Press release
Top Market Shifts Transforming the Undercarriage Component Market Landscape: Key Insights
Undercarriage Component
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What Is the Expected CAGR for the Undercarriage Component Market Through 2025?_x000D_
The market size for undercarriage components has experienced significant expansion over the past few years. The market valuation is projected to increase from $6.09 billion in 2024 to $6.44 billion in 2025, growing at a Compound Annual Growth Rate (CAGR) of 5.7%. This notable growth in the historic period has been influenced by factors such as an expansion in infrastructure and construction, the emergence of smart undercarriages, an increased demand for heavy machinery in mining, a flourishing automotive industry and escalated investments in the fields of mining and agriculture._x000D_
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What's the Projected Size of the Global Undercarriage Component Market by 2029?_x000D_
Over the coming years, the undercarriage component market is poised for considerable growth, with its size set to reach $7.92 billion by 2029 at a CAGR of 5.3%. This expansion over the forecast period can be attributed to various factors including an increased demand for specialized vehicles and construction equipment, a growing emphasis on minimizing environmental impact and improving fuel economy, a surge in electric and hybrid vehicle adoption, and an elevated understanding of the advantages associated with routine machinery maintenance and durability. Key trends expected during the forecast period encompass advancements in technology, material innovation, the development of wear-resistant technologies, sensor and IoT integration, and manufacturing process innovations._x000D_
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Top Growth Drivers in the Undercarriage Component Industry: What's Accelerating the Market?_x000D_
The potential expansion of the undercarriage components market is anticipated to be fueled by the escalating consumption of electric vehicles. Electric vehicles, which employ electric motors for propulsion and derive their power from rechargeable batteries or alternative energy storage devices, witness increasing demand due to aspects including environmental considerations, development in infrastructure, societal and cultural transitions, and economic influencers. The undercarriage components play a pivotal role in the optimal operation, security, and performance of electric vehicles, enabling them to meet the specialized necessities of electric propulsion. For instance, as revealed by the France-based International Energy Agency in March 2023, there was a tremendous growth in electric car sales which eclipsed 10 million in 2022. This represented a total of 14% of all new car sales, a significant hike from roughly 9% in the previous year, 2021. As a result, the burgeoning demand for electric vehicles is propelling the acceleration of the undercarriage component market._x000D_
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What Trends Will Shape the Undercarriage Component Market Through 2029 and Beyond?_x000D_
Leading firms within the undercarriage components sector are emphasizing on the development of innovative solutions, including ranges for undercarriage replacements, to enhance the performance, durability, and efficiency of heavy machinery applied in mining and construction fields. The range for undercarriage replacements comprehensively includes duties, parts, and costs involved in substituting components in undercarriage systems of heavy machines. For example, in September 2022, Zaftraxx Ltd, a machinery manufacturing firm from Trinidad and Tobago, introduced their ZTX range of undercarriage components and ground-engaging instruments specifically designed for Caterpillar machinery. The new range encompasses crucial undercarriage components like chains, bottom rollers, top rollers, drive sprockets, and idlers. Furthermore, the product line has increased to incorporate components for Hitachi and JCB machines, amplifying Zaftraxx's contribution to the industrial machinery sector. The ZTX range comprises essential elements that boost the efficiency and tenacity of undercarriage systems, showcasing Zaftraxx's dedication towards fulfilling the shifting demands of their clients in construction and mining sectors._x000D_
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What Are the Main Segments in the Undercarriage Component Market?_x000D_
The undercarriage componentmarket covered in this report is segmented -_x000D_
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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_x000D_
2) By Equipment Type: Excavator, Track Loader, Dozers, Multi Terrain Loaders, Crawler Cranes, Asphalt Pavers, Other Equipment_x000D_
3) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket_x000D_
4) By End-User: Construction, Mining, Agriculture And Forestry, Landscape And Maintenance, Other End-Users_x000D_
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Subsegments:_x000D_
1) Track And Carrier Rollers: Carrier Rollers, Track Rollers_x000D_
2) Track Chains: Heavy-Duty Track Chains, Standard Track Chains_x000D_
3) Idlers And Sprocket: Idler Wheels, Drive Sprockets_x000D_
4) Equalizer Bars: Standard Equalizer Bars, Adjustable Equalizer Bars_x000D_
5) Track Shoe And Rubber Tracks: Steel Track Shoes, Rubber Tracks_x000D_
6) Track Adjuster And Recoil: Track Adjusters, Recoil Springs_x000D_
7) Link Assemblies: Link Pins, Link Plates_x000D_
8) Other Components: Roller Frames, Hydraulic Cylinders_x000D_
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Which Top Companies are Driving Growth in the Undercarriage Component Market?_x000D_
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._x000D_
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Which Regions Will Dominate the Undercarriage Component Market Through 2029?_x000D_
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._x000D_
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This Report Supports:_x000D_
1. Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions._x000D_
2. Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning._x000D_
3. Policy Makers & Regulators - To track industry developments and align regulatory frameworks._x000D_
4. Consultants & Analysts - To support market entry, expansion strategies, and client advisory work._x000D_
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