The global undercarriage systems market size is set to gain impetus from the increasing usage of excavators in several applications, such as demolition, quarrying, and mining. Fortune Business Insights™ published this information in a new report, titled, “Undercarriage Systems Market Size, Share & Industry Analysis, By Type (Rubber Track, Steel Track), By Application (Agriculture, Construction, Forestry, Mining and Others) and Regional Forecast, 2020-2027.” The report further states that the undercarriage systems market size was USD 21.80 billion in 2019 and is projected to reach USD 24.76 billion by 2027, exhibiting a CAGR of 1.9% during the forecast period.
A list of the reputed undercarriage systems manufacturers operating in the global market:
- Berco S.p.A. (thyssenkrupp AG) (Germany)
- Marubeni-Komatsu Ltd (Marubeni Corporation) (England)
- Renomag (Czech Republic)
- DRB (Korea)
- Caterpillar (United States)
- VTS Track Solutions (The Netherlands)
- Titan International, Inc. (United States)
- Appletree Global Ltd (ATG) (United Kingdom)
- Trackline Ltd (United Kingdom)
- Eurotrack Ltd (United Kingdom)
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REPORT COVERAGE-
Our skilled
research analysts have collected information from multiple end-user facilities
to provide the supply chain and value chain analysis. At the same time, they have
conducted Porter’s analysis to provide detailed information about the
bargaining power of every link in the value chain. The report also contains
recent industry developments, such as joint ventures, new product launches,
collaborations, and acquisitions to focus on the vital investment zones.
DRIVERS & RESTRAINTS-
Rising Need to Simplify Complex Tasks will
Favor Growth
Nowadays,
companies are investing huge sums in heavy equipment to develop them
technologically. These initiatives would help them to finish complex tasks
efficiently. At the same time, the introduction of IoT-enabled products would
help users and companies to track the conditions of their equipment in
real-time. These factors are likely to boost the undercarriage systems market
growth in the coming years. However, undercarriage systems require preliminary
materials, such as rubber, steel, and aluminum. But, fluctuations in their
prices may hamper growth.
Read Detailed Summary of This Report:
https://www.fortunebusinessinsights.com/undercarriage-systems-market-104589
COVID-19 IMPACT-
COVID-19 Pandemic to Obstruct Growth Owing to
Declining Demand from End-users
The COVID-19
pandemic has taken a toll on the undercarriage systems industry by causing
temporary lockdowns in various countries worldwide. OEMs are facing
difficulties owing to the unavailability of finished steel products that are
needed to assemble undercarriage systems. Besides, lower end-user demand and
rapid changes in dealer inventories are set to hamper growth in 2020. We are
providing elaborate research reports to help you regain business confidence by
adopting crucial strategies.
REGIONAL INSIGHTS-
Asia Pacific to Dominate Fueled by Rising
Demand for Residential Infrastructure
Geographically,
Asia Pacific is set to grow rapidly throughout the forthcoming years backed by
the high demand for residential infrastructure. It would mainly occur because of
the increasing urbanization in the region. It held USD 3.82 billion in terms of revenue in 2019. Besides, China is
expected to contribute majorly to this growth stoked by the rising investments
of the government in the infrastructure sector.
On the other
hand, Europe would show considerable growth in the near future. This growth is
attributable to the rising international and domestic demand for mining
products. Hence, it would accelerate the export of agri-food products, as well
as surge equipment rental businesses in the region.
COMPETITIVE LANDSCAPE-
Key Players Focus on Modernizing Pre-existing
Technologies to Compete in Market
The global
market for undercarriage systems contains numerous renowned companies that are
presently focusing on implementing various programs to modernize or refurbish
the pre-existing technologies to manufacture defect-free undercarriage
components. Some of the others are aiming to gain a competitive edge by
ordering innovative products from other firms. Below are the two latest
industry developments:
- November 2020: The shares of Titan International Inc.
reached up to 4.41%. The company’s current market cap is USD 334.5 million. It
manufactures undercarriage systems, tires, wheels, and rims for usage in
agricultural equipment, such as planters, plows, combines, and tractors. These
are directly sold to the aftermarket OEMs.
- November 2019: Ridgway Rentals placed an order of 130 Komatsu machines to update its fleet. It contains a blend of wheel loaders, bulldozers, and excavators worth £12 million. The company is focusing on updating its fleet with environmentally friendly and efficient equipment.
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