Largely driven by their application in heavy machinery used in the construction sector, undercarriage components are likely to witness significant growth on the back of rising construction activities worldwide. The construction industry across the globe is expected to present significant opportunities for construction equipment such as crawler excavators, dozers, compact track loaders and crawler cranes. This in turn is anticipated to trigger use of undercarriage components consequently driving their demand and sales. Rising construction projects such as expansion of airports, construction of commercial buildings, growing highway constructions, road extensions and residential have further pushed the demand for heavy machinery in turn supporting the growth of the†Undercarriage Components Market†during the period of assessment.
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Commercial infrastructure is expected to witness meteoric growth on the back of increasing infrastructure activities and urbanization. Rising focus on development of high value service industries coupled with increasing pace of economic diversification has presented potential growth opportunities for earth moving equipment such as crawler excavators. For instance, rising commercial infrastructure activities in the Middle East and African countries backed by significant investments in this sector are likely to boost demand for earth moving equipment in the coming years. This factor is expected to support the adoption of undercarriage components, given their increasing use in equipment such as crawler excavators and dozers used in commercial infrastructure, in turn pushing the growth of the undercarriage components market.
Counterfeit Products to Challenge Sales of Undercarriage Components
Rising demand for undercarriage components in the construction and mining industry has influenced manufacturers of undercarriage components to develop advanced products. Technological advances in manufacturing and design of undercarriage components have enhanced the durability and efficiency of undercarriage components. However, this has resulted in an increase in pricing of undercarriage components along with high maintenance costs. Against this backdrop, the prevalence of counterfeit undercarriage components has significantly risen, in turn challenging the growth of the market. Low pricing of counterfeit undercarriage components has resulted in a substantial surge in their sales, however, quality concerns associated with counterfeit undercarriage components remain questionable in terms of future adoption. This factor is likely to confine the sales of original undercarriage components, in turn posing challenges to OEMs and genuine retailers of undercarriage components in the coming years.
Leasing and Renting of Construction Equipment to Limit Undercarriage Components Sales
Substantial initial cost associated with construction equipment has triggered the trend of renting and leasing of construction equipment. Mid and small-level construction players are experiencing high cost burden while purchasing new construction equipment. In a bid to suffice their infrastructure requirements, they are opting for rental equipment to avoid high costs of new machinery. This is likely to negatively impact the sales of new undercarriage components, owing to lowering demand for new machines, in turn limiting the growth of the undercarriage components market.
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Manufactures of construction equipment are largely investing in research and development activities in a bid to enhance the operational life, productivity convenience and efficiency of their machines. For instance, original equipment manufacturers (OEMs) are implementing design changes such as zero tail swing. However, zero tail swing resulted in reduced lift capacities that resulted in manufactures investing to modify the swing system. This led to the introduction of reduced tail swing across various construction equipment such as compact excavators, which fuelled their use in several applications. Moreover, operator comfort is another factor that was introduced in construction equipment. Developments such as joystick placement and increased foot room resulted in an increased comfort level for operators. Noise reduction is another feature that facilitated operator comfort. This factor has influenced the use of construction equipment across various industrial application such as mining, construction, agriculture and forestry, in turn pushing sales of undercarriage components worldwide.
The report on undercarriage components market highlights several trends impacting the growth of the market and also stresses on influence of various drivers and restraints linked with the demand and use of undercarriage components worldwide. A detailed opportunity assessment along with impact analysis provided in the report can support the reader in formulating key strategies to enhance profitability. The undercarriage components market report covers analysis on absolute dollar opportunity, supply chain analysis, Porterís five forces model and value chain assessment. It also includes major players involved in the manufacturing and distribution of undercarriage components. The reader of the report can utilize the competitive intelligence provided in the undercarriage components market to plan future moves for achieving an edge over the competition in the coming years.
Undercarriage is a section in a vehicle that lies beneath the main body of the vehicle. For different automobiles, undercarriages differ along with their parts called as undercarriage components. Various undercarriage components such as track rollers, track chains, idlers and sprocket, track shoes and bushings are used across industries including mining, construction and agriculture & forestry. They are used in undercarriages of earth moving equipment such as crawler excavators, dozers, mini excavators, compact track loaders and crawler cranes.
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Undercarriage Components Market Expectations & Growth Trends Highlighted until 2028
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