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.

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.

Undercarriage Components Market - Key Players

Key players operating in the global undercarriage components market include DIGBITS Ltd, thyssenkrupp AG, Komatsu Ltd., L&T Technology Services Limitedl, TOPY INDUSTRIES LIMITED, Continental AG, DBA Group, MST, Verhoeven Group, Titan International, Inc., USCO SpA, International VMT, and Hitachi Construction Machinery Co., Ltd..

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

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Undercarriage Components Market

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