Resurgent growth in the construction sector in recent years, combined with increased building activities and infrastructure development, has continued to drive sales of construction equipment, which in turn has influenced sales of undercarriage components around the world.
Since the past few years, the demand for durable and efficient undercarriage components has been greatly pushed by growing technical breakthroughs in earth moving equipment to fulfil the increasing demand for new building projects. Fact. According to MR, demand for undercarriage components is expected to grow at a steady rate of 3.2 percent from 2018 to 2028, with a CAGR of 3.2 percent. According to the report, sales of undercarriage components are expected to exceed US$ 10,800 million by the end of the projected year.
Undercarriage Components Market Insights by Equipment
Undercarriage components for crawler excavators are expected to dominate the equipment category by 2020, accounting for more than 33% of the total market share. With a growing focus on the development of high-value service industries and a faster pace of economic diversification, earth moving equipment such as crawler excavators has potential growth opportunities.
These are increasingly being utilised on building projects for digging ground and clearing rocks and sand. Because crawler excavators are used to attempt highly complicated construction tasks, the use of undercarriage components by crawler excavators is expected to continue to grow throughout the projection period.
Regional Outlook of Undercarriage Components Market
With 46 percent of the market share, East and South Asia are expected to dominate the undercarriage components industry, followed by Europe. Furthermore, in the coming years, expanding commercial infrastructure operations in Middle Eastern and African countries, backed by major investments in this sector, are expected to significantly raise demand for earth moving equipment.
This aspect is likely to boost the adoption of undercarriage components due to its increasing use in commercial infrastructure equipment such as crawler excavators and dozers, hence propelling the undercarriage components market forward. Furthermore, high demand for construction equipment in North America is expected to boost demand for undercarriage components over the forecast period.