments-component types, equipment, end-use, sales channel, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.

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)

Crucial insights in the Undercarriage Components Market  research:

• Underlying macro- and microeconomic factors impacting the growth of the Undercarriage Components Market Basic overview of the Undercarriage Components Market including market definition, classification, and applications.
• Scrutinization of each Undercarriage Components Market player based on mergers & acquisitions, R&D projects, and product launches.
• Adoption trend of Undercarriage Components Market across various industries.
• Important regions and countries offering lucrative opportunities to Undercarriage Components Market stakeholders.

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