Global Undercarriage Systems Market Size study, By Type (Rubber Track and Steel Track) and Application (Agriculture, Construction, Forestry, Mining, and Others), and Regional Forecasts 2022-2028

Global Undercarriage Systems Market Size study, By Type (Rubber Track and Steel Track) and Application (Agriculture, Construction, Forestry, Mining, and Others), and Regional Forecasts 2022-2028

Global Undercarriage Systems Market is valued approximately USD XX million in 2021 and is anticipated to grow with a healthy growth rate of more than XX % over the forecast period 2022-2028.

The Undercarriage Systems can be defined as the supporting framework placed underneath any heavy construction vehicles such as excavators, dozers to enable them to move freely on different tracks and terrains. The heavy vehicles can move freely over sand, mud, and dirt with the help of Undercarriage systems. Different components of an undercarriage system include track chains, idlers, track shoes, drive sprockets, carrier rollers, and rollers. The growing building and construction sector and increasing utilization of heavy machinery across different industries as well as strategic initiatives from leading market players are factors that are accelerating the global market demand. For instance, according to Oxford Economics’ Future of Construction Report published in 2021, - during 2020, Global construction output was estimated at USD 10.7 trillion, and the market is projected to grow by 42% or USD 4.5 trillion between 2020 and 2030 to reach USD 15.2 trillion by 2030. Furthermore, leading market players are working towards strategic initiatives such as expansion of new business verticals to leverage the growing demand for Undercarriage Systems. For instance, in June 2019, Nottingham, UK based ATG launched the A-Trax subsidiary to supply undercarriage crawler track systems. Under this new subsidiary the company would offers Undercarriage systems for a wide range of vehicles including excavators, drilling machines and tractors for the material processing, construction, agriculture, and waste recycling industries. Also, growing investment towards infrastructure & construction projects and increasing number of technological advancements in manufacturing sector are anticipated to act as a catalyzing factor for the market demand during the forecast period. However, a high cost associated with steel-based Undercarriage systems and volatile cost of raw materials impede the growth of the market over the forecast period of 2022-2028.

The key regions considered for the global Undercarriage Systems Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the growing number of construction activities and increasing utilization of heavy construction vehicles across different industries. Whereas, Asia pacific is anticipated to exhibit a significant growth rate over the forecast period 2022-2028. Factors such as the thriving growth of waste management sector and presence of leading market players in the region, would create lucrative growth prospects for the global Undercarriage Systems Market across the Asia Pacific region.

Major market players included in this report are:
DIGBITS Ltd.
thyssenkrupp AG
Komatsu Ltd.
L&T Technology Services Limited
Topy Industries Limited
Continental AG
DBA Group
MST
Verhoeven Group
Hitachi Construction Machinery Co., Ltd.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:
By Type
Rubber Track
Steel Track
By Application
Agriculture
Construction
Forestry
Mining
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028

Target Audience of the Global Undercarriage Systems Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

Companies Mentioned

DIGBITS Ltd.
thyssenkrupp AG
Komatsu Ltd.
L&T Technology Services Limited
Topy Industries Limited
Continental AG
DBA Group
MST
Verhoeven Group
Hitachi Construction Machinery Co., Ltd.

Please note:The single user license is non-downloadable and non-printable. Global Site license allows these actions.