The undercarriage components market players will witness huge demand for the construction and infrastructure sector, thus fostering the market growth.
ROCKVILLE, MD / ACCESSWIRE / October 13, 2020 / The undercarriage components market is poised to record a moderate CAGR of 4% through 2030. The COVID-19 pandemic has adversely affected market players on the supply side, triggering decreasing undercarriage components sales. Nevertheless, the recovery of the global mining and construction sector, post-pandemic, will generate new growth avenues for the undercarriage components market.
'Huge-scale closures of OEM plants in South and East Asia will have short-term significances on the undercarriage components demand. However, substantial demand rise in construction equipment will be in the 4th quarter of 2020, which is foreseen to support the expansion of the undercarriage components market subsequently,' says the Fact.MR report.
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Undercarriage Components Market - Key Takeaways
- By component type, the track chains category will remain lucrative
- Based on equipment, the crawler excavator will capture 33% of the overall market share.
- In terms of end-use, the construction segment will record fast growth among others.
- South and East Asia will lead the market, gaining 46% of the market share, trailed by Europe.
Undercarriage Components Market - Driving Factors
- The rise in construction projects will push the demand for heavy machinery although COVID-19 impact will mean that short-term recovery will take time
- Use of heavy machinery in infrastructure development activities will continue to drive growth
- In addition to private investment, fiscal stimulus by government remains a key macro-economic factor
Undercarriage Components Market - Constraints
- Higher maintenance costs associated with undercarriage components will impact market growth.
- The accessibility of several machines that are driven on wheels and don't require undercarriage components and tracks will inhibit the market demand
- The availability of counterfeit products will raise quality concerns which will limit the sales in the global market.
Anticipated Market Impact by COVID-19 Outbreak
The companies are experiencing a drop in their revenue due to the COVID-19 pandemic which is further affecting the undercarriage components sales, as a result of lower demand for new machines, consecutively, restricting the market growth. According to Fact.MR's published report, the undercarriage components market will exhibit positive outcomes by the second quarter of 2021.
Explore the Undercarriage Components market comprising of 151 figures and 69 data tables, along with the table of contents. You can find a detailed market segmentation on https://www.factmr.com/report/1623/undercarriage-components-market
Major companies operating in the global undercarriage components market are Deere & Company, Caterpillar Inc., ThyssenKrupp AG, Komatsu Ltd., AB Volvo, and Hitachi Construction Machinery. Companies are striving for introducing new products and product enhancement to extend their consumer base and attain a competitive edge over other companies.
More on the Report
The Fact.MR's market research report provides in-depth insights into the undercarriage components market. The market is scrutinized based on component type (track rollers/ carrier rollers, track chains, idlers & sprockets, track shoes/ rubber tracks, and other components (bushings, seals, etc.), equipment (crawler excavators, mini excavators, dozers, track loaders, compact track loaders, and crawler cranes), end use (construction, mining, and agriculture & forestry), and sales channel (OEMs and aftermarket), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).
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