Undercarriage Components Market Report Highlighting Major Drivers & Trends, 2018-2028| Top Growing industries- AB Volvo, Titan International Inc., Deere & Company, Berco S.p.A

Undercarriage is a section in a vehicle that lies beneath the main body of the vehicle. For different automobiles, undercarriages differ along with their parts called as undercarriage components. Various undercarriage components such as track rollers, track chains, idlers and sprocket, track shoes and bushings are used across industries including mining, construction and agriculture & forestry. They are used in undercarriages of earth moving equipment such as crawler excavators, dozers, mini excavators, compact track loaders and crawler cranes.

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The report on “Undercarriage Components Market Forecast, Trend Analysis and Competition Tracking – Global Review 2018-2028” is an unbiased compilation of several insights drawn using comprehensive data analysis. The data and statistics in the undercarriage components market report are garnered using a unique research process that increases the accuracy, in turn enhancing the credibility of the report. The undercarriage components market includes assessment on various facets of the market such as analysis on various components, various earth moving and heavy equipment, and use across various industries. Moreover, the report on undercarriage components market includes analysis on aftermarket and OEMs. The research report on undercarriage components market covers regional market analysis along with a country level data that portrays a holistic view of the market. Key stakeholders in the undercarriage components market can leverage the country level insights to expand their global operations and tap major revenue pockets. The report on undercarriage components market includes segmental analysis in terms of historical data, current scenario and forecasted data represented in US$ Mn with respect to value. The report also includes metrics such as CAGR and year-on-year growth rate for a period of ten years, from 2018 till 2028.

Growing Demand for Construction Equipment to Fuel Sales of Undercarriage Components

Largely driven by their application in heavy machinery used in the construction sector, undercarriage components are likely to witness significant growth on the back of rising construction activities worldwide. The construction industry across the globe is expected to present significant opportunities for construction equipment such as crawler excavators, dozers, compact track loaders and crawler cranes. This in turn is anticipated to trigger use of undercarriage components consequently driving their demand and sales. Rising construction projects such as expansion of airports, construction of commercial buildings, growing highway constructions, road extensions and residential have further pushed the demand for heavy machinery in turn supporting the growth of the undercarriage components market during the period of assessment.

Rising Commercial Infrastructure to push Undercarriage Components’ Demand

Commercial infrastructure is expected to witness meteoric growth on the back of increasing infrastructure activities and urbanization. Rising focus on development of high value service industries coupled with increasing pace of economic diversification has presented potential growth opportunities for earth moving equipment such as crawler excavators. For instance, rising commercial infrastructure activities in the Middle East and African countries backed by significant investments in this sector are likely to boost demand for earth moving equipment in the coming years. This factor is expected to support the adoption of undercarriage components, given their increasing use in equipment such as crawler excavators and dozers used in commercial infrastructure, in turn pushing the growth of the undercarriage components market.

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Counterfeit Products to Challenge Sales of Undercarriage Components

Rising demand for undercarriage components in the construction and mining industry has influenced manufacturers of undercarriage components to develop advanced products. Technological advances in manufacturing and design of undercarriage components have enhanced the durability and efficiency of undercarriage components. However, this has resulted in an increase in pricing of undercarriage components along with high maintenance costs. Against this backdrop, the prevalence of counterfeit undercarriage components has significantly risen, in turn challenging the growth of the market. Low pricing of counterfeit undercarriage components has resulted in a substantial surge in their sales, however, quality concerns associated with counterfeit undercarriage components remain questionable in terms of future adoption. This factor is likely to confine the sales of original undercarriage components, in turn posing challenges to OEMs and genuine retailers of undercarriage components in the coming years.

Leasing and Renting of Construction Equipment to Limit Undercarriage Components Sales

Substantial initial cost associated with construction equipment has triggered the trend of renting and leasing of construction equipment. Mid and small-level construction players are experiencing high cost burden while purchasing new construction equipment. In a bid to suffice their infrastructure requirements, they are opting for rental equipment to avoid high costs of new machinery. This is likely to negatively impact the sales of new undercarriage components, owing to lowering demand for new machines, in turn limiting the growth of the undercarriage components market.

Technological Advancements in Construction Equipment Influenced Sales of Undercarriage Components

Manufactures of construction equipment are largely investing in research and development activities in a bid to enhance the operational life, productivity convenience and efficiency of their machines. For instance, original equipment manufacturers (OEMs) are implementing design changes such as zero tail swing. However, zero tail swing resulted in reduced lift capacities that resulted in manufactures investing to modify the swing system. This led to the introduction of reduced tail swing across various construction equipment such as compact excavators, which fuelled their use in several applications. Moreover, operator comfort is another factor that was introduced in construction equipment. Developments such as joystick placement and increased foot room resulted in an increased comfort level for operators. Noise reduction is another feature that facilitated operator comfort. This factor has influenced the use of construction equipment across various industrial application such as mining, construction, agriculture and forestry, in turn pushing sales of undercarriage components worldwide.

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