Undercarriage Component Market Report 2024

This Undercarriage Component market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The undercarriage component market size has grown strongly in recent years. It will grow from $5.08 billion in 2023 to $6.09 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth observed in the historic period can be attributed to several factors such as the expansion of infrastructure and construction, the development of intelligent undercarriages, increased demand for heavy machinery in mining, growth in the automotive industry, and rising investments in mining and agriculture.

The undercarriage component market size is expected to see strong growth in the next few years. It will grow to $7.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth during the forecast period can be attributed to several factors such as rising demand for specialized vehicles, a greater emphasis on fuel efficiency and reducing environmental impact, increased need for construction equipment, growing adoption of electric and hybrid vehicles, and heightened awareness about the advantages of regular maintenance and machinery longevity. Key trends to watch include technological advancements, innovations in materials, development of wear-resistant technologies, integration with sensors and the Internet of Things (IoT), and improvements in manufacturing processes.

The growing demand for electric vehicles (EVs) is expected to drive the expansion of the undercarriage components market. EVs, which are powered by electric motors drawing energy from rechargeable batteries or other storage devices, are gaining traction due to environmental concerns, infrastructure development, social and cultural shifts, and economic factors. Undercarriage components play a crucial role in the efficient operation, safety, and performance of EVs, addressing the specific requirements of electric propulsion. For example, in March 2023, the International Energy Agency reported that electric car sales exceeded 10 million in 2022, with electric vehicles representing 14% of all new vehicle sales, up from about 9% in 2021. This surge in EV demand is contributing to the growth of the undercarriage components market.

Leading companies in the undercarriage components market are focusing on creating innovative products, such as undercarriage replacement ranges, to enhance the performance, durability, and efficiency of heavy machinery used in the mining and construction sectors. An undercarriage replacement range involves the tasks, parts, and costs related to replacing components in the undercarriage systems of heavy machinery. For example, in September 2022, Zaftraxx Ltd, a machinery manufacturing company based in Trinidad and Tobago, introduced its ZTX line of undercarriage components and ground-engaging tools for Caterpillar equipment. This product line includes key components such as chains, bottom rollers, top rollers, drive sprockets, and idlers. The ZTX line has since expanded to include components for Hitachi and JCB machinery, strengthening Zaftraxx's offerings in the heavy machinery market. These components are designed to improve the performance and longevity of undercarriage systems, showcasing Zaftraxx's dedication to meeting the changing needs of the construction and mining industries.

In February 2022, BLS Enterprises, a U.S.-based construction company, acquired ACE Group for an undisclosed amount. This acquisition allows BLS to expand its operations into Minnesota and Canada by leveraging ACE Group's established offices, thereby enhancing its ability to serve a customer base of over 5,000 clients. ACE Group, also a U.S.-based company, specializes in the manufacturing and distribution of high-quality wear parts and components for the asphalt industry.

Major companies operating in the undercarriage component market are Caterpillar Inc., Deere And Company, Volvo Group, ThyssenKrupp AG, Komatsu Limited, SANY Group, Hitachi Construction Machinery, Doosan Bobcat, CASE Construction Equipment, Wirtgen Group, Topy Industries Ltd., Titan International Inc., Daechang Forging Co. Ltd., Hoe Leong Corporation Ltd., Valuepart Inc., New Holland Construction, Dozco Pvt. Ltd., Verhoeven Group, DIGBITS Ltd., Xuzhou Construction Machinery Group Co. Ltd. (XCMG), Taiheiyo Seiki K.K.

North America was the largest region in the undercarriage component market in 2023. The regions covered in the undercarriage component market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the undercarriage component market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An undercarriage component refers to any part located beneath a vehicle's main body that supports its overall structure and functionality. These components are crucial for the vehicle's mobility, stability, and durability, as they support the vehicle's weight and enable movement across various terrains.

Key types of undercarriage components include track and carrier rollers, track chains, idlers and sprockets, equalizer bars, track shoes and rubber tracks, track adjusters and recoil, and link assemblies, among others. Track and carrier rollers are vital for supporting the weight of heavy machinery and ensuring smooth movement over surfaces. Equipment that uses these components includes excavators, track loaders, dozers, multi-terrain loaders, crawler cranes, asphalt pavers, and others. These components are sold through various channels such as original equipment manufacturers (OEM), aftermarket suppliers, and used equipment dealers. They are utilized by various end-users including those in construction, mining, agriculture and forestry, landscaping and maintenance, and other sectors.

The undercarriage components market research report is one of a series of new reports that provides undercarriage components market statistics, including undercarriage components industry global market size, regional shares, competitors with an undercarriage components market share, detailed undercarriage components market segments, market trends, and opportunities, and any further data you may need to thrive in the undercarriage components industry. This undercarriage components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The undercarriage component market consists of sales of braking system components, drive shafts, and suspension systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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