Press release
Rising Demand For Electric Vehicles Driving Growth In Undercarriage Components Driver: Leading Transformation in the Undercarriage Component Market in 2025
Undercarriage Component Market
The undercarriage components market is projected to expand with the rising demand for electric vehicles (EVs). EVs are cars powered by electric motors that utilize rechargeable batteries or other energy storage mechanisms for driving power. Various reasons contribute to the popularity of these automobiles, including environmental awareness, infrastructural advancements, societal and cultural transformations, and economic considerations. Undercarriage components play a crucial role in ensuring the optimal performance, safety, and efficiency of EVs by meeting the specific requirements of electric propulsion. As an illustration, the International Energy Agency, a French intergovernmental organization, indicated in March 2023 that the sale of electric cars saw a sharp rise, exceeding 10 million in 2022. This represented 14% of all new vehicles sold, a notable surge from approximately 9% in 2021. Consequently, the burgeoning demand for EVs is fueling the growth of the undercarriage components market.
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How will the growth rate of the undercarriage component market shape industry trends by 2034?
The market size of undercarriage components has been witnessing significant expansion in recent times. Predictions indicate an increase from $6.09 billion in 2024 to $6.44 billion in 2025, with a compound annual growth rate (CAGR) of 5.7%. These advancements in the past can be linked to the development in infrastructure and construction sectors, the emergence of smart undercarriages, escalating demand for heavy machinery in mining, expansion of the automotive industry, and an upsurge in investments in the mining and agriculture sectors.
A significant increase is expected in the undercarriage component market size over the coming years, with a projected value of $7.92 billion in 2029, representing a compound annual growth rate (CAGR) of 5.3%. The predicted growth can be credited to various factors such as an increasing demand for unique vehicles, enhanced focus on fuel efficiency and the reduction of environmental impacts, growth in the requirement for construction apparatus, an upward trend in the use of electric and hybrid vehicles, and heightened awareness about the importance of regular maintenance to extend machine lifespan. Key trends for the upcoming period encompass technological developments, material innovation, technologies resistant to wear, incorporation of sensors, and the internet of things (IoT), as well as advancements in the manufacturing process.
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What trends are poised to drive the future success of the undercarriage component market?
Prominent businesses in the undercarriage components market are prioritizing the creation of groundbreaking products such as undercarriage replacement series, with the aim of enhancing the effectiveness, longevity, and performance of heavy-duty machinery utilized in mining and construction sectors. The undercarriage replacement series involves elements, tasks, and expenses related to substituting components in undercarriage systems of high-performance machinery. To illustrate, Zaftraxx Ltd, a machinery manufacturing firm from Trinidad and Tobago, introduced its ZTX range of undercarriage parts and ground-engaging apparatus specifically for Caterpillar equipment in September 2022. This product series encompasses vital undercarriage components like chains, drive sprockets, bottom rollers, top rollers, and idlers. The series has since grown to incorporate parts for Hitachi and JCB machines, thus amplifying Zaftraxx's contribution to the heavy machinery industry. The ZTX series comprises crucial elements that enhance the durability and performance of undercarriage systems, portraying Zaftraxx's dedication to satisfy the changing needs of clients in the construction and mining fields.
Which primary segments of the undercarriage component market are driving growth and industry transformations?
The undercarriage componentmarket covered in this report is segmented -
1) By Component Type: Track And Carrier Rollers, Track Chains, Idlers And Sprocket, Equalizer Bars, Track Shoe And Rubber Tracks, Track Adjuster And Recoil, Link Assemblies, Other Components
2) By Equipment Type: Excavator, Track Loader, Dozers, Multi Terrain Loaders, Crawler Cranes, Asphalt Pavers, Other Equipment
3) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
4) By End-User: Construction, Mining, Agriculture And Forestry, Landscape And Maintenance, Other End-Users
Subsegments:
1) Track And Carrier Rollers: Carrier Rollers, Track Rollers
2) Track Chains: Heavy-Duty Track Chains, Standard Track Chains
3) Idlers And Sprocket: Idler Wheels, Drive Sprockets
4) Equalizer Bars: Standard Equalizer Bars, Adjustable Equalizer Bars
5) Track Shoe And Rubber Tracks: Steel Track Shoes, Rubber Tracks
6) Track Adjuster And Recoil: Track Adjusters, Recoil Springs
7) Link Assemblies: Link Pins, Link Plates
8) Other Components: Roller Frames, Hydraulic Cylinders
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Which geographical regions are pioneering growth in the undercarriage component market?
North America was the largest region in the undercarriage component market in 2024. The regions covered in the undercarriage component market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the undercarriage component market landscape?
Major companies operating in the undercarriage component market are 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.
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What Is Covered In The Undercarriage Component Global Market Report?
•Market Size Forecast: Examine the undercarriage component market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the undercarriage component market for a structured understanding.
•Key Players Overview: Analyze major players in the undercarriage component market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the undercarriage component market.
•Segment Contributions: Evaluate how different segments drive overall growth in the undercarriage component market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the undercarriage component market.
•Industry Challenges: Identify potential risks and obstacles affecting the undercarriage component market.
•Competitive Landscape: Review strategic developments in the undercarriage component market, including expansions, agreements, and new product launches.
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