The undercarriage component global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Undercarriage Component Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The undercarriage component market size has grown strongly in recent years. It will grow from $5.08 billion in 2023 to $6.09 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to growth in infrastructure and construction, the rise of intelligent undercarriages, the growing need for heavy machinery in mining, the growing automotive industry, and increasing investments in mining and agriculture.
The undercarriage component market size is expected to see strong growth in the next few years. It will grow to $7.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to growing demand for specialized vehicles, increasing focus on fuel economy and minimizing environmental effects, increase in demand for construction equipment, increasing adoption of electric and hybrid vehicles, and increasing awareness about the benefits of regular maintenance and the longevity of machinery. Major trends in the forecast period include technological advancements, material innovations, wear-resistant technologies, integration with sensors and internet of things (IoT), and innovations in manufacturing process.
Order your report now for swift delivery @
https://www.thebusinessresearchcompany.com/report/undercarriage-component-global-market-report
Scope Of Undercarriage Component Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Undercarriage Component Market Overview
Market Drivers –
The increasing demand for electric vehicles is expected to propel the growth of the undercarriage components market going forward. Electric vehicles (EVs) are automobiles propelled by electric motors, which draw power from rechargeable battery packs or other energy storage devices. The demand for electric vehicles is due to several factors, such as environmental concerns, infrastructure development, social and cultural shifts, and economic factors. The undercarriage components are integral to the efficient operation, safety, and performance of electric vehicles, helping them meet the unique demands of electric propulsion. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, electric cars experienced exponential growth as sales surpassed 10 million in 2022, where a total of 14% of all new vehicles sold were electric, reflecting a substantial increase from approximately 9% in 2021. Therefore, the increasing demand for electric vehicles is driving the growth of the undercarriage component market.
Market Trends –
Major companies operating in the undercarriage components market are focusing on developing innovative products, such as undercarriage replacement ranges, to improve the performance, durability, and efficiency of heavy machinery used in the mining and construction industries. The undercarriage replacement range encompasses tasks, parts, and costs associated with replacing components in heavy machinery undercarriage systems. For instance, in September 2022, Zaftraxx Ltd, a Trinidad and Tobago-based machinery Manufacturing company, launched its ZTX line of undercarriage components and ground-engaging tools designed for Caterpillar equipment. The product line includes essential undercarriage components such as chains, bottom rollers, top rollers, drive sprockets, and idlers. The product line has since expanded to include components for Hitachi and JCB machinery, enhancing Zaftraxx’s offerings in the heavy machinery sector. The ZTX line includes essential parts that improve the performance and durability of undercarriage systems, reflecting Zaftraxx’s commitment to meeting the evolving demands of customers in the construction and mining industries.
The undercarriage component market 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
Get an inside scoop of the undercarriage component market, Request now for Sample Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=19740&type=smp
Regional Insights –
North America was the largest region in the undercarriage component market in 2023. The regions covered in the undercarriage component market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Undercarriage Component Market Report Structure
3. Undercarriage Component Market Trends And Strategies
4. Undercarriage Component Market – Macro Economic Scenario
5. Undercarriage Component Market Size And Growth
…..
27. Undercarriage Component Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model”
