Heightening overhead costs associated with permanent construction equipment ownership is prompting construction companies to rely on rental services
ROCKVILLE, MD / ACCESSWIRE / February 2, 2021 / Award winning market research company Fact.MR has published a detailed report on the global undercarriage components market. According to the study, the market is expected to make a gradual yet steady recovery in 2021, as key industries experience a resurgence in the post-pandemic period. Long-term growth prospects are also positive, with Fact.MR projecting a stable growth rate across the 2021-2031 forecast period.
Stupendous gains have been ushered in with the advent of rental construction equipment in recent years. As of 2018, over 90% of professional contractors rented construction equipment, according to a survey conducted by the American Rental Association. Contractors have experienced major capex reductions, enabling them to concentrate on more crucial operations. This frequency of reliance is bound to aggrandize in the future, generating a wide expansion ground for undercarriage component manufacturers.
"Prominent undercarriage component manufacturers are banking on a post-pandemic recovery map, consolidating their existing supply chains and distribution networks and incorporating smart technologies to streamline construction and manufacturing processes," remarks the Fact.MR analyst.
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Key Takeaways from Fact.MR's Undercarriage Components Study
- Crawler excavator demand continues to be high, accounting for nearly one-third market revenue in 2021
- Track chains sales grow steadily, with a projected revenue share worth nearly a quarter of the total market
- Construction sector demand for undercarriage components will be key to revival
- OEMs to remain key undercarriage components consumers; sales in the aftermarket segment gaining momentum
- U.S. to remain one of the largest markets for undercarriage components, owing to the presence of a multibillion dollar construction industry
- U.K. likely to experience steady yet gradual Y-o-Y growth through 2021
- Resumption of mining activities to accelerate sales across the Chinese market
- India to present credible opportunities, followed by Japan & South Korea
Undercarriage Components Market- Prominent Drivers
- Rapidly expanding construction, mining and agricultural sectors is accelerating need for heavy machinery, leading to an uptick in undercarriage component sales
- Increasing smart technology penetration is compelling manufacturers to automate undercarriage components installation processes, widening expansion scope
- Manufacturers are foraying into emerging markets across the Asia-Pacific as well as the Gulf region due to rising numbers of infrastructure projects
Undercarriage Components Market- Key Restraints
- Penetration by counterfeit and unscrupulous component manufacturers are likely to hinder growth prospects
- High maintenance costs associated with adopting advanced equipment likely to deter small and medium sized OEMs from utilizing superior quality undercarriage components
- Growth likely to remain gradual as end-use industries rebound from the COVID-19 pandemic
Discover more about the undercarriage components market with 119 figures and 69 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/1623/undercarriage-components-market
Competitive Landscape
Key players profiled in Fact.MR's undercarriage components market report include Caterpillar Inc., Deere & Company, ThyssenKrupp AG, AB Volvo, Komatsu Ltd. and Hitachi Construction Machinery among others. In addition, numerous regional level manufacturers dominate the global landscape. Prominent expansion strategies involve custom-made product launches, capacity expansion, strategic collaborations and acquisitions and strengthening distribution networks.
Caterpillar Inc. is a prominent undercarriage components manufacturer, offering its trademark AsiaTrak product series for hydraulic excavators and track type tractors for OEMs since the late 20th century. Primary product offerings include link assemblies and track groups, customized to meet individual customer needs.
In July 2020, Komatsu Ltd. announced the commencement of the establishment of a new seal ring factory in its Himi Plant 2 facility as a part and parcel of its structural reforms to facilitate growth with the intention of improving product quality, productivity and environmental performance. The company has been manufacturing seal rings to prevent lubricant leakage across undercarriage components.
More Valuable Insights on Undercarriage Components Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global undercarriage components market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges compelling insights on the undercarriage components market based on component type (track rollers/ carrier rollers, track chains, idlers & sprockets, track shoes/ rubber tracks, and other components (bushings, seals, etc.), equipment (crawler excavators, mini excavators, dozers, track loaders, compact track loaders, and crawler cranes), end use (construction, mining, and agriculture & forestry), and sales channel (OEMs and aftermarket), across six major regions.
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