The undercarriage components market is poised to expand 1.4X in terms of value over the forecast period. However, the COVID-19 outbreak is having a negative impact on the global undercarriage components market due to the closure of manufacturing plants in various countries. Moreover, this has also impacted the demand for construction equipment, significantly, which will result in a drop in demand for undercarriage components in the near-term forecast.
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However, manufacturers are optimistic that recovery in demand for construction equipment such as crawler excavators, dozers, compact track loaders, and crawler cranes is anticipated to trigger the use of undercarriage components, consequently leading to the expansion of the undercarriage components market size in the years ahead.
Key Segments of Undercarriage Components Market
Fact.MR’s study on the undercarriage components market offers information divided into five key segments— component type, equipment, end use, sales channel, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
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|Component Type||Equipment||End Use||Sales Channel||Region|
|Track Rollers/ Carrier Rollers||Crawler Excavators||Construction||OEMs||North America|
|Track Chains||Mini Excavators||Mining||Aftermarket||Latin America|
|Idlers & Sprockets||Dozers||Agriculture & Forestry||Europe|
|Track Shoes/ Rubber Tracks||Track Loaders||East Asia|
|Other Components (Bushings, Seals, etc.)||Compact Track Loaders||South Asia & Oceania|
|Crawler Cranes||Middle East & Africa (MEA)|
Undercarriage Components Market Trends
Commercial infrastructure is expected to witness significant growth on the back of increasing infrastructure activities and urbanization. Rising construction projects such as expansion of airports, construction of commercial buildings, growing highway constructions, road extensions, and residential projects have further pushed the demand for heavy machinery, in turn, reinforcing the demand for undercarriage components during the period of assessment.
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Rising demand for undercarriage components in the construction and mining industry has influenced manufacturers to develop advanced products. Technological advances in the manufacturing and design of undercarriage components have enhanced their durability and efficiency. However, this has resulted in an increase in the pricing of undercarriage components, along with high maintenance costs.
Against this backdrop, the prevalence of counterfeit undercarriage components has significantly risen, in turn, challenging the growth of the market. Low pricing of counterfeit undercarriage components has resulted in a substantial surge in their sales. However, quality concerns associated with counterfeit undercarriage components remain questionable in terms of future adoption. This factor is likely to confine the sales of original undercarriage components, in turn, posing challenges to OEMs and genuine retailers of in the coming years.
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The Undercarriage Components Market research answers important questions, including the following:
- Why Undercarriage Components Market players are focusing on the business expansion in region?
- Which regulatory authorities have granted approval to the application of Undercarriage Components Market
- What are the pros and cons of the Undercarriage Components Market the environment?
- Why players are targeting the production of segment?
- What are the strategies implemented by emerging players in the global Undercarriage Components Market?
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The Undercarriage Components Market report serves the readers with the following data:
- In-depth analysis of supply-side and demand-side trends.
- Direct and indirect impacts of the growth of relevant markets on the Undercarriage Components
- Importance of segment in various regions.
- Accurate Y-o-Y growth of the global Undercarriage Components
- Consumption trends among individuals across the globe.
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