The report of Undercarriage Components Market by Product (Track Roller/Carrier Roller, Track Chains, Idlers & Sprocket, Track Shoe/Rubber Tracks), End Use (Construction, Mining, Agriculture & Forestry, Other End Use) and Region (North America, Europe, Middle East & Africa, South America, Asia Pacific) is expected to reach US$ xx Mn. by 2027, at a CAGR of xx% during a forecast period.
The Undercarriage Components are used for the system under the heavy machinery carriage, such as crawler dozers, track loaders, and bulldozers, major component required for the heavy machineries are idlers, caterpillar track chains, drive sprockets, track shoes, carrier rollers, and rollers, minor components required are different types of pins,links, frames, and bushings, which are essential components of Undercarriage.
Global Undercarriage Components Market segmented by product type into Track Roller/Carrier Roller, Track Chains, Idlers & Sprocket, Track Shoe/Rubber Tracks, and Others. Dozers and Excavators demand is high in construction sector; the market is expected majorly by these two segments, owing to the ability to work at high speed, significant load handling along with rigid construction propelling the demand for dozers and excavators.
Global Undercarriage Components Market: By Application
By Applications, Global Undercarriage Components Marketsegmented into Construction, Mining, Agriculture & Forestry, and Others. Government bodies of several countries are focusing on development of road infrastructure. Agriculture sector is broadly employing heavy machinery. In addition to that, the construction sector also widely utilizing heavy machinery. The above-mentioned factors are expected to enhance the demand for undercarriage components.
Global Undercarriage Components Market: Drivers
Crawler excavators are majorly driving segment inGlobal Undercarriage Components Market and account for more than 33% share of the total market in 2020. Rising focus on the development of construction industry and high value service industrial with increasing diversification of economyexpected to drive numerous opportunities for heavy equipment such as crawler excavators. Heavy Equipment are largelyutilized for clearing rocks, digging land and spreading sand on construction sites. Construction sector is expected maintain its dominance over the forecast period.
Global Undercarriage Components Market: Regional Overview
By region Global Undercarriage Components Market is segmented into Asia Pacific, North America, Europe, South America, and Middle East & Africa. North America region is largest region in Global Undercarriage Components Market,owing to diverse mining industry, expanding agriculture, construction industries, oil & gas industry, andlarge defense equipment manufacturing industry, also manufacturing sectoris expanding creating demand for tracked machineries driving the market in North America.
Asia Pacific region is growing at a high pace with xx% CAGR, owing to developing economies like China and India. Increase in industrial sector and expansion of the construction activities across these countries is anticipated to create several opportunities for the Heavy machineries application, which will drive the Undercarriage Components Market in the forecast period.
Key players operating in the Undercarriage Components Market are, Saab, FURUNO ELECTRIC CO., LTD, ORBCOMM, Kongsberg Gruppen, L3 Technologies, Inc, Japan Radio Co, Garmin Ltd, CNS Systems, Transas, ComNav Marine Ltd. True Heading AB, Wärtsilä, Jotron AS, FLIR Systems, ACR Electronics, Inc, ONWA Marine Electronics Co. Ltd, Simrad, SRT Marine Systems plc, exactEarth.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Undercarriage Components Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Undercarriage Components Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explains Undercarriage Components Market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Undercarriage Components Market.”
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