What Is The Current and Historic Market Size Analysis Of The Undercarriage Component Market?
The undercarriage component market has seen considerable growth due to a variety of factors.
• The market size for undercarriage components has seen a robust expansion in the past few years. It will rise from $6.09 billion in 2024 to $6.44 billion in 2025, growing at a compound annual growth rate (CAGR) of 5.7%.
Various factors contributing to this uptick include infrastructure and construction growth, the emergence of smart undercarriages, an increased demand for heavy equipment in mining, a thriving automotive sector, and mounting investments in the mining and agriculture sectors.
What Is The Forecast For The Undercarriage Component Market Size?
The undercarriage component market is expected to maintain its strong growth trajectory in upcoming years.
• The market for undercarriage components is predicted to enjoy substantial expansion over the coming years, growing to $7.92 billion in 2029 with a compound annual growth rate (CAGR) of 5.3%.
The reasons behind this projected growth during the forecast period include rising demand for custom-made vehicles, an escalating emphasis on fuel efficiency and reduction of environmental impact, a surge in need for construction machinery, a growing acceptance of electric and hybrid vehicles, and an increased understanding of the importance of regular upkeep and the extension of equipment lifespan. The forecast period is also expected to see major trends such as technological progress, innovation in materials, advancements in wear-resistance technologies, integration of sensors and internet of things (IoT), and breakthroughs in manufacturing procedures.
What Are The Essential Drivers Behind The Growth Of The Undercarriage Component Market?
The boom in electric vehicle demand is forecasted to spur the expansion of the undercarriage components sector. Electric vehicles (EVs) are car models run by electric engines, powered by rechargeable battery packs or other types of energy storage devices. Various elements, such as environmental apprehensions, infrastructure evolution, socio-cultural adjustments, and economic conditions, contribute to the demand for electric vehicles. Undercarriage components play an essential part in the electric vehicles' effective functionality, safety, and performance, catering to the distinct requirements posed by electric propulsion. For example, data from the International Energy Agency, an intergovernmental organization headquartered in France, highlighted an explosive growth in electric car sales, exceeding the 10 million mark in 2022, which constitutes 14% of the total new automobile sales. This figure marks a noteworthy escalation from nearly 9% in 2021. Consequently, the burgeoning electric vehicle demand is fueling the expansion of the undercarriage component industry.
How Is The Global Undercarriage Component Market Divided Into Key Segments?
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 Trends Are Reshaping The Future Of The Undercarriage Component Market?
Leading companies in the undercarriage components market are prioritizing the creation of innovative products like undercarriage replacement ranges to enhance efficiency, durability, and performance of heavy-duty machinery for the mining and construction sectors. These replacement ranges include all tasks, parts, and costs involved in substituting components in weighty machinery undercarriage systems. For example, Zaftraxx Ltd, a machinery manufacturing firm based in Trinidad and Tobago, unveiled its ZTX type of undercarriage components and ground-engaging tools made specifically for Caterpillar devices in September 2022. These new items consist of chains, bottom and top rollers, idlers, and drive sprockets. The series further expanded to incorporate components for Hitachi and JCB equipment, broadening Zaftraxx's contributions in the heavy-duty machinery industry. The ZTX series also consists of essential elements that heighten the durability and performance of undercarriage systems, which exemplifies Zaftraxx's pledge to address the ever-changing needs of clients in the construction and mining sectors.
Who Are the Key Players In The Undercarriage Component Market?
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 Are The Regional Insights Into 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.
