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Undercarriage Components Market to Expand at a Healthy CAGR of 4% through 2030
Undercarriage Components Market
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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.
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.
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.
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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.
“Large-scale closures of OEM plants in East and South Asia will have short-term implications on the demand for undercarriage components. However, significant demand rise in construction equipment is expected in the fourth quarter of 2020, which is foreseen to bolster the growth of the undercarriage components market thereafter,” says a Fact.MR analyst.
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Product Launches to Enhance Market Resiliency
Key players in the undercarriage components market are Caterpillar Inc., Deere & Company, ThyssenKrupp AG, AB Volvo, Komatsu Ltd., and Hitachi Construction Machinery, among others. Prominent manufacturers are striving for product enhancement and introducing new products in order to broaden their customer base and gain a competitive edge over other players.
For instance, in 2020, Berco, a brand of ThyssenKrupp, introduced a new Platinum Line, a specially-designed undercarriage component line of products for the aftermarket. The Platinum Line product range is focused on improving undercarriage life in forestry applications.
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