Undercarriage Component Market By Component (Track Rollers, Career Rollers, Track Chains) , By Equipment (Crawler Excavators, Mini Excavators, Others) By End User (Construction, Mining) : Global Opportunity Analysis and Industry Forecast, 2024-2032
Undercarriage Component Market
The undercarriage component market was valued at $7.2 billion in 2023 and is projected to reach $10.8 billion by 2032, growing at a CAGR of 4.5% from 2024 to 2032.
An undercarriage component is a part of the heavy machinery that supports and pushes the vehicle when it is moving over the ground. Excavators, bulldozers, and track loaders are the typical construction equipment consisting of undercarriage components. The components are crucial for the provision of stability, traction, and maneuverability to the machine, particularly in uneven terrains.
Constant increase in infrastructure development activities, including railways, roads, and bridges, is a key driver of the undercarriage component market. In addition, surge in the popularity of e-commerce platforms has boosted the sales for undercarriage components and aftermarket services, hence augmenting the development of the market. Technological breakthroughs are a current trend in the market as the development of smart undercarriage components is acquiring traction. The deployment of sensors, smart tracking systems, telematics, and predictive maintenance is transforming the functioning of the undercarriage components and enabling effective management of construction equipment in challenging work environments.
However, these components require constant maintenance and replacement, which adds up to their costs, thereby restraining the development of the market. In addition, damage of the components poses substantial concerns pertaining to equipment safety, hence hampering the market growth. On the contrary, the implementation of favorable policies by the government is presenting novel growth opportunities for the undercarriage component market. For instance, the Indian government offers tax benefits under section 80IA to the businesses associated with infrastructure development, encompassing the undercarriage component market.
Segment ReviewThe undercarriage component market is segmented into component, equipment, end user, and region. On the basis of component, the market is divided into track rollers, career rollers, and track chains. Depending on equipment, it is classified into crawler excavators, mini excavators, and others. As per end user, it is bifurcated into construction and mining. Region wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Key FindingsOn the basis of component, the track rollers segment held the highest market share in 2023.
Depending on equipment, the crawler excavators segment accounted for a high market share in 2023.
As per end user, the construction segment acquired a high stake at the market in 2023
Based on region, Asia-Pacific was the highest revenue generator in 2023.
Competition AnalysisThe major players operating in the global undercarriage component market include Caterpillar Inc., Komatsu Ltd., Hitachi Construction Machinery Co., Ltd., Volvo Construction Equipment, John Deere, Liebherr Group, CNH Industrial N.V. (Case Construction Equipment), Doosan Group (Doosan Infracore), Hyundai Construction Equipment Co., Ltd., and JCB (J.C. Bamford Excavators Ltd.). These players have adopted various key developmental strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the market.
Key Market SegmentsBy ComponentTrack Rollers
Career Rollers
Track Chains
By EquipmentCrawler Excavators
Mini Excavators
Others
By End UserConstruction
Mining
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Middle East and Africa
South Africa
Saudi Arabia
UAE
Rest of Middle East and Africa
Key Market Players
Caterpillar Inc.
Komatsu Ltd.
Hitachi Construction Machinery Co., Ltd.
Volvo Construction Equipment
John Deere
Liebherr Group
CNH Industrial N.V. (Case Construction Equipment)
Doosan Group (Doosan Infracore)
Hyundai Construction Equipment Co., Ltd.
JCB (J.C. Bamford Excavators Ltd.)