Undercarriage Systems Market to Reach USD 24.76 Billion by 2027; Increasing Demand for Mining Products to Aid Growth in Europe: Fortune Business Insights™

Key Companies Covered in Undercarriage Systems Market Research Report Are 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).


Pune, Jan. 25, 2021 (GLOBE NEWSWIRE) -- The global undercarriage systems market 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 & COVID-19 Impact 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 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.

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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.

How Did We Develop This Report?

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.

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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.


Construction Segment to Grow Significantly Backed by Introduction of Smart Projects

Based on application, the construction segment earned 38.8% in terms of the undercarriage systems market share in 2019. The rising government initiatives to invest in green infrastructural developments would aid growth of this segment. Additionally, the emergence of smart constructions is also set to augment growth. The segment generated a share of 43.1% in 2019 in China.

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 8.60 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.

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Competitive Landscape-

Key Players Focus on Modernizing Pre-existing Technologies to Compete in Market

The global market 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.

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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Major Table of Content:

  • Introduction
    • Definition, By Segment
    • Research Approach
    • Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Force Analysis
    • Global Undercarriage Systems Market Share Analysis and Matrix, 2019
  • Key Market Insights and Strategic Recommendations
  • Profiles of Key Players (Would be provided for 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Gross Margin
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Primary Interview Responses
  • Annexure / Appendix
    • Global Undercarriage Systems Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
      • By Type (Value)
        • Rubber Track
        • Steel Track
      • By Application (Value)
        • Agriculture
        • Construction
        • Forestry
        • Mining
        • Others (Oil & Gas)
      • By Region (Value)
        • North America
        • Latin America
        • Europe
        • Middle East and Africa
        • Asia Pacific

TOC Continued..

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