Press release
Demand for Undercarriage Components for Track Loaders Is Set to Hold a Share-Wide Market dominance with over 24% of the Total Market Value
The global sales of undercarriage components are 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.Click Here to get Complete Market overview of this Report https://www.factmr.com/report/1623/undercarriage-components-market
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.
“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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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.
Global Undercarriage Components Market: Segmentation
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
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End-Use
Construction
Mining
Agriculture & Forestry
Sales Channel
OEMs
Aftermarket
Regional analysis includes
North America (U.S., Canada)
Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
CIS & Russia
Japan
Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa , Rest of MEA)
Get More Insights -http://www.globenewswire.com/en/news-release/2018/06/04/1516026/0/en/Panacea-for-Joint-Pain-Perception-Pushing-Demand-for-Eggshell-Membrane-Derivatives-US-1-8-Bn-Market-Opportunity-in-the-Offing.html
The Report Covers Exhaustive Analysis On:
Market Segments
Market Dynamics
Market Size & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Key Questions Answered in Fact.MR’s Undercarriage Components Market Report
Which regions will continue to remain the most profitable regional markets for undercarriage components market players?
Which factors will induce a change in the demand for undercarriage components during the assessment period?
How will changing trends impact the undercarriage components market?
How can market players capture the low-hanging opportunities in the undercarriage components market in developed regions?
Which companies are leading the undercarriage components market?
What are the winning strategies of stakeholders in the undercarriage components market to upscale their position in this landscape?
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Key Players
Caterpillar Inc.
Deere & Company
ThyssenKrupp AG
Komatsu Limited
Titan International, Inc.
AB Volvo
Hitachi Construction Machinery Co., Ltd.
Continental AG
Hoe Leong Corporation Ltd.
Topy Industries Ltd.
USCO SpA
Verhoeven Group
Dozco (India) Pvt. Ltd
Gemmo Group Srl
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