Undercarriage Components Market – Overview
Undercarriage include different systems and components, which are mounted beneath the carriage of heavy machineries, such as track loaders, bulldozers, and crawler dozers. Undercarriage components are caterpillar track chains, track shoes, idlers, drive sprockets, rollers, and carrier rollers. Several small components, such as links, pins, bushings, and frames, are also a part of the undercarriage.
Rise in agriculture and construction sectors are anticipated to propel the demand for heavy machineries. This, in turn, drives the demand for undercarriage components. Rapid construction of road infrastructure across developing economies has boosted the demand for construction machineries, such as track loaders, bulldozers, and crawler dozers. Increase in incorporation of machineries in the agriculture sector, rise in use of small heavy duty machines in the industrial sector, and surge in construction activities across the globe, drive the global heavy duty machinery market. This, in turn, fuels the demand for undercarriage components. Availability of several machines that are driven on wheels and do not require tracks and undercarriage components is likely to inhibit the demand for undercarriage components.
Undercarriage Components Market – Segmentation
The global undercarriage component market can be segmented based on component, application, machine type, sales channel, and region. In terms of component, the global undercarriage components market can be segregated into seven segments. Rollers and track chains are subjected to higher wear and tear forces; therefore, these require periodic replacements. Hence, in terms of revenue, these two segments account for large share of the market. Based on application, the global undercarriage components market can be divided into four segments. Governments of several developing nations are focusing on expanding road infrastructure. Heavy machineries are extensively being used across the agriculture sector. Additionally, the construction sector also extensively employs tracked machineries. This, in turn, has increased the demand for undercarriage components.
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In terms of machine type, the global undercarriage components market can be categorized into four segments. Demand for excavators and dozers is high in the construction industry; therefore, these two segments accounted for large share of the market in fiscal year 2017. Ability to handle significant loads, high working speed, and rugged construction fuel the demand for excavators and dozers.
Based on sales channel, the global undercarriage components market can be bifurcated into two segments. Reliability, service, and brand name boost the demand for original equipment manufacturers (OEMs) supplying undercarriage components. Thus, the OEM segment accounted for a large share of the global undercarriage components market.
The global undercarriage components market can be segmented into five regions. Diverse mining industry, vast oil & gas industry, expanding agriculture and construction industries, large defense equipment manufacturing industry, and expanding manufacturing industry have increased the demand for tracked machineries across North America. Therefore, the region accounted for dominant share of the global market. Asia Pacific comprise of developing economies such as India and China. Increase in construction activities and expansion of the industrial sector across these countries is expected to create numerous opportunities for the tracked machineries market. This, in turn, is projected to drive the undercarriage components market.
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