Press release
Undercarriage Component Market Size Forecasted To Achieve $7.92 Billion By 2029 With Steady Growth
Undercarriage Component Market
What Is the Undercarriage Component Market Size and Projected Growth Rate?
The undercarriage component market size will grow from $6.09 billion in 2024 to $6.44 billion in 2025 at a CAGR of 5.7%. The growth in the historic period can be attributed to infrastructure and construction growth, the rise of intelligent undercarriages, increasing demand for heavy machinery in mining, automotive industry expansion, and investments in mining and agriculture.
The undercarriage component market size is expected to grow to $7.92 billion by 2029, at a CAGR of 5.3%. The growth is driven by demand for specialized vehicles, fuel economy focus, increased construction equipment use, electric and hybrid vehicle adoption, and awareness about machinery longevity. Trends include technological advancements, material innovations, wear-resistant technologies, IoT integration, and innovations in manufacturing processes.
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What Are the Major Segments in the Undercarriage Component Market?
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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What Are The Driving Undercarriage Component Market Evolution?
The growing demand for electric vehicles (EVs) is expected to drive the growth of the undercarriage components market. The rise in EV demand stems from environmental concerns, infrastructure improvements, and shifts in consumer behavior. Undercarriage components are crucial for EV performance, safety, and efficiency. For instance, in March 2023, the International Energy Agency reported that electric car sales exceeded 10 million globally in 2022, accounting for 14% of all new vehicle sales, a significant rise from 9% in 2021. This demand for EVs is contributing to the growth of the undercarriage components market.
Which Firms Dominate The Undercarriage Component Market Segments?
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.
What Trends Are Expected to Dominate the Undercarriage Component Market in the Next 5 Years?
Companies in the undercarriage components market are innovating products like undercarriage replacement ranges to enhance the performance and durability of machinery in industries like mining and construction. Zaftraxx Ltd, a machinery manufacturing company from Trinidad and Tobago, launched the ZTX line of undercarriage components in September 2022. This product line, initially for Caterpillar equipment, has expanded to include parts for Hitachi and JCB machinery, boosting its presence in the heavy machinery sector.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Undercarriage Component Market?
2. What is the CAGR expected in the Undercarriage Component Market?
3. What Are the Key Innovations Transforming the Undercarriage Component Industry?
4. Which Region Is Leading the Undercarriage Component Market?
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