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Undercarriage Component Market Report 2024-2033: Global Outlook, Growing Demand, Rising Trends And Major Players
Undercarriage Component Market Report
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According to The Business Research Company's, The undercarriage component market size has grown strongly in recent years. It will grow from $5.08 billion in 2023 to $6.09 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to growth in infrastructure and construction, the rise of intelligent undercarriages, the growing need for heavy machinery in mining, the growing automotive industry, and increasing investments in mining and agriculture.
The undercarriage component market size is expected to see strong growth in the next few years. It will grow to $7.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to growing demand for specialized vehicles, increasing focus on fuel economy and minimizing environmental effects, increase in demand for construction equipment, increasing adoption of electric and hybrid vehicles, and increasing awareness about the benefits of regular maintenance and the longevity of machinery. Major trends in the forecast period include technological advancements, material innovations, wear-resistant technologies, integration with sensors and internet of things (IoT), and innovations in manufacturing process.
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Market Drivers and Trends:
The increasing demand for electric vehicles is expected to propel the growth of the undercarriage components market going forward. Electric vehicles (EVs) are automobiles propelled by electric motors, which draw power from rechargeable battery packs or other energy storage devices. The demand for electric vehicles is due to several factors, such as environmental concerns, infrastructure development, social and cultural shifts, and economic factors. The undercarriage components are integral to the efficient operation, safety, and performance of electric vehicles, helping them meet the unique demands of electric propulsion. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, electric cars experienced exponential growth as sales surpassed 10 million in 2022, where a total of 14% of all new vehicles sold were electric, reflecting a substantial increase from approximately 9% in 2021. Therefore, the increasing demand for electric vehicles is driving the growth of the undercarriage component market.
Major companies operating in the undercarriage components market are focusing on developing innovative products, such as undercarriage replacement ranges, to improve the performance, durability, and efficiency of heavy machinery used in the mining and construction industries. The undercarriage replacement range encompasses tasks, parts, and costs associated with replacing components in heavy machinery undercarriage systems. For instance, in September 2022, Zaftraxx Ltd, a Trinidad and Tobago-based machinery Manufacturing company, launched its ZTX line of undercarriage components and ground-engaging tools designed for Caterpillar equipment. The product line includes essential undercarriage components such as chains, bottom rollers, top rollers, drive sprockets, and idlers. The product line has since expanded to include components for Hitachi and JCB machinery, enhancing Zaftraxx's offerings in the heavy machinery sector. The ZTX line includes essential parts that improve the performance and durability of undercarriage systems, reflecting Zaftraxx's commitment to meeting the evolving demands of customers in the construction and mining industries.
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Major Key Players of the Market:
Caterpillar Inc., Deere And Company, Volvo Group, ThyssenKrupp AG, Komatsu Limited, SANY Group, Hitachi Construction Machinery, Doosan Bobcat, CASE Construction Equipment, Wirtgen Group, Topy Industries Ltd., Titan International Inc., Daechang Forging Co. Ltd., Hoe Leong Corporation Ltd., Valuepart Inc., New Holland Construction, Dozco Pvt. Ltd., Verhoeven Group, DIGBITS Ltd., Xuzhou Construction Machinery Group Co. Ltd. (XCMG), Taiheiyo Seiki K.K.
Undercarriage Component Market 2024 Key Insights:
• The undercarriage component market size is expected to see strong growth in the next few years. It will grow to $7.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Rising Demand For Electric Vehicles Driving Growth In Undercarriage Components
• Zaftraxx Expands ZTX Undercarriage Component Line To Enhance Performance For Heavy Machinery
• North America was the largest region in the undercarriage component market in 2023
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