Wilmington, Delaware, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Undercarriage Component Market by Component (Track Rollers, Career Rollers and Track Chains), Equipment (Crawler Excavators, Mini Excavators and Others), and End User (Construction and Mining): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the undercarriage component market was valued at $7.2 billion in 2023, and is estimated to reach $10.8 billion by 2032, growing at a CAGR of 4.5% from 2024 to 2032.
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Prime determinants of growth
The undercarriage component market is experiencing strong growth fueled by expanding global infrastructure investments, notably in construction, mining, and agriculture. Technological innovations improving safety and durability, combined with escalating demand for heavy machinery across sectors, are driving this expansion. However, challenges such as supply chain disruptions limit the market growth. Nevertheless, the increasing adoption of sustainable practices presents an opportunity for market players to differentiate themselves and capitalize on the growing demand for eco-friendly undercarriage solutions.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2022 | $7.24 billion |
| Market Size in 2032 | $10.57 billion |
| CAGR | 4.3% |
| No. of Pages in Report | 207 |
| Segments Covered | Component, Equipment, Application, and Region. |
| Drivers |
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| Opportunities |
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| Restraint |
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Segmental overview
The track rollers segment held the highest market share in 2023, driven by the consistent demand for replacement parts in heavy machinery used in construction, mining, and agriculture. These components are subjected to significant wear and tear, necessitating frequent replacement to ensure smooth equipment operation. Conversely, the track chains segment is expected to exhibit a higher compound annual growth rate (CAGR) during the forecast period. This growth can be attributed to technological advancements improving the performance and longevity of track chains, increased demand for heavy machinery across sectors, and the expansion of infrastructure projects globally. As machinery usage intensifies and infrastructure projects proliferate, the demand for reliable and durable track chains is expected to rise, driving the growth of this segment in the coming years.
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The crawler excavators segment dominated the market in 2023, attributed to its versatility, high demand in construction, and efficiency in handling heavy-duty tasks across various industries. However, the mini excavators segment is poised for growth during the forecast period. This growth is attributed to several factors, including urbanization and infrastructure development driving demand for compact machinery, the increasing adoption of equipment rental services favoring mini excavators, and ongoing technological advancements enhancing their performance and appeal. Mini excavators are increasingly preferred for urban construction projects and confined spaces, making them well-suited for evolving market demands. The mini excavators segment is expected to exhibit substantial growth in the foreseeable future as infrastructure development projects surge and the trend toward compact machinery continues.
The construction segment emerged as the leading end user in the undercarriage component market in 2023 and is anticipated to maintain its dominance with a higher compound annual growth rate (CAGR) during the forecast period. This trend is primarily driven by the robust demand for heavy machinery and related equipment in infrastructure development projects across residential, commercial, and public sectors. Rapid urbanization further fuels construction activities, necessitating the construction of new buildings, roads, and bridges. Moreover, the maintenance and repair of existing infrastructure contributes significantly to the demand for undercarriage components as aging infrastructure requires regular upkeep to ensure safety and functionality. Technological advancements in construction machinery and equipment enhance performance, durability, and efficiency, prompting contractors and construction companies to invest in advanced equipment. Overall, the construction segment growth is driven by ongoing infrastructure development, urbanization trends, maintenance activities, and technological innovations in the construction industry.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022. The rapid urbanization in countries like China and India has led to the establishment and expansion of manufacturing facilities, buildings, utility lines, minerals, and others. These industries rely heavily on undercarriage component equipment.
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Players
- Caterpillar Inc.
- Komatsu Ltd.
- Hitachi Construction Machinery Co., Ltd.
- Volvo Construction Equipment
- John Deere
- Liebherr Group
- CNH Industrial N.V. (Case Construction Equipment)
- Doosan Group (Doosan Infracore)
- Hyundai Construction Equipment
- JCB (J.C. Bamford Excavators Ltd.)
The report provides a detailed analysis of these key players in the global undercarriage component equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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