Fact.MR report. Apart from construction of highways and dams, demand for crawler excavators has been increasing in the mining sector, which is expected to push their sales. This factor is anticipated to support the growth of the undercarriage components market during the assessment period. Moreover, with growing residential construction activities the demand for mini excavators is likely to witness a significant push. These factors are expected to auger well for the sales of undercarriage components in earth moving equipment such as crawler excavators and mini excavators during the forecast period, making them a lucrative business opportunity for undercarriage components manufacturers.
For more information on this report, please visit: https://www.factmr.com/report/1623/undercarriage-components-market
Demand for track shoe/rubber tracks undercarriage components is projected to grow at a high rate during the period of assessment. According to the report, the sales of track shoe undercarriage components are estimated to surpass US$ 2,800 Mn by end of the year of forecast. This growth in sales can be attributed to their high efficiency in providing traction to the construction equipment to conveniently maneuver. In addition, the report forecasts that the demand for track chains, bushing and seals as undercarriage components, is projected to expand at a relatively high pace throughout the assessment period, making them a highly attractive market for stakeholders.
Sales of undercarriage components are expected to remain concentrated in the emerging economies of Greater China and India in the Asia Pacific excluding Japan (APEJ) owing to stellar growth in construction and infrastructure activities in the region. Major constructions projects such as InterBering-China-Russia-Canada-America High Speed Rail Road, DoIT – Brisbane to Melbourne High Speed Railway Link - New South Wales, Australia, Xinjiang-Kyrgyzstan-Uzbekistan-Turkmenistan-Iran-Turkey Railway Link – China, NHAI – National Highway Development Program – India and MoLTM/MoT – South Korea to China Underwater Train Tunnel – South Korea, to name a few, have largely contributed to the growth of the construction equipment industry in the region, in turn fuelling sales of undercarriage components. Stakeholders in the undercarriage components market can expect a steady stream of opportunities from the APEJ region on the back of an optimistic construction scenario in the region.
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