The undercarriage component market is expected to grow at a compound annual growth rate (CAGR) of 4.5 per cent in the next eight years
The global undercarriage component market was valued at $10.6 billion (US$7.2bn) in 2023, and is estimated to reach $15.9bn (US$10.8bn) by 2032, according to a new report.
Allied Market Research recently published a report, titled: ‘Undercarriage Component Market by Component (Track Rollers, Career Rollers and Track Chains), Equipment (Crawler Excavators, Mini Excavators and Others), and End User (Construction and Mining): Global Opportunity Analysis and Industry Forecast, 2024-2032’.
The report says the global undercarriage component market is experiencing strong growth fuelled by expanding global infrastructure investments, notably in construction, mining and agriculture.
Technological innovations improving safety and durability, combined with escalating demand for heavy machinery across sectors, are driving this expansion.
However, challenges such as supply chain disruptions limit the market growth, the report notes.
Nevertheless, it states the increasing adoption of sustainable practices presents an opportunity for market players to differentiate themselves and capitalise on the growing demand for eco-friendly undercarriage solutions.
Report findings
The track rollers segment held the highest market share in 2023, driven by consistent demand for replacement parts in heavy machinery used in construction, mining and agriculture.
Conversely, the track chains segment is expected to exhibit a higher compound annual growth rate (CAGR) during the forecast period.
The crawler excavators segment also performed well in the market in 2023, attributed to its versatility, high demand in construction and efficiency in handling heavy-duty tasks across various industries.
However, the mini excavators segment is poised for growth during the forecast period, as infrastructure development projects surge and the trend toward compact machinery continues.
Construction
The construction segment emerged as the leading end user in the undercarriage component market in 2023 and is anticipated to maintain its dominance with a higher CAGR during the forecast period, according to the report.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022.
The report also highlights the major players in the market, including the likes of Caterpillar, Komatsu, CNH, JCB, Volvo Construction Equipment and Hitachi.