Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Undercarriage Component Market Size is Expected to Grow from USD 38.22 Billion in 2023 to USD 62.15 Billion by 2033, at a CAGR of 4.98% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Undercarriage Component Market Size, Share, and COVID-19 Impact Analysis, By Material (Steel, Rubber, Plastic, Aluminum, Composite Materials, and Others), By Propulsion (Hydraulic, Electric, Mechanical, and Others), By Application (Agricultural Implements, Construction Equipment, Material Handling Equipment, Mining Equipment, Military Vehicles, Industrial Machinery, Automotive, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
The undercarriage component market is the market for the parts that make up the undercarriage of heavy machinery, like bulldozers, track loaders, and crawler dozers. There is a growing need for undercarriage systems owing to the production of heavy equipment across the construction, mining, and other industries. The increasing demand for infrastructure development especially in emerging economies driving demand for undercarriage components, thereby propelling the market demand. Further, the increasing adoption of advanced technologies including telematics and remote monitoring systems are providing lucrative market growth opportunities for undercarriage component. In addition, the trend of using lightweight materials, the adoption of eco-friendly technologies, and the incorporation of advanced sensors and analytics are bolstering the market growth. The expanding need for heavy machinery, the growing use of automation and robots, and the growing focus on sustainability are the main factors propelling the market. On the contrary, the increasing price of raw materials, supply chain disruptions, and intense competition among the key market players are challenging the undercarriage component market.
The steel segment is anticipated to hold the largest market share during the forecast period.
Based on the material, the undercarriage component market is classified into steel, rubber, plastic, aluminum, composite materials, and others. Among these, the steel segment is anticipated to hold the largest market share during the forecast period. Steel is a commonly used material for undercarriage components owing to its strength and durability. The high strength and durability of steel as an undercarriage component propels the market in the steel segment.
The hydraulic segment accounted for the largest share of the undercarriage component market in 2023.
Based on the propulsion, the undercarriage component market is classified into hydraulic, electric, mechanical, and others. Among these, the hydraulic segment accounted for the largest share of the undercarriage component market in 2023. Hydraulic propulsion systems are used in the undercarriage of heavy machinery and construction equipment to provide traction and movement. The high power density and reliability of hydraulic propulsion systems as well as their ability to operate in a challenging environment are driving the market in the hydraulic segment.
The agricultural implements segment dominated the global undercarriage component market with the largest revenue share in 2023.
Based on the application, the undercarriage component market is classified into agricultural implements, construction equipment, material handling equipment, mining equipment, military vehicles, industrial machinery, automotive, and others. Among these, the agricultural implements segment dominated the global undercarriage component market with the largest revenue share in 2023. The need for undercarriage components including tracks, sprockets, and idlers is being fueled by the growing usage of heavy machinery in resource extraction, urban growth, and infrastructure development.
North America is estimated to hold the largest share of the undercarriage component market over the forecast period.
North America is estimated to hold the largest share of the undercarriage component market over the forecast period. The region’s robust construction industry and increased need for heavy machinery are significantly contributing to driving the market growth. Further, the presence of major manufacturers such as Caterpillar, Komatsu, and Hitachi in the region is responsible for propelling the regional market growth.
Asia Pacific is predicted to grow at the highest CAGR in the undercarriage component market over the forecast period. The rapid urbanization and industrialization in emerging economies such as China and India are majorly contributing to propelling the undercarriage component market. Further, the creation of a huge demand for residential infrastructure in the region is majorly contributing to propel the market growth.
Company Profiling
Major key players in the global undercarriage component market include Takeuchi, Sumitomo, Doosan, Hyundai, JCB, Hitachi, Volvo, Komatsu, John Deere, Liebherr, Caterpillar, Wacker Neuson, CNH Industrial, Kubota, and Others.
Key Target Audience
Recent Developments
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the undercarriage component market based on the below-mentioned segments:
Global Undercarriage Component Market, By Material
Global Undercarriage Component Market, By Propulsion
Global Undercarriage Component Market, By Application
Global Undercarriage Component Market, By Regional Analysis
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