Undercarriage Systems Market to Reach $24.76 Bn by 2027; Surging Demand for Residential Infrastructure in China to Favor Growth in Asia Pacific

The global undercarriage systems market size is projected to reach USD 24.76 billion by 2027. The rising focus of renowned manufacturers on developing new product ranges to broaden their footprints in developed and developing countries. This information is given by Fortune Business Insights™ in a new study, titled, “Undercarriage Systems Market Size, Share & COVID-19 Impact Analysis, By Type (Rubber Track, Steel Track), By Application (Agriculture, Construction, Forestry, Mining and Others) and Regional Forecast, 2020-2027.” The study further mentions that the market stood at USD 21.80 billion in 2019. It is set to exhibit a CAGR of 1.9% during the forecast period between 2020 to 2027.

Caterpillar Exhibits New Products under ‘Your Work Matters’ Theme in CONEXPO 2020

In January 2020, Caterpillar, a developer of machinery and engines headquartered in the U.S., organized the CONEXPO-CON/AGG 2020. It showcased a blend of new services/technologies, equipment demonstration area, and static displays under a theme called ‘Your Work Matters.’ The company invested in safety features and technology in more than 30 Cat machines on display, including nine brand new introductions from the backhoe loader, articulated truck, excavator, and dozer families.

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https://www.fortunebusinessinsights.com/undercarriage-systems-market-104589

Rising Usage in Mining and Demolition Applications to Spur Demand

Several renowned vendors are trying to upgrade or modernize their undercarriage systems containing track chains, tracks, idlers, sprockets, and drive motors. Upgrading them will resist abrasion, reduce friction, enhance lubrication, and retain oil for a long time. These factors are anticipated to accelerate the undercarriage systems market growth in the near future.

Furthermore, the market would exhibit an exponential growth on account of the high demand from demolition, quarrying, and mining applications. These systems can efficiently operate under harsh environments. However, the COVID-19 pandemic may hinder growth by constant changes in dealer inventories.

Key Players Aim to Launch Unique Products to Gain More Consumer Bases

The market houses numerous renowned companies trying to provide value-added services to broaden their geographical footprints. These services include strategic add-ons, technological advancements, and free of cost maintenance. Some of the others are planning to unveil state-of-the-art undercarriage systems to attract more customers.

Fortune Business Insights™ lists out the names of all the prominent undercarriage systems present in the global market. They are as follows:

• 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)

A Significant Industry Development-

• October 2019: Eurotrack, a distributor of agricultural tractors, introduced its Continental Trackman replacement tracks. It is suited for most tractor models and makes. It possesses exclusive galvanized cables for robust corrosion resistance and fully modeled lugs for high durability.

Further Report Findings-

• In 2019, Asia Pacific procured USD 8.60 billion in terms of the undercarriage systems market share. The high demand for residential infrastructure because of the rapid urbanization would aid growth in this region. China would mainly contribute to this growth backed by the presence of numerous small and medium construction equipment manufacturers in the country.
• North America is anticipated to grow considerably in the coming years, fueled by the presence of a large number of undercarriage type of systems manufacturers, such as Hitachi, Komatsu, and Caterpillar in the region.
• Based on application, the construction segment earned 43.1% and 38.8% shares in China and globally, respectively. It is set to grow rapidly because of the increasing investments by government agencies in green infrastructural developments and the introduction of smart constructions.

The global market can be segmented in the following way: