Undercarriage Components Market: Growing Demand for Construction Equipment to Fu

Posted by Arslan on February 26th, 2019

Resurgent growth in the construction sector since the past years coupled with increasing construction activities and infrastructure development continue to remain instrumental in driving sales of construction equipment, in turn influencing sales of undercarriage components worldwide. Growing technological advancements in earth moving equipment to meet the increasing demand for new construction projects has significantly fueled the demand for durable and efficient undercarriage components since the past years. Fact.MR envisages that the demand for undercarriage components is projected to expand at a steady rate at a CAGR of 3.2% throughout the period of assessment, 2018-2028. Sales of undercarriage components by the end of the year of forecast is estimated to cross US$ 10,800 Mn, says the report.

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.

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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.

Counterfeit Products to Challenge Sales of Undercarriage Components

Rising demand for undercarriage components in the construction and mining industry has influenced manufacturers of undercarriage components to develop advanced products. Technological advances in manufacturing and design of undercarriage components have enhanced the durability and efficiency of undercarriage components. However, this has resulted in an increase in 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.