Undercarriage Systems Market Size to Reach US$ 8.6 Billion 2023-2028

According to the latest report by IMARC Group, titled, "Undercarriage Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global undercarriage systems market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the undercarriage systems market?

The global undercarriage systems market size reached US$ 6.71 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4.00% during 2023-2028.

What is undercarriage systems?

Undercarriage systems, or undercarriages, are essential in numerous vehicles and machines, including heavy machinery, automobiles, aircraft, and trains. They consist of a collection of components that provide support, stability, and control for the movement of vehicles and include several parts that allow traction, steering, efficiency, and durability. They generally comprise suspension systems, braking systems, axles, wheels, tracks, and related linkages. In addition, they bear the weight of the vehicle and any additional loads, such as cargo or passengers, and can be adapted to various vehicle types and terrains, resulting in improved maneuverability and control of the system. They also mitigate the impact of shocks and vibrations, enhancing passenger comfort, reducing strain on the vehicle's structure, and promoting safety. As a result, undercarriage systems are widely adopted in agriculture, forestry, mining, and construction equipment, such as dozers and excavators across the globe.

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What are the growth prospects and trends in the undercarriage systems industry?

The market is primarily driven by the expanding construction sector. In addition, rapid urbanization, the growing population, rising disposable income, and increased investments in infrastructure development projects such as roads and railways are contributing to the market growth. Moreover, various technological advancements in undercarriage system materials and manufacturing processes and the integration of advanced technologies such as global positioning systems (GPS), telematics, and the Internet of Things (IoT) represent another major growth-inducing factor. Besides this, the significant expansion in the agricultural industry and the widespread product adoption to improve farm productivity and yield and carry out certain tasks related to crop harvesting and production is accelerating market growth. Along with this, the extensive use of undercarriage systems in forestry equipment on heavy machines such as harvesters employed for harvesting trees or large logging trucks and operating in rough terrain conditions, is propelling the market growth.

Apart from this, the undercarriage systems market is growing at different rates in numerous regions, with Asia Pacific being the largest market due to the widespread inclination toward equipment rental and leasing services in rental fleets to fulfill short-term project requirements, rising demand for heavy machinery in construction and agriculture activities, and extensive research and development (R&D) activities across the region. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, in October 2019, Eurotrack Ltd. launched its continental trackman replacement tracks for most tractors to fit for durability and longevity and offer patented galvanized superior corrosion resistance quality. Furthermore, the escalating demand for undercarriage systems in the mining sector for excavators and dump trucks to carry out tasks such as loading machines and hauling gravel and sand from open pits while improving productivity and safety is creating a positive market outlook.

What is included in market segmentation?

The report has segmented the market into the following categories:

Type Insights:
Rubber Track
Steel Track

Application Insights:
Agriculture
Construction
Forestry
Mining
Others

Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Caterpillar Inc.
DRB Holding Co. Ltd.
Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd.)
Komatsu Ltd.
RENOMAG spol. s r.o.
thyssenKrupp AG, VTS Track Solutions, etc.

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