The market is projected by the same source to see a CAGR (compound annual growth rate) of 4% over the 2020-2030 period. Fact.MR. expert analysts say the global undercarriage components market for the analysed industries will be worth over US$6.5bn by the end of 2020.
The new 170-page FACT.MR. ‘Undercarriage Components Market’ study states that the spread of COVID-19 is resulting in declining sales as the global construction industry is facing a downturn, which ultimately affects the sales of undercarriage components. The impact on the market is continuing to fluctuate as the sales of new equipment have come to a standstill; the report highlights.
Furthermore, growing rental activities for heavy-duty equipment is one of the major factors fuelling the excavator market. The rental segment has appeared to bring revolutionary growth across the globe. With increasing construction projects and urgency in completion, several companies involved in the construction sector prefer to shorten project time duration, from bidding, execution, to completion. This is anticipated to increase the demand for undercarriage components and create ample opportunities for players operating in the undercarriage components market space.
Key takeaways from the ‘Undercarriage Components Market’ study include:
- The global undercarriage components market size will rise by as much as $3bn between 2020 and 2030.
- By component type, the track chains segment is set to hold a share-wide market dominance, with over 24% of the total market value by the end of the forecast period.
- The undercarriage components market in East Asia is expected to grow the fastest by experiencing CAGR of 4%. The South Asia & Oceania regional market is estimated to account for a significant proportion of the demand by the end of the forecast period.
“Large-scale closures of OEM plants in East and South Asia will have short-term implications on demand for undercarriage components. However, significant demand rise in construction equipment is expected in the fourth quarter of 2020, which is foreseen to bolster the growth of the undercarriage components market thereafter,” says a report analyst.
Key players in the undercarriage components market are Caterpillar, Deere & Company, ThyssenKrupp, Volvo, Komatsu, and Hitachi Construction Machinery, among others. Prominent manufacturers are striving for product enhancement and introducing new products in order to broaden their customer base and gain a competitive edge over other players. For instance, in 2020, Berco, a brand of ThyssenKrupp, introduced a new Platinum Line, a specially designed undercarriage component line of products for the aftermarket. The Platinum Line product range is focused on improving undercarriage life in forestry applications.
The above insights are based on a report on Undercarriage Components Market by Fact.MR. More details via https://www.factmr.com/report/1623/undercarriage-components-market.